Consumer complaint received 2017-05-09
Company: BANK OF AMERICA, NATIONAL ASSOCIATION
State: CA
Product: Mortgage
Sub-product: Other type of mortgage
Issue: Applying for a mortgage or refinancing an existing mortgage

Complaint:
On or around    XX/XX/XXXX ,   my offer to purchase  XXXX   XXXX  was accepted with a loan pre-approval letter from   XXXX   XXXX    for   {$940000.00} at the rate o f 3.65 %. A  few days later when I went to Bank of America to withdraw the funds for the deposit to open escrow, the bank manager introduce me to Bank of America  loan   officer   XXXX   XXXX     XXXX  who pre-approved me with a loan from Bank of America for {$940000.00} at the rate  of 3.25 %.  I submitted the loan application with Bank of America on    XX/XX/XXXX    and followed  XXXX  loan processing instructions.   F or five w eeks,  XXXX  would request for information with very short time line. Sometimes the unreasonable timeline was a short as a few hours. As if  XXXX  expected us to be on alert with his emails and phone calls and dropped what we are doing and responded to him right away.   I have a  credit score  of  XXXX . I have enough down payment and income for the loan approval.  XXXX  even congratulated me and my real estate agent in the later part  of  XX/XX/XXXX  for the loan. On  XX/XX/XXXX , t he Bank of America loan coordinator,   XXXX   XXXX   XXXX   stated that the loan commitment letter will be issued at the latest   on  XX/XX/XXXX  morning.
However, 0n  XX/XX/XXXX  afternoon, my agent and I received a conference call from Bank of America manager    XXXX   XXXX  stating that the loan is denied based on my income to debt ratio. Bank of America sent out a letter of denial confirmation o n  XX/XX/XXXX .    I immediately went to  XXXX   XXXX   XXXX   XXXX   and started the loan application again. In  one month, my loan was approved for the same loan amount with a 4.8 % inte rest rate and I purchased the property and the escrow was closed on    XX/XX/XXXX .
Since  XX/XX/XXXX  t  o now, I have been working with Bank of America to try to understand why my loan with Bank of America was denied. I have been blocked by  XXXX   XXXX  and  XXXX   XXXX   (    XXXX s manager  ) to find out the truth, stating that it is their trade secret. Both of them did not find our why  XXXX  congratulated us on the loan.  XXXX  just apologized for  XXXX  on her verbal loan commitment.  XXXX  claimed that he can not disclose lending guidelines because it is proprietary and internal information of Bank of America. I just want to know the detail why my loan was disapproved rather tha n just one  simple phrase of Debt to income rate : excessive obligation in relation to income.   If this is true, then my loan with  XXXX   XXXX   XXXX   XXXX   at a higher interest rate will not be approved. I feel that the true reasons were the interest rate after the election has gone up tremendously ; I am a senior person and I am  XXXX . I feel that their thinking is no matter what they do to me I have to lay flat and let them bully me without complaint. The damage for the interest differential in the loan from  3.25 to 4.8 % for 3 0 years is in excess of {$400000.00}. My incurred financial damage caused by Bank of America is huge.

Company public response: Company has responded to the consumer and the CFPB and chooses not to provide a public response
Company response to consumer: Closed with explanation