Consumer complaint received 2016-06-08
Company: BANK OF AMERICA, NATIONAL ASSOCIATION
State: FL
Product: Mortgage
Sub-product: FHA mortgage
Issue: Credit decision / Underwriting

Complaint:
I am writing in reference to an issue I have recently encountered with Bank of America in reference to closing on my mortgage home loan. I applied for a mortgage home loan through my current lender ; XXXX XXXX XXXX XXXX. Per my lender, an appraisal had previously been completed by Bank of America on the property I have a purchase contract on with another buyer, but unfortunately the financing fell through for them. I received my clear to close pending the receipt of the previously completed appraisal. On XXXX XXXX, 2016 a request was sent to Bank of America for the appraisal to be transferred to my lender in order for us to close on the above referenced property. Our goal was to close by XXXX XXXX, 2016 and a contract amendment to extend the closing date was signed by both myself and the seller in order to account for the time to receive the appraisal and close on time. My lender followed up daily to check on the appraisal transfer status, but to no avail. As of XXXX XXXX, 2016 HUD advised my lender that Bank of America did not transfer the appraisal, but in fact had cancelled the FHA Case and appraisal in their system instead. They advised the cancellation would have to be retracted by Bank of America and the transfer completed after it was confirmed active again. As of today XXXX XXXX, 2016 we are still waiting for Bank of America to transfer the appraisal. My lender was advised to provide previously submitted documentation again and to wait 48 hours for a response. I believe that they are willfully trying to withhold the appraisal until either the FHA case number becomes inactive or the appraisal expires so that I have to pay for a brand new one with my current lender. I also believe this is purposeful sabotage and retaliation from Bank of America as a result of financing falling through with their previous buyer. I work in the mortgage industry currently and have experience in both origination and post-closing with direct knowledge of the time frame it takes to handle such matters, the system used to transfer appraisals as well as HUD guidelines referenced as this was and still is pertinent information to my job role. Per the HUD Guidelines, lenders are to process reassignment requests within five business days of receipt and it has now been two weeks. The delays are not only unfair to me as a buyer, but the seller as well as it is affecting us financially. I have already consulted with an attorney and if the appraisal for this property is not received in a timely manner and the seller decides not to close, I will be forced to file a complaint through my attorney and begin the litigation process against Bank of America to the fullest extent for their negligent and willful behavior which has caused monetary harm. At this point all of the money I have invested into my first home are now at risk due to the time constraints of HUD and the Florida Bond Program which I am also participating in. I am not asking for a handout I am simply asking that Bank of America provide the appraisal as requested and stop purposefully delaying this process. I would appreciate a prompt response as this is a time sensitive matter. 
Thank you for your time and attention to this matter.

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