Consumer complaint received 2022-03-09
Company: BANK OF AMERICA, NATIONAL ASSOCIATION
State: MA
Product: Mortgage
Sub-product: Conventional home mortgage
Issue: Applying for a mortgage or refinancing an existing mortgage

Complaint:
In XX/XX/XXXX, my partner and I decided to apply for mortgage through Bank of America to buy our new first house. We contacted with the XXXX XXXX XXXX ( XXXX XXXX/ XXXX ) to explain all the details about the house. XXXX, very responsible sent us all the information need it for us to apply for the mortgage. In XX/XX/XXXX, after sending all the paperwork, BOFA started to analyze all documentation for the approval. Between all the documents, BOFA requested XXXX status for both of us. I sent all paperwork need it to verify my status ( TPS approved letter + work permit + pending asylum letter. ) In addition, My partner sent all paperwork need it as well ( TPS approved letter + Renewal letter for XXXX visa which allow him to work and reside in the US + pending asylum letter as well. ) In the middle of the process ( mid XXXX beginning of XX/XX/XXXX ), BOFA rejected my partner pending renewal letter in the website because the XXXX process was pending and they requested my partner to show his work permit. We explained to our XXXX XXXX that his renewal process allows him to continue working while the application is still pending with XXXX. At the beginning of the mortgage process, they let us know that our status were good and it should not be a problem to request a mortgage. On the other hand, we were told that the mortgage process would last until XX/XX/XXXX. After XX/XX/XXXX, our XXXX XXXX XXXX requested an extension of the lock rate to continue analyzing all the paperwork. They continue verifying our documentation until XX/XX/XXXX. On XX/XX/XXXX, my partner called our adviser, after days of calling the bank with no answer back. Our Adviser notified my partner that BOFA decided to cancel the mortgage application because the underwriter and his superior did not accept his renewal letter stating that BOFA does not allow such a paperwork to verify his immigration status in the US. They knew that the XXXX receipt letter allows my partner continuing working in the US being enough prove for it. In addition, they knew our closing date was XX/XX/XXXX, leaving us without any options, issues with the lenders due to extensive time, and creating me medical problems ( Generalized Anxiety. ) We were in communication working with BOFA every day, sending emails and requesting status of the process. They did not return phone calls on time, leaving us and our agents out of the loop without any reason. Until this date, we have not received the denial letter and appraisal money back. After receiving the final approval of the work visa renewal on XX/XX/XXXX, we called back our loan advisor to try to get our loan application back to the pipeline, XXXX XXXX mentioned that he would talk to his boss first and would get back to us by the end of the day - XX/XX/XXXX. XXXX called my partner on the said day at around XXXX PM to tell him that it is possible to get the loan back on the system, but he would confirm that the next day - XX/XX/XXXX. After reaching out to XXXX multiple times without any success on XX/XX/XXXX, we called our lawyer, real estate agents and sellers to keep them updated on this matter. Finally, XXXX clearly gave us a called to mention that the back needed to pulled our credits once again before getting the loan back on the system - even then he didnt guaranteed that the loan would be approved causing us more issues. The unfortunate news left us no other option than to go back to a different bank. We immediately requested a letter of denial, which has not been provided by Bank of America and we need it in order to resolve with our lenders. We will upload our immigration paperwork for verification purposes. All other paperwork should be provided by BOFA.

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 monetary relief