Consumer complaint received 2022-04-11
Company: BANK OF AMERICA, NATIONAL ASSOCIATION
State: TN
Product: Mortgage
Sub-product: Conventional home mortgage
Issue: Applying for a mortgage or refinancing an existing mortgage

Complaint:
I have been working with a loan rep, XXXX XXXX. I contacted her supervisor XXXX XXXX and his supervisor, XXXX XXXX, regarding lending practices and both have not responded to my multiple emails and calls. I have a complaint with the process and how it is being handled. 

BOA promotes this XXXX program for first time home buyers which drew me to them, as well as I have been a customer since XXXX. Initially I was approved, but when it got closer to closing, I began to receive inconsistent information and told I do not qualify for the XXXX and they want me to put more money down. I was initially told BOA looks at the XXXX most recent years tax returns and takes the average over those XXXX years to determine my annual income. At first, BOA looked at XXXX and I was told I DID qualify for the XXXXXXXX XXXX XXXX XXXX, but they wanted me to put more money down because my self-employment income was too low ( but the debt did not exceed 80 % XXXX ) and they would not consider my XXXX income. Then I was told they would review XXXX and XXXX. I was told they would not use the XXXX tax return because there is an extension filed and I will need to file the return and pay the amount due. Although, I made a payment on my tax balance to the IRS with my extension filed, they would not consider it. The XXXX tax return reflects the income was sufficient to qualify for the XXXX and 3 % down, however, they chose to disqualify me. Now, I am being told, they will only consider my income for XXXX based on my XXXX XXXX XXXX  ONLY or tentative profit and not net profit, which considers all my expenses. They stated they will disregard ALL the tax returns altogether. It is convenient that the XXXX & XXXX statement shows a net profit that disqualifies me altogether by $ XXXX, so they have decided to use that only and not my tax return which accounts for self-employment tax, home and auto expenses which are not included on the XXXX & XXXX. BOA refuses to show me their guidelines and criteria reviewed for self-employed income as I have requested and they can not explain why, in my situation, they have constantly changed the reasons for approval/disapproval for the XXXX. If the policy is to average the 2 most recent tax returns, show me where it has changed. Also, since they have chosen to use my XXXX XXXX  XXXX, why aren't they accounting for all my expenses. 

My perception of this " process '' is that they are selecting the criteria they want in order to disqualify me for the XXXX money and want to get me to pay them more money out of my pocket. I have attempted on several occasions to try to get clarity and as a result, today, they removed my application altogether with no explanation. 

I am asking for someone to specifically answer my question with the documented policy on review of self-employment income to determine mortgage loan eligibility.

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