Consumer complaint received 2021-01-14
Company: BANK OF AMERICA, NATIONAL ASSOCIATION
State: TX
Product: Mortgage
Sub-product: Conventional home mortgage
Issue: Trouble during payment process

Complaint:
Late XX/XX/XXXX Phoned Bank of America Mortgage customer service on XX/XX/XXXX and requested review of account for possible PMI deletion. 
Was advised by male representative that if systemic valuation was below but close enough to acceptable range of XXXX, investor could potentially allow for PMI deletion. 
Was told XXXX for initial request would be 7-10 business days. 
XX/XX/XXXX Phoned for status several times during the month. 
On XX/XX/XXXX was advised the PMI Deletion request was not submitted on XX/XX/XXXX but was submitted on XXXX ( when I phoned for follow up ). 
Though I requested escalation and filed multiple complaints, no significant movement occurred for a long time. I attempted multiple follow up calls. Also, no one ever contacted me to acknowledge or address the complaints. 
Learned in late XXXX that formal appraisal/valuation would be needed. 
Drafted personal check, completed PMI Deletion coupon/form, and remitted to teller at XXXX XXXX Banking XXXX in XXXX XXXX XXXX, Tx on XX/XX/XXXX. I witnessed teller fill out interoffice envelope with correct mail code and drop in their outgoing mail. 
XX/XX/XXXX XXXX for status of receipt of check and coupon over several weeks, but various representatives indicated it had not been received. 
Escalated again on XX/XX/XXXX, this time with XXXX XXXX ( Bank of America Client Advocate ). Subsequently, she emailed another coupon form and I remitted another check via mail as payment for the appraisal/valuation. 
XX/XX/XXXX Check and coupon received by PMI Deletion group around XX/XX/XXXX, and the check cleared on XX/XX/XXXX. 
Was contacted by appraiser/inspector on XX/XX/XXXX more than 10 weeks after initially communicating the first request for review. 
Appraisal photos were uploaded to vendor website Validity on XX/XX/XXXX. 
Attempted to obtain status multiple times after XX/XX/XXXX through email with XXXX, and by phone. No replies received. 
On XX/XX/XXXX escalated to Bank of America XXXX Market President XXXX XXXX, plus included President Consumer/Small Business XXXX XXXX, and Chief Risk Officer XXXX XXXX. Response received from XXXX XXXX on XX/XX/XXXX. 
Received phone call from XXXX on XX/XX/XXXX and XX/XX/XXXX. I was finally given results of appraisal valuation for my subject property, which amounted to {$350000.00}. 
Subsequent to the XX/XX/XXXX call, more clarification was needed about XXXX threshold requirement for PMI removal. After speaking with investor contact at XXXX XXXX rep stated XXXX requirement for PMI removal is 80 % for loans seasoned more than 5 years, and 75 % for loans seasoned less than 5 years. 
XX/XX/XXXX I sent communication on XXXX to expand on this aspect. In the many calls I placed with Bank of America Mortgage customer service, no one at Bank of America ever mentioned a seasoning requirement that could impact the required XXXX for PMI removal. This was key information that was repeatedly mishandled, and could have saved me a ton of time and energy. 
After further reviewing the appraisal valuation, I submitted a dispute of the appraisal via email and by phone on the XXXX communication. Because the appraisal amounted to {$350.00}, my XXXX using this amount was about 77 % - not low enough to meet the investors 75 % XXXX threshold. However, I had previously received XXXX sets of comparable sales reports for my property, and both comp reports reflected a valuation of my property of at least $ XXXX. Using the $ XXXX valuation based on my comps, the XXXX should be around 73 % - which is low enough to meet the investor XXXX requirement for PMI removal. 
After submitting the dispute on XXXX, I didnt receive additional follow up from the PMI unit to request my comp reports. No one contacted me until XX/XX/XXXX, when I resubmitted the same comp reports again to XXXX XXXX. 
XX/XX/XXXX XXXX XXXX from Bank of America followed up with me after XX/XX/XXXX. I sent another communication on XX/XX/XXXX requesting an update of the appraisal dispute so that I could know whether PMI removal would be possible. 
XXXX XXXX from Bank of America XXXX Mortgage Servicing Complaints phoned me on XX/XX/XXXX, and inquired as to whether I still had questions pertaining to my escalation. I advised that as of his phone call, I had not received any new updates on the status of the appraisal dispute that was tied to my request for PMI removal. He did not have any pertinent information, and his outreach was a waste of time. 
XXXX again phoned me on XX/XX/XXXX, and emailed me requesting that I submit the comps for the appraisal dispute. He was clearly not informed and did not perform any research on this aspect, otherwise he would have discovered that I submitted the comp reports in XXXX. I emailed him and others on XX/XX/XXXX to shed light on their confusion and again request status. 

I have not been contacted by anyone since I last sent communication on XX/XX/XXXX.

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