Consumer complaint received 2017-10-16
Company: BANK OF AMERICA, NATIONAL ASSOCIATION
State: MO
Product: Mortgage
Sub-product: Conventional home mortgage
Issue: Closing on a mortgage

Complaint:
In XXXX of XXXX ( this year ), I began the refinance process with Bank of America. I was a current BofA mortgage customer, so I thought the process would be quick and painless. The issues started when fees did not seem to be reported accurately. I understand there can be some variance, but with no explanation, its hard to swallow changes that werent expected. My FIRST mortgage processor responded to one of my concerns, and I just accepted his explanation. My appraisal was completed in XXXX, but it was nearly a month before I received an almost illegible black and white copy. ( For {$500.00}, Id expect color and a digital copy! ) The delay in receiving my appraisal caused me to wonder if there was a problem with the value. While I was waiting on my appraisal, I tried contacting my loan processor ( by phone, email, and the Navigate system BofA utilizes ), and did not receive a response for nearly two weeks. I finally decided to take the advice in his voicemail message and contact his supervisor. It wasnt until then that I found out my processor was no longer with the company. ( Pretty frustrated that I hadnt received notification of this change, and the response from BofA Is basically, We understand. ) At that time, I received a new processor, and all was ( somewhat ) well and good. The Navigate portal consistently said I had more documents to be uploaded, which confused me because Id already submitted them ... which is why I felt like BofA was keeping me in the dark or taking much too long to review information. I attempted to contact my new processor after hed told me insurance was all he needed. However, my insurance agent was waiting on a response from the processor who took almost a week to get back to him! At this point, I was highly frustrated, but I just wanted my loan to close. 

But alas, my closing date was XXXX XXXX, and when I went to sign closing documents on that date, my name was incorrect! My loan didnt close! With any other company, this would be a breech of contract, and the customer would be able to exit the deal at no penalty, and MOST companies would likely refund any costs to the customer. BofA attempted to fix the ( at that point, almost unfixable ) situation by lowering some fees ( that I was told could be MATCHED to the fees offered by another lender Id inquired with ) and offering a {$500.00} lender credit. However, because of the missed closing date, the loan would not fund until the following month. Basically, that meant the credit only offset the cost associated with additional interest. 

Because this process had been botched by BofA, and my closing date was missed, I ended up switching to a different lender. All I asked from BofA was a refund for my wasted appraisal and credit report. Unfortunately, it was considered a cancelation on my part to withdraw from an approved loan that didnt close on time instead of a mistake on the part of BofA. Its not a cancelation when a company does not deliver on its promise, and the customer chooses to find a company that will. 

I dont feel like Im asking for much, but BofA refuses to clean up the mess. ( A few nice people who try to mend the situation dont make up for the the fact that the situation exists. ) Instead, I just sound like an irate, irrational customer because my blood boils every time I speak to someone from BofA. Its interesting how institutions with smaller assets than BofA are willing to right their wrongs even when it does not financially benefit them. With an organization the size of BofA, Id have to assume there is some method to atone for its failures. 

This is the first time in my life that Ive even considered taking a complaint this far. After what I experienced, my credit score took a bit of a hit, and my stress level was through the roof. I know I shouldnt have counted on my cash out from the refinance before the loan closed, but the botched closing prevented me from paying off my monthly credit card bill ( in full ) for the first time in my life. Its not the end of the world, and everything will be back in order soon, but I wonder how its MY fault that XXXXXXXX XXXX  waited until the last possible day to close my loan in time ... and then failed to do so? 

After reading many other reviews, I feel like an XXXX for attempting to refinance with BofA. I believe BofA is a predatory financial institution, and does not find the need to satisfy customers or provide damage control because its so huge that a single customer with a small mortgage/checking/savings account means nothing. I will never recommend BofA for any reason. Why does anyone open any type of account with BofA? Thankfully, my new lender does not do business with BofA, and Im saving almost {$1500.00} on my new loan amount. Oh! Also, it isnt taking two months to ( not ) close.

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