Consumer complaint received 2023-02-21
Company: BANK OF AMERICA, NATIONAL ASSOCIATION
State: PA
Product: Mortgage
Sub-product: FHA mortgage
Issue: Trouble during payment process

Complaint:
XX/XX/2023 - Without notification, my mortgage loan was transferred from Bank of America to XXXX XXXX DBA XXXXXXXX XXXX 

XX/XX/2023 - I called first Bank of America to find out why my balance was not available on the automated system. They informed me my loan was sold to " XXXX XXXX '' and gave me their contact number as XXXX. I then contacted the number given and was told not to pay Bank of America that day since the XXXX ( XXXX XXXX XXXX ) representative said, " sometimes the payments have trouble getting to us. '' I opted to delay my XX/XX/XXXX payment to allow the " 5 business days '' she said it would take for my account to come up in their system. She also gave me a website to check to see if my loan had been transferred yet, XXXX XXXX XXXX Because of other judgments against XXXX XXXX, including misappropriation of funds, missed tax payments from escrow, and the fines they currently owe, I checked into getting my mortgage refinanced through several channels. Currently, federal regulations do not allow for a refinance due to the current rates and balance still owed on my mortgage. It was taken out recently when rates were low, so it is reasonable to assume Bank of America sold it off to invest in something with a higher return. 

XX/XX/2023 - I tried the website to see if it recognized my information. It did not, so I called Bank of America to see if there was another " loan number '' associated with the account. The representative told me that XXXX XXXX should still be able to take a payment and asked me to call them. I did so, and when I did the woman said that the loan was still not in the system. I asked to speak to her supervisor, who, when I demanded, gave me a payment address of " XXXX XXXX XXXX, XXXX, TX XXXX. '' When I asked if she could then guarantee that payments I sent to that address would be credited to my account, she said, " I can not guarantee that. '' I then told her that I must make a payment to someone now, or the payment will not be received by XX/XX/XXXX, and I was opting to pay Bank of America instead because they had received my payments and had credited them successfully. I then called Bank of America and reported my payment made to them through my bank 's bill pay system, and gave the date they should receive said payment as XX/XX/2023. 

I have a few questions : - Why is XXXX XXXX still allowed to do business if they have several judgments against them for fraud? 
- Why is Bank of America allowed to sell my loan servicing to an entity with such a sordid past? 
- If XXXX XXXX has a payment address, why can't they receive, and credit, payments sent to that address? 
- Why, when they said it would take 5 business days to transfer the loan, has it taken more than 6 business days, and it still is not transferred? 
- Why was the loan sold on XX/XX/XXXX, which is a Saturday? 

I'd like an answer to these questions, however, I realize some of them may have no answer. 

I ask the transfer from Bank of America to XXXX XXXX DBA XXXX XXXX be terminated and made of null effect, leaving the servicing of my mortgage in the hands of Bank of America. I think this is a reasonable request considering the number of legal judgments against XXXX XXXX DBA XXXXXXXX XXXX  has against them.

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