Consumer complaint received 2017-01-20
Company: BANK OF AMERICA, NATIONAL ASSOCIATION
State: OH
Product: Mortgage
Sub-product: Other mortgage
Issue: Application, originator, mortgage broker

Complaint:
XXXX, I applied to Bank of America to refinance my mortgage - Single Family Residence. I currently have a mortgage and HELOC at Bank of America. All was well - my credit score was good, my appraisal showed I had enough equity to refinance, I was able to show I had funds to bring to closing, etc ... My application was rate locked until XXXX XXXX, 2017. We were getting ready to go to closing but BOA requested proof of funds for closing and a copy of the master/blanket hazard insurance policy in the name of the XXXX XXXX XXXX ( XXXX ) association. My HOA President had never heard of this request nor had their insurance company. We were approaching closing soon - expected XXXX XXXX, but Friday, XXXX XXXX I had not heard anything and we were going into a XXXX day weekend. I called the loan specialist and left a message on the phone and email. That evening the loan specialist called me and asked if I had heard from my loan officer and I had said no. She then informed me that my loan was being denied because of my HOA 's co-insurance and she could not explain to me why. Late that evening, my loan officer called to apologize. He wanted to wait to call me because they had submitted for exception. His entire office and including his manager had never heard of this before. He could n't even explain the reason. Tuesday, XXXX XXXX he called back and said the exception was denied but that my case has been discussed by all sorts of upper management and there may be still a VERY slight chance we could get an exception. I asked again about the insurance and all he could say was that my HOA carries 100 % Co-Insurance and that the requirement is no higher than 90 %. He could n't tell me whose requirement or what this meant. He still did not understand the condition of the denial himself nor did his managers. I requested that I receive a DETAILED reason for the denial. I explained that I needed to know if this was a Bank of America, XXXX XXXX XXXX, FHA ... requirement. I need to know this so I can understand if my home is worthless because no one will be able to buy my home because they ca n't get a loan due to the HOA having 100 % Co-Insurance. I need to take this DETAILED letter to my HOA. I also requested a refund of my fees that I initially paid because if my HOA having less than 100 % insurance is a condition than that should have been presented at the beginning to me before I wasted almost two months of my life and my funds. This was the first holiday after losing my husband to a XXXX year XXXX. Needless to say, things were already a bit stressed for me and my family. My loan officer told me that he would call me the next day - that was the XXXX and now it is the XXXX and all I got was a Notice of Action Taken with the only words for the denial being - Insufficient insurance coverage. 

Please help me get a more detailed reason. This all went very badly and ended very strangely. It just does n't feel right. As I said above, the entire office had never heard of this and the loan officer has been in this business for twenty years.

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