Consumer complaint received 2016-02-12
Company: BANK OF AMERICA, NATIONAL ASSOCIATION
State: GA
Product: Mortgage
Sub-product: Conventional fixed mortgage
Issue: Application, originator, mortgage broker

Complaint:
Bank of America has demonstrated an on-going level of incompetence, callous disregard for the wellbeing of its customer and negligence in their responsibility to adequately guide a client through a loan process. Because of their unprofessional behavior we have suffered extraordinary emotional hardship and they have inflicted a financial burden on us not initially intended when we applied for the loan. 

One of many issues is as follows. After going through an extraordinarily difficult mortgage finalization process I wrote to the president of Bank of America. Within a very short time I received calls from a corporate representative in XXXX, another representative in XXXX and a regional District Sales Manager. 

My issue, at this point, is the way they have opted to getting around paying what they said they would pay me. In response to my complaint they agreed to cover the cost of the house appraisal and to honor their " guaranteed close '' agreement. In a discussion with the District Sales Manager he stated that a reimbursement of travel costs due to their inadequate notification that our initial close date could not be met. We discussed the rates to be utilized to arrive at a figure and he said that actual receipts would not be needed. He asked if this approach would be acceptable. I told him to email all that we have talked about and I will review it with my wife. Here is what the representative from the corporate office wrote me soon after : " XXXX XXXX, I spoke with XXXX and he asked me to pass along this information to you regarding your request for reimbursement. If you have any questions or need anything additional, please feel free to reach out to XXXX at XXXX. I have cc 'd him on this email as well. 
Regarding Reimbursement : There were XXXX trips back and forth between XXXX and XXXX. The trip is approximately XXXX miles. This brings the total mileage to XXXX miles. At $ XXXX/mile that would bring the total mileage reimbursement to {$620.00}. 
The hotel room was {$87.00} a night for XXXX nights totaling a hotel reimbursement in the amount of {$170.00}. Per diem for food is $ XXXX/day/person. For XXXX people over a 4 day period that brings the total food reimbursement to {$600.00}. 
This brings the total reimbursement to just under {$1400.00}. 
We have already agreed to refund your appraisal fee in the amount of {$460.00}, which is currently in process. You are also going to be receiving your Close On Time Commitment Payout in the amount of {$500.00}. This brings the total reimbursement that is already in process to {$960.00}. In order to bring us to the {$1400.00} total, we will be issuing you a check in the amount of {$440.00} to cover the difference. 
{$620.00} ( mileage ) + {$170.00} ( lodging ) + {$600.00} ( food cost ) = {$1300.00} ( Rounded up to {$1400.00} ) {$1400.00} ( agreed reimbursement ) - {$460.00} ( appraisal refund in process ) - {$500.00} ( COTC in process ) = {$440.00} We will issue this check to the new address. Can you please confirm this is where you would like to have this mailed? 
Thank you very much and have a nice weekend! 
Sincerely, Consumer Lending Client Experience '' As you can see they created a final reimbursement figure by taking one issue, the travel reimbursement and then subtracting the " in-process '' reimbursements. My strong contention is that there are three separate and distinct issues to be reimbursed. The three issues would total {$2300.00}. By doing a subtraction of two previous reimbursements for different issues they have substantially reduced their total payout. I find such an action to be cheap, insulting and a truly unprofessional way to address the needs of an aggrieved party to a horrific mortgage loan process as reviewed in my letter to the president ( attached ). A financial institution with the reach and impact that Bank of America has must be held to a higher standard and account for its actions.

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