Consumer complaint received 2021-04-26
Company: BANK OF AMERICA, NATIONAL ASSOCIATION
State: TN
Product: Mortgage
Sub-product: Conventional home mortgage
Issue: Applying for a mortgage or refinancing an existing mortgage

Complaint:
In late XXXX/early XX/XX/2021, I consulted with a Bank of America Credit Solutions Advisor, Thomas Walker ( NMLS # XXXX  ) in the XXXXXXXX XXXX XXXX XXXX, related to my upcoming purchase of my first home, and the related mortgage application process. After completing the online application and having my credit checked, Mr. XXXX informed me that I qualified for my targeted purchase price, as well as two BoA programs ( the America 's Home Grant Program and the Down Payment Grant Program ). These programs are desirable as they offer down payment and closing cost assistance. These promised funds were a material item I considered when negotiating the price of my home. 

On XX/XX/2021, I notified Mr. XXXX that I was ready to submit an offer on a home, and I requested a pre-qualification letter. Mr. XXXX again assured me that I qualified for the mortgage, as well as the two programs listed above. He provided me with a pre-qualification letter to be submitted with my home offer. 

My offer was accepted over the weekend, and I entered into a contract to purchase the home. Shortly after, Mr. XXXX requested that we connect via phone to further discuss interest rates and next steps in the process. On XX/XX/2021, we connected via phone. Mr. XXXX informed me that I actually did not qualify for the mortgage and related programs. He stated that my credit history was actually one short of the required three trade lines. I inquired on why this was not brought up before issuing me a pre-qualification letter and his assurances that I qualified for the requested mortgage, and he stated that it was overlooked, and nothing could be done. 

I was either negligently or maliciously misled by Mr. XXXX and his statements throughout this process. With Mr. XXXX XXXX  promise that I qualified for a mortgage with the two previously mentioned programs, I factored in the funds Mr. XXXX said I would receive ( $ XXXX in down payment assistance and $ XXXX in closing cost assistance ) into my home purchase decision. Once I was under contract to purchase the home, Mr. XXXX informed me that I no longer qualified. 

In order to resolve this issue, I reached out to Mr. XXXX 's manager via email, XXXX XXXX ( NMLS # XXXX XXXX on XX/XX/2021. Mr. XXXX and I connected via phone on XX/XX/2021 to discuss. Mr. XXXX stated that there must have been a change in policy between the date I requested the pre-qualification letter and the date Mr. XXXX told me I no longer qualified ( XX/XX/2021 & XX/XX/2021, respectively ). Mr. XXXX stated he would look into what occurred and get back to me. 

On XX/XX/2021, Mr. XXXX contacted me via email and asked if I could connect on the phone. I replied yes, with the times I was available that day. I did not hear back from Mr. XXXX or receive a phone call. On XX/XX/2021, I sent Mr. XXXX a follow-up email asking for an update. I did not receive a response. On XX/XX/2021, I followed up with Mr. XXXX again via email, as I still had not heard back from him. To this date, I still have not received a response from Mr. XXXX. 

I have included a timeline of events below for reference. Note that in the best case scenario, Mr. XXXX is negligently issuing pre-qualification letters and making promises without performing the appropriate due diligence on his customer 's credit backgrounds, as well as his Company 's mortgage products and programs. In the worst case scenario, the Company 's employees could be colluding with home builders in order to raise the price of homes by promising consumers $ XXXX in funds during the negotiating process, only to tell the consumer they no longer qualify after a contract is signed. 

XXXX - Submitted mortgage pre-qualification online request XXXX - Held preliminary call with XXXX XXXX, where I was told I would quality for a mortgage in my budgeted price ( ~ $ XXXX ), as well as both the America 's Home Grant program and the Down Payment Grant program XXXX - Received confirmation from Mr. XXXX via email that the properties I was interested in qualified for both programs ( including the property I ended up purchasing ) XXXX - Held call with XXXX XXXX and discussed interest rates and a pre-qualification letter to submit with my purchase offer. Again, XXXX assured me that I would qualify for my budgeted price, as well as both programs. 
XXXX - Requested and received a pre-qualification letter from XXXX ( see attached ) XXXX - Entered into a contract to purchase a home XXXX - Held call with XXXX XXXX, where I was told I actually would not qualify for a mortgage of this amount, due to the fact I am short one of the three required tradelines XXXX - Held call with XXXX XXXX to discuss what happened. Mr. XXXX promised to look into the situation and get back to me. I still have not heard back from Mr. XXXX after several follow-ups.

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