Consumer complaint received 2023-04-19
Company: BANK OF AMERICA, NATIONAL ASSOCIATION
State: PA
Product: Mortgage
Sub-product: Conventional home mortgage
Issue: Trouble during payment process

Complaint:
Bank of America took extra early mortgage payments costing us at least {$740.00} in interest On XX/XX/XXXX we paid our XX/XX/XXXX mortgage payment. Between XX/XX/XXXX and XX/XX/XXXX we set up BoA Auto Pay to handle future payments expecting them to start with the XX/XX/XXXX mortgage payment. However, BoA automatically took that XX/XX/XXXX mortgage payment on XX/XX/XXXX. BoA should not have initiated a payment - one that included {$740.00} in interest- when no payment was due for another month! BoA continued taking extra early payments via Auto Pay. BoA took the XX/XX/XXXX mortgage payment on XX/XX/XXXX and the XX/XX/XXXX payment on XX/XX/XXXX ( ref : BoA Mortgage.pdf ). 

In addition, Bank of America erroneously charged us PMI payments totaling {$47.00} The primary originator of our loan wrote on XX/XX/XXXX, " At 78 % the PMI will be removed, '' and this statement was in line with our loan 's " Mortgage Insurance Disclosure '' dated XX/XX/XXXX. Per our mortgage statement dated XX/XX/XXXX the principal balance on our loan was {$190000.00}. {$190000.00} was 75 % of our original purchase price of {$250000.00}. At that point, PMI should have been gone. Bank of America, however, charged {$23.00} PMI on XX/XX/XXXX and {$23.00} on XX/XX/XXXX. I brought the PMI issue to BoA 's attention via a secure message on XX/XX/XXXX. While BoA did stop charging us PMI after that, BoA refused to issue us a refund of the {$47.00}. Per a BoA letter dated XX/XX/XXXX, " no refunds are due. '' This letter referenced a requirement for cancellation being " a request for review from ( us ). '' As soon as our loan got to/below the XXXX % threshold, however, the PMI should have been removed automatically. It was not up to us, the borrowers, to make this happen ; it was up to BoA, the lender, to handle it appropriately. 

These issues were emailed to our primary originator on XX/XX/XXXX ( via XXXX ), XX/XX/XXXX ( via BoA secure message ), and XX/XX/XXXX ( via XXXX ) ( ref : XXXX XXXXpdf ). 

Furthermore, IMMEDIATELY after we paid off our loan, BoA removed our online access to our account. No longer could we retrieve our statements or use their " secure messaging system ''. Speaking of the latter, it is not a user-friendly system, and messages are designed to disappear after a relatively short period of time. This added to our mistrust of BoA following multiple instances wherein our confidence in their institution, their systems and their way of doing business was diminished. Examples include but are not limited to the following : BoA did not respond to time-sensitive requests in a timely manner ; BoA requested more documents than their online system was designed to handle ; BoA repeatedly insisted that we complete an IRS form incorrectly- one that we learned other lenders do not require - and then claimed that they were not even going to submit that particular form to the IRS ; BoA 's website initially applied an incorrect date and time stamp to an online payment request.

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