Consumer complaint received 2019-10-22
Product: Mortgage — FHA mortgage
Issue: Closing on a mortgage — 
Company: BANK OF AMERICA, NATIONAL ASSOCIATION (NH)

I am in jeopardy of losing a home purchase because of Bank of America. I believe Bank of America is casting a very wide net on mortgages to scoop up as many as possible. I have been misled from the beginning of the process, starting with the loan officer telling me several times he would look into Rural Development loans because that was the kind of loan I was telling him I wanted. It wasn't until after we officially offered on a house ( thus locking ourselves into the bank ) that I was told the loan officer doesn't work with those loans. I found out more than a month later that Bank of America doesn't even deal with Rural Development loans at all, as a company. This was just the beginning. 

During a conference call the bank team even admitted the bank is having capacity issues. There is a continual lack of returned phone calls, e-mails and responses in general. Many items that were submitted continue to be on lists of outstanding documents more than a month after they were submitted and after the bank has acknowledged receipt. They have an online portal that customers are encouraged to use, yet they don't keep it up to date and it took my co-borrower almost 3 weeks  to get access because she wasn't already a BoA customer. 

We have now missed 3 closing dates with the first being XXXX XXXX ( currently XX/XX/XXXX ). The bank will not offer solid answers and are evasive with everything. They are literally saying they have no idea about a closing date and the seller is now threatening to walk about. We would be out about {$4000.00} - {$5000.00} at this point and have to start over. Plus we are renting the house we are going to move into ... ..so if we don't close we are also homeless. 

Below is just one sample of an e-mail between my realtor and the bank AVP ( XXXX ) Hi Appraisal is still pending. Commitment has been issued. Please request an extension, We have escalated this appraisal issues, as you know this is a 3rd that does not work for the bank We are waiting on the FHA appraiser. We have no information from the appraiser and we continue to reach out to our vendor management. 



XXXX please see other comments below. I will request an updated commitment letter from the previous one issued Good Morning, Today is the last day left for the extension that was asked for 2 weeks ago. The only way to get an extension from the seller until XX/XX/XXXX is to give them written proof from the bank that the only items needed for closing are the 12 month leases, which I believe you will receive today, as well as the appraisal. 

[ XXXX ] commitment letter has been issued. Please provide us the lease agreements. We are still pending the appraisal. There are some items that we as the lender need to complete on our end which is standard on FHA loans and on the commitment letter This needs to be given this morning so that signatures can be put onto the extension. 

[ XXXX ] commitment letter has been provided to buyers. Lease agreements and appraisal as the outstanding borrower conditions. 

I know that we have asked for an update on the appraisal many times and we have yet to receive any good information as to when we may have it returned. 

[ XXXX ] we continue to follow up with our vendor management. This is a 3rd party FHA appraiser that does not work for the bank. We are doing everything that we can on our end. 

At this point in the process it is completely unacceptable. 

[ XXXX ] we have escalated this issue We need a firm answer as to when the appraisal will be back and when closing can happen [ XXXX ] as soon as we have more information we will let you know. There has to be someone within the bank that can find out this information. 

[ XXXX ] we have the information in our system that we use and we continue to follow up with vendor management and have escalated this issue. 

We have also spoken over the phone and were assured that the documents that are still listed as conditions were received over 11 days ago, which is when we spoke on the phone. Why are they still listed as conditions? At this point the bank needs to get things in order, today, so that this closing can happen. 

[ XXXX ] commitment letter has been issued to clients. 
Please make all the phone calls that you need to get this done. 

[ XXXX ] we do we communicate to our teammates daily and have them reach out to vendor management. 

From here we need to have full communication. Phone calls returned and emails responded to. 

[ XXXX ] agreed. XXXX will call you today to review.