Consumer complaint received 2019-01-24
Product: Mortgage — Conventional home mortgage
Issue: Closing on a mortgage — 
Company: BANK OF AMERICA, NATIONAL ASSOCIATION (CA)

On XX/XX/XXXX my wife and I sent XXXX XXXX ( Loan Officer ) our purchase contract for him to get started on our home loan. Our escrow was set for a close date of XX/XX/2019, a 45-day escrow. On XX/XX/XXXX we were sent our Loan Estimate ( LE ) which outlined the interest only product that we were expecting. We then provided all needed information and documentation to Mr. XXXX within 48 hours of each request, usually within 24 hours. Then on XX/XX/2019 ( 11 days before our close date, and AFTER we had released our loan contingency ) I received a call from Mr. XXXX stating that the interest only loan we were promised did not meet guidelines and we would have to switch to a fully amortized product. This change would cause an initial monthly payment INCREASE of {$790.00}, and we would have to pay a 0.04 discount point INCREASE as well. We conveyed to Mr. XXXX that this was an unacceptable change so late in our escrow, in which he said he was working on and confident in that he could get an exception to grant us the interest only product we were initially promised. I constantly followed up with Mr. XXXX, who kept saying he would have a response by end of business day, however, this continued for 5 days with still no answer on the exception approval. At this point we are now at XX/XX/XXXX, 6 days out from close, with no real answer on what loan we would be getting or a definite timeline on when we would actually be able to close. Mr. XXXX then issued us our Closing Disclosure ( CD ) which outlined the interest only product we wanted, even though he had not had a exception approval yet. I kept following up with Mr. XXXX multiple times a day for updates, in which I was met with the same response as before, still waiting. Finally, on the day we were set to close XX/XX/XXXX ( and the day we had to move our of our current residence ) we were informed that the exception had not been granted and we would have to take the fully amortized loan. At this point, our options are to take this loan that we did not like nor ever agree to terms upon, or back out of escrow and lose the house along with our large earnest money deposit. On top of this, we had to move out of our current residence and find temporary housing and have our belongings stored on a truck, which neither is cheap all without knowing when we would actually close. So not only were we forced to accept a loan product we never wanted, but now our close date would need to be extended. We were granted a 2-day extension and had to agree to pay the seller a daily fee for every day that exceeded that date. As I currently write this complaint, it is XX/XX/XXXX, 1 day after our initial close date and we are still waiting to receive loan docs and still do not know when we will close. Everything that has conspired up to this point is nothing short of unethical, unfair, and just plain bad business. There has been no attempt or offer of restitution and this home purchase has extremely exceeded our budget. I write this complaint because I hope this won't happen to anyone else, but that would mean Im telling you to never trust your loan officer and to make sure they did their due diligence upfront and checked their lending guidelines ; in other words their job description.