Consumer complaint received 2016-11-13
Product: Mortgage — Conventional fixed mortgage
Issue: Application, originator, mortgage broker — 
Company: BANK OF AMERICA, NATIONAL ASSOCIATION (CA)

In XX/XX/XXXX, my mother passed away, and her XXXX condominium became part of her trust. Though I live in XXXX, all of my family is in the XXXX area, so I expressed an interest in the condo. My sisters agreed to sell it to me below-market value, but asked me to get a loan to purchase it from the estate ; the estate 's lawyer said I could use my owner equity as XXXX of the heirs toward the loan 's down payment. 

On XX/XX/XXXX, I went to the Bank of America in XXXX California, to talk with the bank 's Mortgage Loan XXXX. Saying that I was n't sure if my financial profile would allow me to proceed with the purchase, I wanted to see what, if anything, might be possible. 

The loan XXXX asked for my employment and salary history, savings and investments, loans and credit card debt, and so forth. She also asked if I owned any property. I said I was joint tenant of a house in town with 50 % ownership and that I could verify as much using the property 's title and payment records. She entered my information into her system and, within moments, I gave me a letter of conditional approval for a {$96000.00} loan. 

On XX/XX/XXXX, the bank 's loan XXXX emailed that I had received " official Final Approval '' through the Bank 's " Buyer Ready '' program and that the " only outstanding items necessary to proceed would be sales contract, appraisal and preliminary title report. '' On XX/XX/XXXX, I submitted a copy of the signed real estate contract. On XX/XX/XXXX, while visiting family in Illinois, I met with the XXXX, only to get a *second* appraisal request on XX/XX/XXXX ( apparently because the Bank lost XXXX first XXXX ). As the bank worked to get another appraisal lined up, emails continued to report inaccurate information about the loan, even as the XX/XX/XXXX, XXXX of XXXX date approached. The loan XXXX emailed XXXX saying they were still trying to get an appraisal but that " Worst case estimated closing date XX/XX/XXXX ; due to miscommunication with appraisal department and supporting staff. '' The day before I was to close, I learned a new underwriter put a hold on the appraisal request because " liability guideline - liability obligation ca n't split mortgage obligation in half. '' My loan XXXX explained I had already received final approval through the " buyer ready '' program but, the next day, I got a notice that BofA denied my loan due to " Debt to Income Ratio : Excessive obligations in relation to income, Income insufficient for amount of credit requested. '' Cautiously, I agreed to work with the Bank on a new loan -- XXXX with a cosigner -- because my loan XXXX and her supervisor promised they could close in XXXX weeks on the grounds that " the Bank owed me. '' Yet despite another flurry of financial documents, updated sales contracts, alleged XXXX shortage, a *second* missed XXXX of XXXX date ( XX/XX/XXXX ), and a range of supervisors intervening at various stages of the process, I was declined once again due to my debt-to-income ratio. 

After I learned of my loan 's rejection, a mortgage broker in XXXX reviewed my financials and the bank 's loan forms and, within XXXX minutes, was able to say I would n't qualify for a loan ; the numbers just did n't add up. And yet Bank of America told me that I did qualify, TWICE -- first under its Buyer Ready Program, and then with a cosigner. 

If BofA had more competent personnel and/or systems that cold accurately flag debt-to-income discrepancies, I may not have been able to purchase the my mother 's condo, but my mother 's XXXX would have been able to make timely, alternate arrangements. Instead, it has spent thousands of dollars on additional payments for a mortgage, property taxes, insurance, HOAs, and legal services/documents on a property BofA said it could help me purchase but, ultimately, did not.