Consumer complaint received 2016-12-24
Product: Mortgage — Conventional fixed mortgage
Issue: Application, originator, mortgage broker — 
Company: BANK OF AMERICA, NATIONAL ASSOCIATION (WA)

During XXXX, neighborhood listings show marked increases in value. This trend continues throughout the course of XXXX. Property Sales/ SF value range from $ XXXX to $ XXXX for the above referenced period ( attached graphic refers ). Been a Bank of America ( BoA ) Customer for 22-years. 
Complaint Basis : XX/XX/XXXX : Loan application to convert to 15-yr conventional loan commenced with {$550.00} payment. 
XX/XX/XXXX : Rate locked at 3 %. 
XX/XX/XXXX : Immediate neighbor 's property is listed for sale ( XXXX Construction, same lot size, smaller home with Q4 finishes ) appraised at $ XXXX. 
XX/XX/XXXX : My home appraised, and subsequently valued at $ XXXX! 
XX/XX/XXXX : Correspond with local real estate broker who by email asserts that home values in our area are at, or better than XXXX prices. ( This equates to $ XXXX for our home ). 
XX/XX/XXXX : Forward Broker correspondence to BoA, and furthermore contend that XX/XX/XXXX Appraisal of my home is not commensurate with recent sales in our neighborhood. 
XX/XX/XXXX : Immediate neighbor 's home sold at its appraised value, i.e. $ XXXX higher than its list price. 
XX/XX/XXXX : After a number of back and forth emails, am now informed that I must wait 90-days before reapplying! 
XX/XX/XXXX : Rate locked at 3 % for 15-yr jumbo loan with {$550.00} payment. 
XX/XX/XXXX : Home is re-appraised. 
XX/XX/XXXX : Receive copy of Appraisal, home is now valued at $ XXXX!!! 
XX/XX/XXXX : Email BoA to request a review, and comment ... unless you have empirical evidence that the market has dropped substantially since that home 's sale date, I simply find the latest appraisal of my home as unacceptable as the first one. '' XX/XX/XXXX : Submit 3 Comparable properties to BoA for review and appraisal reconsideration. 
Comp Property 1 : Immediate neighbor 's Home ( Sold on XX/XX/XXXX at $ XXXX SF ) Comp Property 2 : Neighborhood home with similar finishes and square footage ( Sold on XX/XX/XXXX at $ XXXX SF ). 
Comp Property 3 : In order to identify comparable properties for review purposes, I referred to my XXXX Appraisal Report, and then researched each of the comps used in that report. One of those comps was listed for sale. Since the XX/XX/XXXX appraisal included a current listing, I decided to submit one in like manner ( List price/SF = $ XXXX XXXX. 
XX/XX/XXXX : Appraisal Reconsideration Report revealed the following : Comp Property 1 : " This Client provided sale is not considered a relevant comparable property due to all of the inferior major features ''. 
Translation : So the property is inferior in every way yet appraised at $ XXXX higher than my home ... 
Comp Property 2 : " This home is a 2,625 SF home built in XXXX .... This sale ... was also not included primarily due to its superior lot size. Quality of construction, and its superior detached living area. '' Translation : Home can not be used as a comp because it is XXXX smaller than mine, was constructed 16-years before mine and has Q3 finishes ... 
Comp Property 3 : " Actively listed ... a 2,756 SF home built in XXXX ... this home was not considered a comparable as it is located in a superior market area ... 
Translation : Even though BoA used it for Comp purposes in XXXX, it can not be used for consideration here ... 
This begs the question : Was I duped into paying an inflated price when buying the home in XXXX? 
As validation for repeated arguments that BoA ( and its 3rd party affiliates ) were using flawed/ old data I discovered, by way of County Auditor Records , that Comp Property # 3 had been foreclosed on XX/XX/XXXX! 

Thus, I am out of pocket {$1100.00} and still subject to paying my mortgage at premium interest rates. I contend that I acted in good faith from Day 1, BoA 's conduct in this regard suggests otherwise, and especially so when reading BoA 's written commitment to me : " At Bank of America, we are committed to fostering successful homeownership by providing you with the information you need to feel confident in every stage of the home financing process. ''