Consumer complaint received 2016-06-09
Product: Mortgage — Conventional fixed mortgage
Issue: Application, originator, mortgage broker — 
Company: BANK OF AMERICA, NATIONAL ASSOCIATION (IL)

We contacted Bank of America for refinance of our current mortgage. In order to do so we were required to pay upfront fees for an appraisal and credit check. We did this. We were never told or notified that we would only have a short period of time to submit documents or the application would be closed and the fee forfeited. At this same time, other circumstances that life threw at us did not allow us to be able to submit the documentation needed in a period of time they requested us to do AFTER the upfront fees were collected by them. Still, at this time, nothing about waiving the upfront fees if documents were not returned was stated either verbally or in writing. As soon as able, we tried to submit the documents via their website. It indicated to us that the application was closed. We called the mortgage broker, XXXX XXXX ( " XXXX '' ) who indicated that we would have to start the application process over again and in order to do so, we would need to pay an additional upfront fee to cover the appraisal and credit check. I would assume that the credit check and credit rating within a week or so would and should still be on record at that institution and would and should be used. I do not want more credit checks completed which can have a negative impact on our credit rating. ALSO, the appraiser had been to our home 2 days prior to trying to submit the documents and the subsequent conversation via phone with XXXX XXXX. He indicated that he was not sure why the appraiser was there when the application was closed, but it must have been in in the process of letting the appraiser know. I indicated that since we paid for the appraisal, we would like to get a copy of the appraisal. He indicated that he could not do that, but if we paid ANOTHER up front fee and initiated the application process again, the previous one could be reimbursed to us at the end of the process. I indicated that I needed to speak to his supervisor. He indicated that I could have his voicemail. I indicated that I would hold to speak to his boss that he had just indicated he had talked to to make sure he could offer to reimburse our first set of fees IF we would reapply and pay the 2nd set of fees. FINALLY, I was able to talk to XXXX XXXX ( " XXXX '' ) who further indicated that he could not help us unless we would pay the second set of fees. I indicated that the fees we had already paid should have gotten us an appraisal and a credit report for the bank to use. I questioned why we would need to pay that again within less than a month of the previous fee collection. He stated that the " system '' would not allow them to start an appraisal without collecting the fee again. I indicated then that I would rather just have the copy of the appraisal that I had already paid for and go elsewhere. He indicated that the appraisal was in the name of Bank of America and not us. I then asked for the name of the appraiser to which he responded that he could not have the name of the appraiser because the bank, legally, can not talk to the appraiser. This perplexed me. The appraisal that I paid for, was in the bank 's name, but the bank can not talk to the appraiser because it is illegal for them to. This seems like a huge conflict to me. SO, XXXX XXXX indicated to me that the only way for me to get anything out of the {$500.00} that we had to pay less than a month before for an appraisal from which an appraiser came to my home 2 days prior to the conversation, was to reapply and pay the fee again ... As you can see on the documents attached, the bank never indicated that the fee would be forfeited if the documents were not received within any length of time. The paperwork only indicated that the interest rate was locked in until XXXX XXXX ... If that is the case there is no reason the application would need to be closed.