Consumer complaint received 2015-05-06
Product: Mortgage — Conventional fixed mortgage
Issue: Application, originator, mortgage broker — 
Company: BANK OF AMERICA, NATIONAL ASSOCIATION (NC)

We are residents of North Carolina, and visited Bank of America in XXXX XXXX, NC XX/XX/XXXX to apply for a mortgage. XXXX XXXX researched the property on the BOA system ( XXXX XXXX, XXXX XXXX, NC ), and informed us that because it was a multi-dwelling property that consisted of a main house and XXXX unattached cottages, that the required down payment was XXXX %. It was not possible for us to give a XXXX % down payment, so we did not pursue the mortgage. Earlier this year, we were told by our real estate agent that borrowing rules had changed, so we revisited Bank of America again. We met with XXXX XXXX of the XXXX XXXX BOA branch. We explained our prior meeting with XXXX XXXX and asked if lending rules had changed. As we reviewed and discussed the property on-line together, she informed us that if it was owner occupied the down payment would be XXXX % rather than XXXX %. She pre-qualified us for a 25 year mortgage with a XXXX-XXXX dwelling property for XXXX % down. We proceeded to go through the underwriting process. The bank did the appraisal, we had a survey and inspection done. Over 3 weeks after we applied for the mortgage and spent {$1800.00} on the appraisal, inspection and survey, XXXX XXXX called and said BOA needed an additional XXXX % down on the property due to it being a XXXX-dwelling property. This information was relayed to her SEVERAL times during the process, as well. She knew full well from our initial meeting and after reviewing the property on the BOA system, it 's exact layout, and she knew full well that we could not afford a XXXX % down payment from our initial meeting ( that is why we did n't pursue the loan with XXXX ( her predecessor ). 
My complaints to the bank have fallen on deaf ears with XXXX XXXX 's superior, XXXX XXXX. He stands firm that XXXX XXXX did NOT know the property was a XXXX dwelling property. This is an outright lie, and XXXX XXXX knew exactly what the property consisted of, and what we could afford from our initial meeting. She even said that she would only include the income from " XXXX of the XXXX cottages '' for us to qualify. We can not proceed with the mortgage and are out {$1800.00} ( {$700.00} appraisal, XXXX, inspection, and {$490.00} survey ) due to XXXX XXXX 's lies and her inability to do her job properly. 
Bank of America refuses to credit us the lost monies ( will not even reimburse us for their appraisal ). BOA employees misled us, and have stolen our money! Had XXXX XXXX done her job properly, we NEVER would have pursued a loan with BOA. I believe they should be required to refund us our lost monies. They have deleted emails from my hard drive ( and have admitted to doing so for security purposes after a certain amount time ). The only back up I have is the pre-qualification letter stating that it is a XXXX-XXXX property dwelling requiring a XXXX % down payment. One can see on-line in the public arena the EXACT layout of the property, and it was exactly such on the system the BOA uses which was shown to me at my initial meeting with XXXX XXXX. We are hardworking individuals with a 30 year banking relationship with Bank of America and have been treated unfairly. That money is ours, and should be refunded due to their incompetence. I see that BOA has had XXXX mortgage complaints since XX/XX/XXXX. They are thieves, and I believe they are running a scam, as many complaints against them are the same as ours. They mislead folks, then ask for a higher down payment, or say they can not find comps, and then will not refund their appraisal fee. We are entitled to compensation due to their inability to properly do their job. My complaint has fallen on deaf ears, and they say ( after deleting my emails ) that I have nothing in writing to defend my complaint! XXXX XXXX 's superior is XXXX XXXX.