Consumer complaint received 2016-05-21
Product: Mortgage — Conventional fixed mortgage
Issue: Credit decision / Underwriting — 
Company: BANK OF AMERICA, NATIONAL ASSOCIATION (NC)

At the end of XXXX I obtained pre-approval for a home loan via Bank of America. In the first week in XXXX, I chose a home to purchase and asked the Bank of American representative, XXXX XXXX, if BOA could close by the sellers requested date of XXXX/XXXX/16. I was assured that they could and made an offer on the home. I also provided {$2500.00} in due diligence and earnest money. I asked BOA what specific steps that I needed to take to ensure a smooth process and did everything that I was asked. By the time XXXX XXXX arrived, I found out that BOA had not even provided me with an individual credit decision. Having never purchased a home before, I was uninformed about the process and did not realize that I would have known weeks prior that everything was going smoothly had I received the XXXX and at least 3 days before, my closing disclosure. I then contacted XXXX manager, XXXX XXXX to express by dissatisfaction. I clearly informed both her and XXXX XXXX that there were only 2 weeks left from that point in my contract as a grace period, allowing me to obtain the loan and that the sellers were frustrated and could possibly walk away from the deal or charge me a financial penalty. I was assured over and over that my loan was being " escalated '' and that managers were involved. Only at this point, was I made aware that the loan was not possible with my husband co-signing due to my husband 's lack of credit history. BOA started the whole process over again with the loan in my name only. Problems continued to surface, particularly the debt ratio due to not being able to include my husband 's income. Throughout this time, XXXX treatment of me was unprofessional. He often circumvented my questions and when I confronted him on that, he became argumentative and told me that I ask too many questions. Meanwhile, I again reached out to XXXX XXXX on XXXX XXXX and her response via e-mail on XXXX XXXX indicated that she was not even aware of my due diligence date ( which had long since past as it was XXXX/XXXX/16 ). It seemed to me that BOA was creating their own deadlines and completely disregarding my contract. I was eventually given an ultimatum by the sellers of the home that I needed to obtain my mortgage through the lender they were recommending or they would walk from the deal. By that time, the interest rate had gone up again from 3.5 % to 3.75 %, I had to pay for an additional appraisal, and due to a second inquiry to my husband 's credit, his score was lowered into the next bracket, which caused an increase in our monthly PMI rate. By the time I withdrew my application from BOA on XXXX/XXXX/16, I did not have my individual credit decision from them yet, with no end in sight to when I would, I was being told to close credit cards by BOA, and I was in danger of losing the house that I had already invested in. Meanwhile, I started working with Movement Mortgage on XXXX/XXXX/16 ; today is XXXX/XXXX/16 and I am approved, I had received my closing disclosure yesterday, my husband is on my loan, and we are set to close on Wednesday, XXXX/XXXX/16. I also did not have to close any credit cards. I truly believe that Bank of American was negligent and downright abusive toward me as the consumer. I have never been so dissatisfied in a service in my life. Not to mention the financial loss of {$470.00} for the initial appraisal and I will be reminded monthly of my suffering when I have to pay an additional approximation of {$50.00} per month due to the change in interest rate throughout this process and additional PMI.