Consumer complaint received 2021-12-14
Product: Mortgage — Conventional home mortgage
Issue: Closing on a mortgage — 
Company: BANK OF AMERICA, NATIONAL ASSOCIATION (CA)

Dear CFPB, I am submitting this complaint in reference to my previous compliant on XX/XX/2021. The first one was closed without letting me to provide any reply to BoA response. I found BoA response not very constructive and somehow misleading. 


BoA response : I have carefully reviewed your correspondence and want to let you know our response. 
Thank you for considering Bank of America for your Real Estate Financing needs. Our records indicate on XX/XX/2021, you submitted an online application for a XXXX  year Fixed Rate Conventional Home Loan Refinance. On XX/XX/2021, Bank of America sent you the enclosed loan estimate that was based on points buying down the rate to a locked interest rate of 3.875 % which was good until XX/XX/2021. 
On XX/XX/2021, Bank of America sent you another closing disclosure with an interest rate of 3.875 %. In accordance with your request to remove points, Bank of America sent you an updated closing disclosure dated XX/XX/2021. 
The removal of the points, resulted in the higher interest rate. Therefore, Bank of America can not honor the original interest rate of $ 3.875 %, unless you choose to buy down points. 

I am going to go over the above BoA statement and provide my response : It says my correspondence was reviewed carefully lets see if it was the case : 1- Our records indicate on XX/XX/2021, you submitted an online application for a 30 year Fixed Rate Conventional Home Loan Refinance. On XX/XX/2021, Bank of America sent you the enclosed loan estimate that was based on points buying down the rate to a locked interest rate of 3.875 % which was good until XX/XX/2021. 

This is partially correct while ignored some essential pieces. 
On XX/XX/XXXX, I met XXXX XXXX XXXX in his office. He ran two cases ( mortgage ratings with and without points ) for my application. I told him that I do not want to buy any point but his talk gave me this impression that the numbers are just placeholder and preliminary at the time and can be changed later with the no-point mortgage rate. 

On the same day, XX/XX/XXXX, I received an email from XXXX to review loan estimate. I did not receive any loan estimate on XX/XX/XXXX as stated in BoA response. 

There are few important points here to consider : a. I could not open the document on the XX/XX/XXXX, because I did not have an online account yet. I replied back to XXXX to let him know that I could not open the document. 
b. It was the morning of the same day that I had the conversation with XXXX and he told me that the numbers are preliminary and will be changed. 
c. Besides this email, I received several other emails from XXXX asking me to provide him with many documents for my application. So I got busy with collecting those documents for couple weeks and completely distracted from the mortgage rating subject until XX/XX/XXXX. 

There is an important thing that was missing in BoA response. On XX/XX/XXXX, I got another email from XXXX asking to review my Loan Estimate. I reviewed the loan estimate and noticed that it still had the wrong rating with points. I sent him an email same day ( XX/XX/XXXX ) and asked him to remove the points. I attached my email to my previous compliant but BoA, to my surprise, never referred to that in their response. 

Question to CFPB : Why did BoA ignore the Loan Estimate email and my email with my request from XX/XX/XXXX in their response? 

XXXX never answered my email but later told me on the phone that he will correct the rating after the loan is approved! Please note that after talking to him I still had the impression that I will get my XXXX no-point rating. 

2- On XX/XX/2021, Bank of America sent you another closing disclosure with an interest rate of 3.875 %. 

Yes, I received closing disclosure on XX/XX/XXXX. This was 8 days prior to the closing ( XXXX XXXX ). I wrote back to XXXX : as I stated before I do not want to buy any point. 

Question CFPB : Why did BoA ignore my XX/XX/XXXX email to XXXX in their response? I attached that email to my previous compliant. 

BoA should have canceled the closing session on XXXX. XXXX because they did not have my consent on the mortgage rating. How could I be clearer on that in my email? 

3- In accordance with your request to remove points, Bank of America sent you an updated closing disclosure dated XX/XX/2021. 

In accordance with your request to remove points is very misleading. Here I will explain why. 
In fact my request always was to adjust the rating to reflect our XX/XX/2021 no-point rating agreement. I was keep repeating this over the phone and by emails since XX/XX/2021. BoA never honored my actual request. 

Here is a chain of emails that will clarify my request and show how BoA has been trying to divert the discussion and my request. 

On XX/XX/XXXX, I went to the closing and did not sign the document. Here are the emails back and forth between XXXX and Me on XX/XX/XXXX and XXXX. 

-- -- -- Date/Time : XX/XX/2021, XXXX XXXX From Me to XXXX : hi XXXX, we did not sign the loan document because the CD included the points and I stated several times that I do not want to buy points. 
please adjust the numbers without points and let me know another closing date. 
Thanks -- -- -- -- Date/Time : XX/XX/2021, XXXX XXXX  From XXXX to Me : Please lets get in touch today. 
XXXX Best Regards, -- -- -- Date/Time : XX/XX/2021, XXXX XXXX From Me to XXXX : can you please tell me why did you ignored my request on points? what is the plan now? 

-- -- - Date/Time : XX/XX/2021, XXXX AM From XXXX to Me : I am not ignoring you. I have been trying to call you to discuss about pricing, if you dont want points, your rate is higher. I am trying to call you and ask what rates you would want to re-lock it without points. 

-- -- - Date/Time : XX/XX/2021, XXXX XXXX From Me to XXXX : you actually did ignore my request. I asked you many times on the phone or via email. this should have been done before closing. why are we having this conversation? 

-- -- - Date/Time : XX/XX/2021, XXXX XXXX From XXXX to MXXXX : What would you want to go forward? 

-- -- - Date/Time : XX/XX/2021, XXXX XXXX  From Me to XXXX : XXXX do not know XXXX. so exhausted now. I am thinking why should such thing happen and what I did wrong. how could I be more clear than that -- -- - Date/Time : XX/XX/2021, XXXX XXXX From XXXX to Me : Its very easy to relock the rate and have new loan docs come out to sign.. less than 1 week .. its that simple.. 

-- -- - Date/Time : XX/XX/2021, XXXX XXXX From XXXX to Me : I have updated to no points on your file per your request. I will email you the new Closing Disclosure once available. 
I will reschedule your signing for next week. 
Thank you -- -- - Date/Time : XX/XX/2021, XXXX XXXX XXXX XXXX  ) From Me to XXXX : please do not take any action before I approve the new rate and any change in fees. I would like to review everything to make sure all is in order and as agreed. I will let you know if I have any questions. 
also I hope you did not pull my credit again. you do not have my consent to pull my credit. my credit score is very important for me at this time. 
Thanks and have a great weekend. 
-- -- -- - XXXX did not pay attention to me and I guess he thought he did not need my feedback on the new mortgage document. He scheduled a new closing, below email. 

-- -- Date/Time : XXXX XXXX XXXX XXXX XXXX XXXX XXXX ) From XXXX to Me : Attached is the closing confirmation. 

-- -- I asked XXXX about this but no reply ( below email ) -- -- - Date/Time : XX/XX/2021, XXXXXXXX XXXX From Me to XXXX : XXXX, what is this? 
-- -- - I tried to clarify the subject for XXXX  XXXX, XXXX. ( below email ) -- -- Date/Time : XX/XX/2021, XXXXXXXX XXXX  From Me to XXXX and XXXX ( XXXX XXXXXXXX, XXXX ) : XXXX, is this a random email? 
BoA failed once so I do want to setup a new closing time before I check and approve the new mortgage terms. 
please confirm that you have received this email. 
Thanks -- -- - No reply. Please note that in the above email I meant I do ( NOT ) want a new closing before I have a chance to check the numbers. You know I was under a tremendous pressure from BoA. 

Since XX/XX/XXXX, BoA has been pushing me to cancel my application. 

-- -- Date/Time : XX/XX/2021, XXXXXXXX XXXX  From XXXX to Me : Hello XXXX XXXX Our Closing Team Department has reached out to me and inquiring on if this file is still moving forward or cancellation. 
I had emailed you the new Closing Disclosure with the new requested rate with no points by you. 
We need to know if this file is still moving forward or cancellation. 
Thank you for your response. 
Best Regards, -- -- here is my answer to his email. 

-- -- Date/Time : XX/XX/2021, XXXX XXXX From Me to XXXX : hello XXXX XXXX, I have escalated this. I am currently waiting to somebody review my case. 
also I have asked you numerous times before over last two months but I repeat one more time. what I requested was to adjust the numbers to reflect the original no point rating not a new higher rate. 
anyway I want to wait now to somebody looking into my case. 
Thanks XXXX -- -- - He kept sending me the same emails. 
XXXX has been sending me notice ( via email and voice message ) that my application will be canceled with 24 hours and at the same time, XXXX XXXXXXXX has been sending me new closing dates. 

Question to CFPB : how I could be clearer on my request since XX/XX/XXXX? What have I done wrong? 

4- The removal of the points, resulted in the higher interest rate. Therefore, Bank of America can not honor the original interest rate of 3.875 %, unless you choose to buy down points. 

I never asked for the original interest rate of 3.875 %. If you carefully reviewed my first complaint and my emails to XXXX, you would know that my request was BoA to honor the original ( XX/XX/2021 ) no-point interest rate. 

Question to CFPB : looks to me BoA violated a duty of good faith. Am I wrong? 

BoA and XXXX  XXXX have been putting excessive XXXX and XXXX on me. 

XXXX is not my first language but I tried to elaborate as best as I could. This does not cover everything. I will submit more complaints on this subject.