Consumer complaint received 2022-04-15
Product: Mortgage — Conventional home mortgage
Issue: Applying for a mortgage or refinancing an existing mortgage — 
Company: BANK OF AMERICA, NATIONAL ASSOCIATION (MD)

On XX/XX/2021, I submitted my home mortgage refinancing application to Bank of America mortgage ( BOFA ) and on XX/XX/2021, XXXX XXXX, BOFA lending officer collected a deposit of {$120.00} from me ( please see attached ) for Desktop appraisal fee ( {$93.00} ) and other charges ( {$31.00} ). Per my conversation with XXXX XXXX at the time of my application, he told me that BOFA would match the other banks mortgage refinancing offer that I already received ( interest rate and other closing costs which I provided XXXX XXXX with a copy of the other banks offer ) and XXXXXXXX XXXX further stated that if I withdrew my application going forward, I would be entitled to get a refund for my {$120.00} that I paid to BOFA. Per XXXXXXXX XXXX instructions, I started submitting all the required documents for loan processing and eventually my refinancing loan was approved for 15-year mortgage with a low interest rate. I requested XXXX XXXX to send me a draft closing disclosure which he did and upon reviewing the closing disclosure, I found out BOFA did not match other banks refinancing offer entirely that they promised to do. The following week, XXXXXXXX XXXX  called me and told me that I did not need a standard ( visual inspection ) home appraisal for my property instead BOFA would use its online Home Appraisal tool to assess my property value. However, the next day he informed me that he was mistaken and I did require a home appraisal. He told me that a home appraisal company was going to contact me and my response was affirmative. 
While I was getting ready for my home appraisal, XXXXXXXX XXXX  sent me an email and asked me to address and state in writing certain concerns that BOFA under writer had regarding some payments that I made from my bank account such as college tuition payments and Macys payments. I addressed their concerns i.e. I have zero student loan and I am not a co-signer of any student loan etc. and provided BOFA with a statement document of my wifes XXXX account. Then they asked for my recent bank statement which I did send them too. Based on my recent bank statement that I provided them with, I have had more than enough money saved for my mortgage refinancing purposes than BOFA required. The following week they asked for more bank statements to be sent to them but I expressed my concerns for that due to privacy issues. I started realizing that since the mortgage interest rate started jumping dramatically higher for the last few weeks, BOFA was looking for an excuse/reason to deny my mortgage refinancing application. My XXXX score is over 820 and I have an impeccable credit history. My current mortgage is with Bank of America too ( last 15 years ) and I have never missed a payment or made a late payment. BOFA checked my credit history, income and employment thoroughly and found zero issues, yet BOFA was dragging my refinancing loan application final approval process only to look for a way to get out of it because of recent industry interest rate increase. With no end in sight for a resolution, I decided to withdraw my application and requested XXXX XXXX for a full refund of my deposit but BOFA only refunded partially ( {$19.00} ) out of {$120.00} and still owes me {$100.00}. 
Under the above circumstances, I, therefore, request CFPB to help me get my entire deposit money ( {$120.00} ) back. I need to be compensated by BOFA for my financial loss because I have had many opportunities to refinance my mortgage with other banks with even a lower interest rate. Additionally, actions should be taken against BOFA so that other applicants do not have to go through the same painful experience.