Consumer complaint received 2020-07-31
Product: Mortgage — Conventional home mortgage
Issue: Applying for a mortgage or refinancing an existing mortgage — 
Company: BANK OF AMERICA, NATIONAL ASSOCIATION (CA)

I started this refinance with Bank of America on XX/XX/XXXX, believing this is the correct decision to do to save cost and survive during this COVID period. I informed my agent this was my highest priority since we foresee we will be struggling during this covid period with possible some tenants not paying rent. 

I am very proactive on following up with my lending officer and provided all the documents on time but my application constantly in getting delayed. I am very unhappy with how this refinance was handled. It has caused me distress and lack of sleep with the lack of attention and response on this case. I have been showing my concern at least 6 to 8 weeks ago on many items. I want to list them out here and i have informed them that i will start looking into filing a formal complaint with  department of business oversight and consumer affairs.

1. Prior to Appraisal was requested i already raised that the cost that was charged to me was way over the norm. From my past experience it was XXXX to XXXX or less but this time it was XXXX. I was assured it was correct but later found out otherwise. I requested for refund on the difference multiple times but i either was told you ll look into it or simply ignored. 
2. I asked for a new estimate multiple times prior locking in on my loan to see if the deal still make sense, this request has been ignored and i was told this was impossible to do so. I can only get 1 estimate and that's it.

3. I prepared all the documents probably before XXXX now we are hitting XXXX. There has been no delay on my part and i followed up and left voice messages. I either get no response or i simply get it s still being looked into. 
4. I had raised the concern of underwriting for at 6 to 8 weeks, i was simply told there s a backlog but i raised my concern about the interest being accrued daily it simply not fair for consumers having the pay for that. I was told i will still be charge those interest even it s been delay from your end. I simply don t feel this is fair. 
5. I got call from bank of america rep to switch my insurance to bank america. This was done at least 3 weeks ago. i feel this put me in a situation where i have to take the loan in distress and since i have to take the loan since there s no turning back. Also my prior mortgagee will probably find filler insurance which is at least 3 or 4 times the cost of normal insurance i was paying if this loan doesn t go thru.

6. In hope to expedite this refinancing my wife and i even paid off one of our smaller loans because we were informed that none of our loans can  be under forbearance. Since we did applied for forbearance, we had to cancel all our forbearance and provided supporting documents that we are no longer on it. Even up to todayXX/XX/XXXX it is still showing they are waiting for clearance on forbearance when their rep have told me it's already cleared and resolved. 

I was hoping this refinance would have closed already, instead i am still paying for my existing loan with higher payment. 

At this point, i feel we are paying for the bank 's delays, their lack of staffs, or swamps of refinances. 

This is ridiculous, i been a customer with bank of american for at least 20 years this is not right