Consumer complaint received 2022-04-04
Product: Mortgage — Home equity loan or line of credit (HELOC)
Issue: Applying for a mortgage or refinancing an existing mortgage — 
Company: BANK OF AMERICA, NATIONAL ASSOCIATION (FL)

I applied for a HELOC with Bank of America on XXXX XXXX, the loan officer was XXXX XXXX # XXXX, he informed me the process would take about 10 weeks. The email confirmation I received said I should speak with the Processing at least once a week and verify I don't need to send additional documents. This is because they are very busy. 
After completing my application with XXXX XXXX the following documents were requested : 1 ) Income Verification, 2 paystubs and the last 2 W-2 earning statements, 2 ) Proof of Homeowners insurance 3 ) Completed Borrower 's Certification & Authorization form 4 ) Reply back to this email a quick note on what you plan on using the HELOC for at this time. 5 ) Copy of mortgage statement with XXXX XXXX  and 6 ) copy of full Trust Agreement. I was told after submitting the requested documents I would be assigned a processor. I uploaded all of the requested documents on XX/XX/XXXX. 

Weeks later XXXX XXXX was introduced as my processor. and a member of the rate team provided me with the loan details my intro rate for six months would be 1.99 %, thereafter 5.50 % ( prime + margin ). 

XX/XX/XXXX again an explanation of credit inquires was requested by phone by XXXX XXXX, this notice was uploaded again sent XX/XX/XXXX. Asked if she needed any further documents and when would the application be sent to underwriting as all requested documents were requested. She indicated no further documents are required, only internal processing, then she would send to underwriting. 

XX/XX/XXXX XXXX XXXX requested listing of accounts to be paid off with loan. I uploaded statements and histories for XXXX XXXX, XXXX, XXXX XXXX, XXXX XXXX, XXXX and XXXX XXXX XXXX, the outstanding balances for each account was provided. 

XX/XX/XXXX I received and executed the Affidavit & Certification, at that time I noticed the amount of credit extended was reduced to {$86000.00} without explanation. I have previously spoken to someone in the rate department however, I wasn't told the amount of credit would be reduced. After waiting on a response several days I was told because the property evaluation was lower. I didn't agree but signed the form so my application could continue. At this point I thought I was near to having my file sent to underwriting and a closing date scheduled. 

To my surprise after several calls to XXXX XXXX early XXXX, I was told payoffs were needed for XXXX, XXXX and XXXX XXXX  as of XX/XX/XXXX NEVER was it communicated I needed to obtain payoffs or that payoffs were requested and not received. this was communicated only after my continued calls to XXXX XXXX. I was able to provide the payoff 's within three days as of XX/XX/XXXX because I knew there would be a delay, and there was another delay, XXXX XXXX didn't call me on XX/XX/XXXX she waited for my call to her. 

About XX/XX/XXXX XXXX XXXX called and to inform me she hasn't received my verification of employment she requested XX/XX/XXXX. I ask what was the issued? She didn't know, asked if it was requested a second time she did so on the XXXX of XXXX. XXXX XXXX called again on XX/XX/XXXX to inform me the XXXX was cancelled asked why she could not explain. I told her to reorder, this was completed in the XXXX on XX/XX/XXXX. I expected another delay. However, this time XXXX XXXX called @ XXXX, XX/XX/XXXX same day to say my VOE was received. but it would take another 1-2 weeks before my file would be sent to Underwriting, this is when I called her manager I did call and explain all the frustrations ' I've encountered with XXXX XXXX and the fact BOA obtained sufficient information back in XXXX to make a credit decision, 4 months later, and I'm about to give up. By this time the prime rate has increased and because of the delay of BOA now I'm subject to a higher initial rate and higher rate going forward. I do believe she didn't process my loan as quickly as other processors because I'm a XXXX female I was warned by XXXX XXXX some of the processors are horrible and I got the worse of the worse. I was told was told XXXX XXXX her XXXX ) would return my call after speaking with XXXX XXXX as of XX/XX/XXXX he has not returned my call. 

I have since been notified my loan was approved and I'm working on scheduling a closing date tentatively on XX/XX/XXXX or soon if possible. 
The purpose of this complaint is the amount of time it took BOA complete the underwriting of my loan, there has been no delay on my part, my credit decision should have been made within 30 days. BOA should hire more staff or stop accepting applications until they have the staff to handle the volume of applications received. 

I received a Information Needed letter dated XX/XX/XXXX requesting " Copy of current credit card or loan statement '' this notice is not clear what is it that is needed? I been in contact with XXXX XXXX she has not indicated additional documentation is required, is my loan approved pending a copy of my credit card or loan statement. 

My request is the CFPB should investigate BOA 's application and approval process they are failing consumers all over America. Because they failed my payment and rates will be higher.