Consumer complaint received 2021-03-06
Product: Mortgage — Conventional home mortgage
Issue: Trouble during payment process — 
Company: BANK OF AMERICA, NATIONAL ASSOCIATION (PA)

I have a conventional mortgage through Bank of America. My lender escrows my tax payments. 

During XXXX I applied for and received a property assessment reduction. The board of assessment appeals notified me of the decision XX/XX/XXXX. The assessment reduction became effective XX/XX/XXXX for County and will be effective XXXXfor School taxes. 

I also applied for and received a homestead exemption. 

The tax savings, based on my municipal millage, should total approximately {$900.00} annualized, and should result in a monthly reduction in my escrow payment. 

I contacted Bank of America first XX/XX/XXXX to inform them of my updated tax situation. They requested documentation. 

I mailed documentation to : Bank of America Tax Department, XXXX. XXXX XXXX, XXXX, TX XXXX After months of patiently waiting I realized that they were not going to respond to the paperwork I sent. 

I called Bank of America and requested to speak with a representative. Their representative suggested that I should fax the information to them. 

On XX/XX/XXXX I faxed the information ( all documents from the county ) along with my account information to the number given to me, and confirmed the fax was received on Bank of America 's end. 

Three weeks later there is still no record that Bank of America has received or processed any of the attempts I have made to get them to update my monthly payment. 

On XX/XX/XXXX I informed them of my frustration and let them know that they had the opportunity to resolve the situation before I filed a complaint with the CFPB out of pure necessity. 

Having already paid my reduced County Tax bill for the year, from my escrow account, Bank of America responded by letting me know there was a reduction in my County Tax bill that they could prorate moving forward, reducing my monthly payment by {$9.00}. 

Any reasonable, competent, financial institution should question why a tax bill they were paying was reduced, instead of blindly and reactionarily acting to reduce my payments and issue me refunds from my escrow after the fact. If Bank of America were acting competently, their questioning of why the payment was reduced may have led them to one of my MANY correspondences, which would inform them my assessment has been reduced. 

To date I have not received confirmation from them that they have received my fax or my mailed hardcopies. I am baffled by their misguided attempt to reduce my annualized escrow payments to retroactively take into account only a single tax bill they already know was reduced ( having been prepared to overpay it ). I assume that their continued inaction is either a deliberate oversight designed to allow them to hold low interest ( or interest free for all I know ) customer funds for as long as possible, or the result of supreme incompetence coupled with poor customer service. 

I would really, really, really like Bank of America to please communicate directly that they understand my problem, and that they are working to resolve it. Even more than that, i'd love for them to ACTUALLY resolve it.