Consumer complaint received 2016-09-19
Product: Mortgage — Conventional adjustable mortgage (ARM)
Issue: Application, originator, mortgage broker — 
Company: BANK OF AMERICA, NATIONAL ASSOCIATION (SC)

The problem I have is with the closing of my loan. Bank of America ended up missing my closing date of my loan twice. It was originally set for Wednesday but missed. Then I was told it would be Friday but it was also missed. We finally closed on a Monday but I was not at all happy with the process. BOA had my mortgage application for 45 days. I feel they were late because of multiple changes in the assigned loan processor ( we had XXXX! ) and that they changed my mortgage loan officer from the original one I locked my loan with to another one over 3 hours from us! 
Originally, I planned on having the mortgage only in my name since we knew my credit score was better than my wife 's score. We were doing a conventional loan but still needed to do PMI because we could not manage the XXXX % down payment. If the loan officer had been willing to communicate with me how the debt/income ratios were calculated for an ARM as opposed to the fixed rate I would have gone with the fixed rate instead of the ARM. We ended up paying way too much on PMI because of this lack of communication and because we had already missed our closing date twice before I found out about this requirement I could n't change to the fixed rate. Also, because they changed mortgage officers on me I feel like I was not given what I was promised with the interest rate we received at closing. I was told at the time I locked my rate that if it came down the mortgage rate would be reduced to the current market rate at closing. This did not happen even though the rate dropped 3/10ths of a percent. My loan was passed around. I dealt with people in multiple states, told that loans payments from previous loans paid off still had to count against my debt/income ratio and had all sorts of issues with the loan processors. All of which I believe benefited BOA and they got what they wanted which was more PMI payments and a higher interest rate at my closing. 
I feel like the incompetence and miscommunication with BOA caused me over {$100.00} a month in addition PMI and interest charges. I have never been so mistreated by a bank before in my life. I want this to be filed against them and I hope it will make them change the way they treat their customers. BOA admitted they did us wrong and mailed me a check for {$500.00} as an apology. That is right, they sent us a check and said sorry we missed your closing not once but twice and that we screwed up you loan! But the grief they put me and my wife, realtor and the sellers through was not worth going through the process with them! They caused us to get into our house late, miss our movers ( they could not reschedule ) and made us move the day before my wife started back to school as a teacher instead of having a week to get settled. It caused harm with the sellers too. This bank should not be allowed to provide mortgages to the public as far as I am concerned. They are a dysfunctional group that does n't care about their customers. They have big money and think that if they send you a few hundred dollars for their mistreatment they can get away with doing whatever it takes to make themselves the biggest bank!