Consumer complaint received 2015-07-11
Product: Mortgage — Conventional fixed mortgage
Issue: Application, originator, mortgage broker — 
Company: BANK OF AMERICA, NATIONAL ASSOCIATION (NY)

In XXXX, 2015 We were refinancing our mortgage with Bank of America and had a mortgage commitment good until XXXX XXXX 2015. Effective XXXX, the bank transferred the loan to XXXX Bank, but disclosure Letter from BOA said " not to worry if we were in refinance process ; that it would n't effect the refinance ''. Then, On or about XXXX XXXX, when We were approx.a week from the refi closing, BOA sent notice of declining/withdrawing the loan application and cancelling the deal, saying title issues would take too long due to probate issues. There were no probate issues and the title company had cleared all title issues via affidavits etc and was prepared to close and notified the lender directly via their software upload prior to the XXXX XXXX termination letter. 
When we reached out to the BOA loan officer, he said he would straighten it all out and not to worry. He was on vaction but it would be corrected. He literally cursed his back office folks for the error and acted very upset that they had done this to us. 
Then there was little contact for many days and finally, an email apology from the loan officer that there was nothing he could do and nothing the BOA could do. Loan was with another lender and now because we had stopped making mortgage payment prior to the pending closing -- in view of the Loan Payoff letter that was to have frozen escrow and final payoff amount for the Extension/Consolidation/Modification documents, XXXX and BOA each pointing fingers and no one acknowledging or correcting their errors. 
We were told to try again next year when the loan did n't have a late payment for 12 months. 
First of all, we were still in the 60 day Period of a mortgage loan transfer that a lender ca n't penalize a borrower if payment is late. 
Second, we were in the final stages of the refinance and an erroneous title issue was being blamed for the bank to back out of a very attractive 30 year rate. The rates had risen. The Bank Of America would no doubt have incurred costs and expenses to re-establish our commitment with their investor channel or to secure the loan back from XXXX and then honor the commitment rate. So, they decided to decline the loan and disregard our rights and any concern of harm to us. Third, I am a hard working XXXX ; single mother of XXXX children, and a borrower of XXXX XXXX descent and wish assistance, as such, since I am unsure if these factors entered into to the Bank of America 's decision not to protect me and honor their commitment and rate lock. 
So, we are complaining that the Bank of America violated our rights first under the transfer of loans protection and second by cancelling our Mortgage commitment and rate lock. 
That the Loan officer failed to live up to his consumer origination obligations, Remedy : We request assistance from the CFPB to require Bank of America to honor its mortgage commitment and rate lock agreement. We request that they correct their files and allow us to close effective on or before XXXX XXXX, 2015 at the protected interest rate, along with the XXXX and all fees that would have been appropriate as of that date. 
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