Consumer complaint received 2016-01-30
Product: Mortgage — Conventional fixed mortgage
Issue: Application, originator, mortgage broker — 
Company: BANK OF AMERICA, NATIONAL ASSOCIATION (CT)

BOA will be abbreviation for Bank of America. 
Please find the sequence of events and our horrible experience with BOA. 
) The XXXX loan officer was told about this property with a request to immediately find out if the condo approval can be an issue. The information about the condo management was sent to XXXX Loan officer on XXXX XXXX. I requested to send the condo questionnaire as soon as possible on XXXX XXXX. 
1 ) The rate lock with Bank was issued on XX/XX/XXXX/XX/XX/XXXX. 
2 ) The lease of our present apartment was sent to Loan Officer on XX/XX/XXXX. Loan officer was so confident that he advised us that we should give the notice to the apartment ( 2 months ' notice + 2 month rent as buy out fee or lease breakage fee of around {$5300.00} ). 
3 ) we however still waited till XXXX XXXX to give the notice which basically terminated our lease on XXXX XXXX, 2015 along with buyout fee of {$5300.00}. 
4 ) Somewhere between XXXX XXXX and XXXX XXXX XXXX Loan officer left the bank and we came to know about this only on XXXX XXXX. It was only when we sent bank the email asking what is happening that they got back to us stating that the XXXX loan officer has left. Bank was so unprofessional that for 10 days it did not transact any business knowing fully that the client had the mortgage contingency day of XX/XX/XXXX.we had signed the agreement on XXXX XXXX. 
5 ) On XXXX XXXX, 2015 that the bank stated that they are working on condo approval. 
6 ) On XXXX XXXX, BOA sent an email stating that there was a problem in the way the loan was initiated in the beginning. The bank started putting the burden for their inefficiency on the XXXX loan officer who has left the bank. They admitted that there was a problem in the way the loan got originated. 
7 ) Finally around XX/XX/XXXX BOA denied the loan stating that the condo did not put XXXX % in the reserve. 
8 ) we got in touch with XXXX XXXX in XXXX, CT around XX/XX/2015 and within 7 days they got back to us and stated that the property is not XXXX approved since they have not been putting XXXX % of the condo fee into the reserve as required by XXXX guidelines. Our attorney advised that the property could have resale value problem and so we cancelled the purchase. 
9 ) It is a matter of great disappointment that BOA took around 60 days ( XXXX Loan Officer was told about this property on XXXX XXXX ) to evaluate the facts whereas XXXX XXXX presented us a very good picture within 7 days so that we can take an informed decision. Beside lots of inconvenience, the delay by BOA costs us loss of money and time. The buyout fee for Lease breakage was provided on XXXX XXXX and the bank had ample time to come back to us and state that the property is not XXXX approved so that we could have not broken the lease and unnecessarily incurred the buyout fee for {$5300.00}. 
10 ) Because of the banks inefficiency and lack of regard for their consumer we suffered financial loss of {$6800.00}. The bank only reimbursed for the appraisal cost of {$460.00} in spite of repeated requests. BOA should reimburse us the remaining {$6400.00}. 
12 ) It is interesting to know that the condo questionnaire was returned by the association within 3 days which clearly stated the reserve account problem however the bank did not notify us anything about it. The bank should have notified about the condo reserve issue as soon as they got the questionnaire. Instead of initiating the condo questionnaire around XXXX XXXX the bank waited 10 days since the XXXX loan officer has left and there was no concern with the bank that they have a client who is left clueless. The condo questionnaire was initiated on XXXX XXXX and the completed questionnaire was received within 3 days ( XXXX XXXX ). Even then it is astonishing that why the bank did not notify us about this issue XX/XX/XXXX rather than making us go through an agonizing wait.