Consumer complaint received 2015-09-16
Product: Mortgage — Conventional adjustable mortgage (ARM)
Issue: Credit decision / Underwriting — 
Company: BANK OF AMERICA, NATIONAL ASSOCIATION (PA)

The lender ( Lender ) changed my loan rate and charge ( points ) in a deceitful manner and in violation of the Real Estate Settlement Procedures Act ( RESPA ). 

On XXXX XXXX, 2015, I spoke on the phone with a Mortgage Loan Officer, XXXX, ( Officer ) of Lender and I was offered a rate of 2.75 % with XXXX points for a XXXX ARM mortgage on a home for which the Agreement of Sale was already signed. I affirmatively refused that offer. The next morning, the Officer called me and offered me a mortgage rate of 2.625 % with XXXX points for the same home which I accepted and proceeded to lock in that rate. At no point during either of those conversations, or any other that I had with the Officer before then or since, did the Officer ask if the home was regarded as a condominium, nor did he inform me that condominium homes may elicit a different rate, nor did he inform me more generally that there are circumstances which may alter the locked rate. Had I been informed of such a possibility, I would have inquired further or declined the offer altogether. 

On XXXX XXXX, Lender completed a Good Faith Estimate which provided that " [ t ] he credit or charge for the interest rate of 2.625 % is included in 'Our origination change, ' '' totaling {$1100.00}. Additionally, my Uniform Residential Loan Application, dated XXXX/XXXX/2015, provides XXXX in the Discount field of Part VII, Section h. 

On XXXX XXXX, Lender mailed me a copy of the appraisal report, which Lender had ordered previously. The appraisal report makes it very clear that the home is a condominium. 

On XXXX XXXX, five business days after Lender mailed me the appraisal report, Lender further mailed me a Mortgage Loan Commitment which states in Section XXXX. " You have locked the interest rate. Your loan has been approved at a locked interest rate of 2.625 % and discount points of 0.000 % or {$0.00}. " On XXXX XXXX, Lender mailed an amended Good Faith Estimate which now indicated that I " pay a charge of {$1400.00} for this interest rate of 2.625 %. '' I received this amended Good Faith Estimate on XXXX XXXX, one business day prior to the date of settlement of XXXX XXXX, 2015. Lender mailed the amended Good Faith Estimate eight business days after Lender mailed the appraisal report and three business days after confirming the agreed-upon rate of 2.625 % with no points through the Mortgage Loan Commitment. 

On XXXX XXXX, I spoke with and emailed several various agents of Lender, including Officer, in an attempt to understand this additional fee and I informed the agents of Lender that I would never have agreed to the loan had I been informed that such a fee was a possibility. I was informed by Lender 's agents that in order to close on our contractually-scheduled settlement date of XXXX XXXX, 2015, I would be required to pay the additional fee. In order to avoid a lawsuit for breach of contract by the sellers of the home, I informed the agents of the Lender that I would proceed with the closing as scheduled, but would dispute the additional fee. 

At settlement, upon reviewing the documents provided, I noticed that the original included Uniform Residential Loan Application had been amended to indicate an amount of XXXX in Part VII, Section h. However, Part X states that " [ t ] his information was provided : In a telephone interview XXXX/XXXX/2015, which is entirely incorrect. 

In addition to likely being intentionally deceitful and delayed, I contend that the actions of Lender, in particular the amended Good Faith Estimate, violated Sections 3500.7 XXXX e ) ( 1 ) ( ii XXXX ; XXXX iii ) ; ( f ) ( 1 ) ; and ( f ) ( 2 XXXX. By not mailing the amended Good Faith Estimate until XXXX XXXX, at least eight days after Lender received information sufficient to establish changed circumstances, Lender made it impossible for me to comply with my contractual obligations to the sellers to settle and investigate the additional fee and my other options.