Consumer complaint received 2016-05-17 00:00:00
Product: Mortgage — FHA mortgage
Issue: Application, originator, mortgage broker — 
Company: BANK OF AMERICA, NATIONAL ASSOCIATION
State: CA

Complaint narrative:
I went into a Bank of America branch to get pre-approved for a loan so that once I found a new home, the lending process would be quick and easy. The pre-approval was a success. I found a DREAM condo I wanted to purchase for my family and the offer was accepted on XXXX XXXX. After submitting some information to my lender, he decided to go on vacation and pass the file off to an associate. She requested information, which I provided 9 minutes later via email and she confirmed receipt. 4 days later I got an email from my rep on vacation demanding the same information and that I was holding up the process because I was unresponsive. I received my initial loan estimate in the mail and the numbers were WAY off. I wanted to put XXXX % down but they instead ran the numbers with XXXX % down and allocated the other XXXX % towards closing costs despite repeated conversations that I wanted to put XXXX % down such that mortgage insurance would eventually go away. I reached out to the associate and could not get a response. My agent reached out and was given the run-around. Then they failed to order an appraisal in a timely manner. Because no less than 10 days had passed since we were told the appraisal would be ordered, we blew the contingency release deadline angering the sellers. BofA had no answer as to why there was a delay. We had provided all documentation in a very expedient manner and continued to try and understand the hold up. The sellers ultimately submitted a cancellation and re-listed the property much to my dismay. We plead with the seller and they agreed to rescind the cancellation if we would abandon BofA and begin again with a new lender. As mentioned, the offer was accepted on XXXX XXXX. On XXXX XXXX I had to start the process from scratch. The new lender was FANTASTIC and moved quickly and efficient to try and save the transaction. Then, on XXXX XXXX the new lender remarked that I needed to contact BofA and authorize them to transfer the FHA case number over. According to the new lender, standard practices of transferring the case number is XXXX hours. BofA was resistant to transfer the number, told it would cause more delays and likely result in us losing the property. I simply replied that staying with BofA was not an option and to please transfer the number. 5 more days passed without a transfer and our new lender had to go directly to HUD and have them manually transfer the case. Since that day, BofA has been completely removed from the situation and things have moved along efficiently and smoothly. This is the first home I 've ever purchased and due to BofA 's lack of timeliness, inefficiency and lack of communication, we nearly lost the perfect unit. Thankfully a new lender stepped in to save the day. If its all the same, avoid BofA at all costs. Our offer was accepted on XXXX XXXX, and due to BofA 's mistakes and lagging, our closing date will now be on or around XXXX XXXX. Very frustrating.

Company public response: Company has responded to the consumer and the CFPB and chooses not to provide a public response
Company response to consumer: Closed with monetary relief