Consumer complaint received 2024-03-05 00:00:00
Product: Mortgage — Other type of mortgage
Issue: Applying for a mortgage or refinancing an existing mortgage — Application denials
Company: BANK OF AMERICA, NATIONAL ASSOCIATION
State: TX

Complaint narrative:
I am compelled to extend my initial complaint against Bank of America due to a series of misleading information, inconsistent services, and questionable practices by its representatives regarding my student loan management and home qualification process. These issues have not only caused significant confusion and financial strain but have also undermined my trust in the institution 's ability to provide reliable advice and service. 

Expanded Details of the Complaint : Misleading Advice on Income-Driven Repayment Plan : Date of Interaction : XX/XX/2024 Representative : XXXX XXXX XXXX XXXX Initially advised by XXXX XXXX to XXXX in an income-driven repayment plan for my student loans, I complied, believing it to be beneficial advice. However, upon enrollment, XXXX XXXX informed me that Bank of America could not accept the plan due to the requirement for annual updates. This critical information was not disclosed at the time of the initial recommendation, leading to unnecessary complications in managing my student loan payments. 

Misinformation on Loan Deferral : Date of Interaction : XX/XX/2024 Representative : XXXX XXXX Issue : After being instructed by XXXX XXXX to obtain deferral paperwork for my student loans, he subsequently informed me that he could not accept the deferral because my credit report indicated monthly payments. When questioned if a new credit report had been run post-deferral, he confirmed it had not, raising questions about the validity of his reasoning and the expectation set for the deferral 's impact on my credit report. 

Failure to Honor Loan Adjustment Commitment : Date of Interaction : XX/XX/2024 - XX/XX/2024 Representative : XXXX XXXX Issue : XXXX XXXX explicitly committed to manually adjusting my student loans to 0.5 %, stating it would take him a week to make these adjustments. However, a week later, he contacted me to state that an adjustment was not possible. This complete reversal from his initial promise has caused significant distress and confusion regarding my financial planning. 

Inconsistency in Loan Adjustment : Date of Interaction : XX/XX/2024 Representative : XXXX Issue : Contrary to previous assurances from XXXX XXXX regarding manual adjustments to my student loans to 0.5 %, XXXX informed me that they are not able to make such adjustments, directly contradicting the information and expectations set by XXXX XXXX. 

Unreasonable Advice on Income Adjustment : Date of Interaction : XX/XX/2024 Issue : XXXX advised me to increase my income to qualify for a specific program, disregarding that my current income of {$140000.00} nearly reaches the program 's maximum eligibility of {$150000.00}. This advice is not only impractical but would inadvertently disqualify me from the program. 

Attempt to Underqualify for Loan Amounts : Date of Interaction : XX/XX/2024 Representative : XXXX XXXX Issue : XXXX XXXX attempted to get me to accept prequalification for a loan amount significantly less than previously stated, without clear justification or changes in my financial situation that would warrant such a reduction. 

Questionable Communication Practices : Date of Interaction : XX/XX/2024 Representative : XXXX Issue : While discussing my case, XXXX placed me on hold, later returning to say that his XXXX, XXXX, happened to pass by and told him to tell me that he would call me. This interaction raises concerns about the transparency and professionalism in handling my case. How would a person passing by know that I was on the phone with XXXX? 

Refusal to Review Financial Information : Date of Interaction : XX/XX/2024 Representative : XXXX Issue : In a striking deviation from expected customer service practices, XXXX outright refused to review my financial information to assist in my loan and housing inquiries. Instead, he instructed me to " pull it myself and do it, '' demonstrating a concerning lack of support and guidance from Bank of America in crucial financial matters. He stated that I have {$6000.00} in monthly payments. He could not tell me where he derived those numbers. When I told him that I have my credit report in front of me and do not get {$6000.00}, he suggested that I can not add. 

Conflicting Information from Management : Date of Interaction : XX/XX/2024 Representative : XXXX Issue : When the XXXX, XXXX, called me, he initially stated it was impossible for me to qualify for a home due to my debt-to-income ratio, even with a 0.5 % adjustment. However, upon further discussion and me doing the calculation for him on the phone, he contradicted himself, suggesting that home ownership might be possible and requested my financial information again, despite previously reviewing it. He stated that he needs to look at my income again because he could not understand how my income was so much.

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 explanation