Consumer complaint received 2021-08-26 00:00:00
Product: Mortgage — Conventional home mortgage
Issue: Applying for a mortgage or refinancing an existing mortgage — 
Company: BANK OF AMERICA, NATIONAL ASSOCIATION
State: PA

Complaint narrative:
We XXXX XXXX and XXXX XXXX are writing today to file a complaint about Bank of America Bank and there miss leading and false practices. 

I XXXX XXXX is currently a licensed PA XXXX XXXX XXXX who is representing my son XXXX XXXX as his buyers agent. I had the opportunity to meet by phone one of BOA loan associates XXXX XXXX in late XXXX and worked with him when representing a resent client as a buyers agent, and the deal with my client was completed in early XXXX. 

While working with my former client and XXXX XXXX I mentioned that my son was looking to buy a home and I though the grant program that assist person in purchasing a home as a first time buyer that did not have enough funds to handle the closing and down payment cost was a great program. So XXXX said why dont you let me see if I could help your son. At that point I told him my sons situation was not like my clients and this was why we where working with a mortgage broker and going through PHFA/FHA product in which my son was already pre-approved. So XXXX said he was more that sure he could get a approval done so we allowed him to pull my sons credit and at that time he said everything look good. Now even though my son chose not to get in debt over his head because of the high amount he owed for student loans, which mind you he continued to pay after being forced into forbearance and the allowed him also to get out of forbearance early because of his good payment practices. 

XXXX knew from the very beginning that my sons other trade lines where the rent, his wireless bill, XXXX which he had jut finish paying off, XXXX for landline and internet, but XXXX said he was good at handling special projects like this one. XXXX then told us that in doing this process this way it would be like getting the actual mortgage process started. My son was excited, but I was not from experience in this field in general. 

Shortly after this phone app process my son found a property got it under contract with the assistance of the loan broker etc. We contacted XXXX and told him my son had a executed AOS, we told him that since the other lender got all of the DOCS for the offer of the property that we where just going to go with that mortgage brokerage. But XXXX said he felt as though this would make the process more aggressive because of the contract, my son remained hopeful but I though it was something shady and untruth and that he was just stringing my son along. 

With each phone call or email there was many of extra things that needed to be done to the point where I grow concerned as my sons RE agent. Was it ok with XXXX to have us work with two lenders at the same time and tell us that its done all the time. I on the other had as a RE agent was not. All of the paper work printed, ink wasted, other things XXXX was asking from my son who works for XXXX XXXX in the wireless division had already told him up front that XXXX was not going to give these thing he requested it was not XXXX policy. My son had rent DOCS sent, landlord verification which was excellent, student loan verification, which we both my son and I heard the XXXX XXXX XXXX CO state that XXXX  had a excellent pay record. So many things that a few times I emailed, phoned, left messages in XXXX voice mail box and at the online BOA portal ( which he asked us not to do ) to say that it was ok if he could not assist my son in this matter, we would not have any hard feelings we just did not want to be strung along. I thought as a RE professional, in this field for over 17 years it did not appear to be truthful at all. 

But no XXXX kept on insisting that one way our another it was going to work, be patient, and if the conventional loan doesnt work will do FHA even though BOA is not good with those types of loans he would make it work. XXXX even went so far as to order an appraisal for the property, he told us not to worry, noting that the grant money would pay for it. 

Now all the presentation I say or hear, I thought the grant money is suppose to assist persons who need a help up into homeownership. That XXXX always fast talking us and leading us on when he knew from the beginning as must lenders do it wasnt going to work. And when he got tired of playing with my client/son, then the phone call came, and he had the nerve to say that my son had issues with his student loans lier, and that XXXX would not release Docs when my son explained this in the very beginning. 

The straw that broke us was the letter that came in the mail and stated insufficient funds for down payment and closing, lier again. My sons down payment of 3.5 % was already set in place part by escrow check and the other part as sellers assistance coming from me his mother/RE agent giving him my commission from the sale, plus my son has funds in the bank. XXXX did not know all of this because he was so busy being fast, sending out incorrect paper work that I constantly question him about as my sons real estate agent, but once again he told me not to worry about the figures he could always adjust them. Also is not the purpose of trying to get a mortgage with BOA as a first time buyer because of the grant monies offered to assist in down payment and closing, please correct us if we are wrong. 

Why are we taking time out to write this when we know that nothing will be done, is to call your company on its practices of unprofessionalism and falsely leading persons on. Do you give your employees a incentive for every persons credit they run when they already know the end from the beginning coming, that they can not assist them, this is definitely a first time borrowers beware of the shady practices of Bank of America Bank. 


XXXX XXXX XXXX XXXX

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