Consumer complaint received 2017-09-29 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: LA

Complaint narrative:
We started working with XXXX XXXX - Mortgage Loan Officer XXXX # : XXXX about a week ago for a cash out refinance. I spoke with XXXX XXXX on multiple occasions telling her our only intentions were to get a 90 % LTV mortgage refinance and that we were n't interested in anything else. XXXX XXXX reassured me that BofA did offer 90 % LTV cash out refinance and even worked up numbers to show me what we would qualify for if we had excellent credit ( which we do ). I did not want to pull a credit report unless I knew for sure BofA did in fact offer the 90 % LTV cash out refinance, which she told me yes, multiple times. 

Yesterday, on X/XX/2017 when we finally consented to a credit pull to finalize the terms and rates and get the ball rolling, she then started acting really awkward, quiet, and unhelpful, telling me the " system '' capped her at 85 % LTV. She also kept mentioning how " drastic '' the " numbers '' had increased in 24 hours. Stating that interest rates have just been skyrocketing. After I asked her why not the 90 % LTV she told me, she did not have an explanation and started getting rude. She kept abruptly telling me, well those are the numbers I cant do anything about that ( knowing that she had be caught about lying about the 90 % LTV ). The minute her toned changed after she pulled our credit report ( which is excellent in every area by the way ) I knew that she realized that everything she had told me was a complete lie and she was embarrassed and being exposed. The fact that she completely changed her attitude and showed lack of care and customer service was horrifying. She then started telling me that there are other banks out there that offer 90 % LTV loans and maybe I should try them. I replied, but I am dealing with you and Bank of America right now, why would you immediately go on the defense and try and refer me to another bank ( because she knew she lied and I wouldnt get what I originally inquired about, that she promised me BofA offered, the 90 % LTV cash out refinance ). 

She stated since I did n't do a credit pull so she just entered in arbitrary numbers to get a snapshot of what the loan would look like. Then numbers were n't even close. Do n't forget, the numbers she entered are for a loan that Bank of America does n't even offer, and she knew that. So I asked her if she had been doing this for so long and she sees the numbers on a daily basis, why wouldnt she put more realistic numbers. She kept repeating because we didnt do a credit pull I had to put something. That answer is n't enough to justify what is transpiring and the events that led up to how we got where we are. If you are entering numbers ( based on excellent credit ) then the numbers should almost be spot on if not slightly off when that credit report is pulled. She was n't even in the ballpark because she baited me with falsification of services and products offered by Bank of America. 

I then proceeded to ask for a supervisor and she kept saying well hes gone for the day, I can have him call you back. I said well patch me thru to the next highest supervisor on duty. She kept repeating he is my manager. I asked for someone higher than him who can formally accept my complaint and listen to my concerns. She then hung up on me. I called back immediately and got transferred atleast 3 or 4 times before finally talking to a XXXX XXXX who stated he was her Manager and that he was in fact still in the office and was being XXXX the entire time ( confirming yet another lie from XXXX when she told me that he was gone for the day ). He then apologized and tried to defend XXXX by saying she didnt hang up on me and that the phone dropped. 

Once I spoke to him, I figured she was lying about the 90 % LTV the whole time. He confirmed that BofA does n't even offer a 90 % LTV cash out refinance and that the highest cash out refi is in fact 85 %. If I would have known that from the very start I would have never wasted my time talking with Bank of America, nor XXXX for that matter. This is very bad business and people should NEVER under any circumstances be treated this way and mislead this way. I am very upset that I was lead on and mistreated by a Bank of America representative and just can not believe that people in your company are allowed to act and operate this way. 

This is fraud. Plain and simple. I was duped into pulling a credit report for a loan that they said was offered, when in the end is not even offered. I am sure I am missing a lot of other things but when you are as frustrated as I am right now, it is very hard to recall every single thing. I hope I was able to report this individual and get some sort of reprimand because it is bad business and should have never taken place to begin with. If the loan officer would have specified in the very first phone call that they do not offer the product ( s ) and or service ( s ) that we specifically spoke about, the 90 % LTV cash out refinance, then I would have never followed through with anything else. This was a huge waste of my time and a huge inconvenience, let alone damaging to my health when my XXXX XXXX was thru the roof after exposing so much. 

For anyone to condone this type of business and continue to allow it to happen within their staff is just truly mind boggling. As many years as this lady has been employed with this company doing this line of work, I am almost certain the number of complaints are extremely high and its time that appropriate disciplinary actions be taken so this is avoided in the future.

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 non-monetary relief