Consumer complaint received 2026-06-02 00:00:00
Product: Mortgage — Conventional home mortgage
Issue: Closing on a mortgage — Delays with the closing process
Company: BANK OF AMERICA, NATIONAL ASSOCIATION
State: AZ

Complaint narrative:
I am filing this complaint against Bank of America ( BofA ) due to unreasonable delays, gross underwriting incompetence, and poor communication during a residential mortgage application, which severely jeopardized my real estate purchase, placed my {$10000.00} earnest money deposit at risk, and threatened a locked interest rate. Timeline and Amounts : XXXX 2026 : I applied for a {$600000.00} mortgage for a {$750000.00} residential property. I locked in a 5.375 % interest rate on a 7/6 ARM, which is valid until XX/XX/year>. XX/XX/year> : This was the original, legally binding closing date ( Close of Escrow ) established in the residential purchase contract. XX/XX/year> ( XXXX day before closing ) : BofAs underwriting team halted the issuance of the Final Closing Disclosure ( CD ). The delay was caused by the underwriter 's inability to understand standard real estate transaction documents regarding seller credits. The Core Issue and Bank 's Actions : The underwriting team created an artificial roadblock by conflating two legally distinct financial credits in the purchase contract : A {$5000.00} Seller Concession negotiated explicitly in lieu of physical property repairs. A {$14000.00} pass-through Broker Rebate. The seller agreed to fund a standard 2.5 % Buyer Broker Compensation ( {$18000.00} ). My broker retained their flat fee and legally rebated the remaining {$14000.00} to me to be applied toward closing costs. Despite having the executed Commission Disbursement Form and contract addendums clearly outlining these separate terms, the BofA underwriter erroneously claimed the {$14000.00} broker rebate violated the {$5000.00} limit placed strictly on the repair concessions. Because of the bank 's refusal to accurately read the contract and distinguish between a direct seller repair credit and a broker rebate, BofA refused to issue the Clear to Close. My Actions to Resolve the Issue : I responded immediately to every request. To satisfy the underwriter 's confusion, I was forced to draft and execute multiple emergency addendums with the seller at the absolute last minute ( on XX/XX/XXXX and XX/XX/year> ). These addendums explicitly spelled out the breakdown of the {$5000.00} seller concession versus the {$14000.00} broker rebate, exactly as the bank requested. The Impact and Harm : Because of Bank of Americas internal delays and failure to process standard real estate documents competently : I was forced to execute a contract extension, moving the closing date from XX/XX/year>, to XX/XX/year>. I was placed in a position of potential breach of contract with the seller, risking the forfeiture of my {$10000.00} earnest money deposit. I faced the imminent risk of my 5.375 % rate lock expiring on XX/XX/year>, which would have caused immense financial harm over the life of the loan. Bank of America 's underwriting delays were not caused by my financial qualifications or missing documentation, but by their own internal incompetence and failure to interpret legally binding, standard real estate addendums in a timely manner. I expect BofA to acknowledge this operational failure, ensure the immediate and flawless execution of my closing, and provide assurance that no rate lock extension fees or penalties will be passed onto me due to their delays.

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