Consumer complaint received 2021-05-13 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: GA

Complaint narrative:
I am a customer of Bank of America and in XX/XX/2021, we started the re-finance and cash-out process for home repairs. 
We have done everything requested ( documents, letters, statements, W-2, 1099, business documents, employer information, etc ) and submitted all requested documents within 24-48 hours. We have paperwork that gave us the first expected closing date of XX/XX/2021. We were told that we can find the latest updates and track the status of our refi via the Bank of America website ( username and password ). 
We have checked and checked leading up to XX/XX/2021 and find on the website that the expected closing date is now XX/XX/2021. In XXXX, ( about 1 month ago ) our processor called and requested some more recent documents with as we near the Final for closing of XX/XX/2021. The documents were submitted within 24-48 hours. 
Again, we have gone to the Bank of America website to check and make sure no additional actions were needed and none have been listed. 
Fast-forward to today XX/XX/2021 ( the expected closing date ) we have not heard anything from the processor, closing department, underwriter or any representative from Bank of America. I check the website and the date is still showing XX/XX/2021. I call my processor and was told they ( underwriter ) is requesting some additional documents because there was a gap in our paperwork. The processor said he needed a copy of our XX/XX/2021 and XX/XX/2021 bank statement and we missed a box that needed to be checked on the 4506-C form. 
I asked why hasn't anyone called us or why hasn't the website been updated with these requests. He said, he had just received the information of what was needed. I explained to him that we have been in this process- cycle for more than 5 months and asked if he thought it was fair to treat a loyal Bank of America customer this way. We have been with Bank of America for more than 20 years and never late. I told him this was unacceptable. 1 ) Had I not called him, we would have ever known we weren't closing on today and that additional documents were needed. 2 ) Is 5 months the average for closing on a cash-out refinance 3 ) doesn't our credit, and years of service with Bank of America stand for something. 
I find disparities within this process because we noticed that when we answered the race question ( which was optional ) things slowed down.

Below is a snip-it of what I sent to my contact at Bank of America ( XXXX XXXX ). 
XXXX Attached are the additional documents requested today regarding our refinancing of our home that started in XX/XX/2021. 
XX/XX/2021 Bank Statement XX/XX/2021 Bank Statement 4506-C box checked I would be remiss if I didn't express how disappointed we are with the way Bank of America has handled our refi-loan request. This process started in XX/XX/2021 ( 5 months ago ) and we have done everything requested in an expeditious manner, but never thought in our wildest dreams it would take 5 month to work with Bank of America on this process. We have been a loyal customer for more than 20 years and never missed a payment and always paid on time. 

We are disappointed in the fact that in XXXX, you ( XXXX XXXX ) reached out to us regarding the final steps and documents needed before closing. We returned the requested documents within 24 hours. Since, I have visited the website several times and never has there been an update or request for us to provide the documents you requested today.

We find it unusually odd these documents are now being requested on the second expected closing dated XX/XX/2021 ( today ). 
Also very odd these additional documents were never requested on the Bank of America website which you told us this is where updates would be. 

According to your explanation, Bank of America is behind with closings. With that understanding, I would like a manager 's name or executive member of the Loan Department to send this information to because although this is no big deal to Bank of America, we believe this is a serious issue that needs to be addressed. 

We noticed it wasn't until we answered the question of race ( which was optional ) that the rate of our loan being processed seemed to slow down. 
We feel there are blatant disparities within Bank of America and people of XXXX are being grossly under-served. 

Your attention to this matter is appreciated. 
Thank you.

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