Consumer complaint received 2024-10-15 00:00:00
Product: Mortgage — FHA mortgage
Issue: Trouble during payment process — Loan sold or transferred to another company
Company: BANK OF AMERICA, NATIONAL ASSOCIATION
State: OH

Complaint narrative:
I am writing to request an urgent investigation into a matter concerning my home mortgage account, which I believe involves mismanagement and potential fraud. This letter is directed to the Federal Trade Commission ( FTC ), the Consumer Financial Protection Bureau ( CFPB ), the State Attorney Generals Office, and the Federal Deposit Insurance Corporation ( FDIC ). 

On XX/XX/XXXX, I received documentation from Bank of America indicating additional fees and charges on my mortgage account. When I attempted to seek clarification from their representatives, they were unable to provide satisfactory explanations. The documents, which cover the period during which XXXX XXXX XXXX assisted me with my mortgage payments, reference what Bank of America describes as deferred payments. However, I believe this claim is incorrect. 

To provide context, XXXX XXXX XXXX made a payment of over {$17000.00} to Bank of America under my file number ( XXXX ) to bring my mortgage account up to date in early fiscal XXXX. Since then, all payments have been made on time with XXXXXXXX XXXX XXXX  continued assistance. Despite this, Bank of America continues to reference deferred payments that I believe should not exist. 

Additionally, the documents in question reference account activity dating as far back as XXXX and continuing through XX/XX/XXXX, a period for which I have already provided supporting documentation. On several occasions, I have requested that any overage of payments be applied directly to my principal, but this request has been repeatedly ignored, as evidenced by my account history. 

On XX/XX/XXXX, I visited a local Bank of America branch to ensure that a {$100.00} payment was applied exclusively to my principal, as per my previous requests. I have attached documentation to confirm that the payment was processed accordingly. 

More concerning, on XX/XX/XXXX, I received notice that my mortgage loan is being transferred to XXXX XXXX  XXXX, effective XX/XX/XXXX, XXXXwith less than two weeks notice. The letter indicates that once the transfer is complete, I will no longer have access to my loan information. This is highly concerning, especially given the unresolved issues surrounding my account. 

I am requesting an immediate investigation into these issues, as I suspect they may represent fraudulent practices or at the very least, gross mismanagement. I am particularly concerned about the improper application of payments, the misrepresentation of deferred payments, and the potential misuse of state funds in relation to my mortgage assistance through XXXX XXXX  XXXX. 

Please find attached the following documents for your review : The letter from Bank of America regarding the transfer of my loan to XXXX XXXX  XXXX. 
My last four mortgage payment statements, which demonstrate inconsistent application of payments to both interest and principal. 
I appreciate your prompt attention to this matter and look forward to any guidance or assistance you can provide in resolving this issue. 

Sincerely,

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