Consumer complaint received 2022-04-29 00:00:00
Product: Mortgage — Conventional home mortgage
Issue: Closing on a mortgage — 
Company: BANK OF AMERICA, NATIONAL ASSOCIATION
State: NJ

Complaint narrative:
We are appealing to the American Justice for HELP Loan # XXXX ( Bank of America Loan from XXXX to XXXX ) The Modification of this Loan was delayed by the Servicer for over 5 years during the Financial Crisis. As described by Director XXXX : " Like many other servicers, XXXX found that its volume of applications for loss mitigation rose sharply as a result of the foreclosure crisis. Our investigation found that XXXX was simply not equipped to handle the influx. For a time, it took the staff up to nine months to review a single application. In XXXX, XXXX had XXXX active loss mitigation applications but had only XXXX full-time employees and a third-party vendor in XXXX reviewing them. The Bureau found that in XXXX loss mitigation call center, the average wait time was 25 minutes and the average call abandonment rate was almost 50 percent. XXXX also had a heavy backlog of loss mitigation applications. '' WE ARE IN A SITUATION WHERE THE OWNER OF THE LOAN WILL WALK AWAY WITH HEFTY PROFITS BENEFITING FROM THE XXXX FINANTIAL CRISIS. 
WE, THE HOME OWNERS ( THE CONSUMERS ) WILL LOSE EVERYTHING WHEN THIS PROPERTY IS SOLD IN THE VERY NEAR FUTURE. 
IT IS NOT FEIR. WE SHOULD BE COMPENSATED BY BANK OF AMERICA FOR WITHHOLDING THIS LOAN AND NOT MODIFYING IT, JUST AS DISCRIBED BY DIRECTOR XXXX XXXX. Please help. 
EXCERPT FROM THE XXXX ENFORCEMENT BY DIRECTOR XXXX XXXX : Today the Consumer Financial Protection Bureau is taking its first enforcement action under the Bureaus new mortgage servicing rules. We are entering an order against Michigan-based XXXX Bank for violating those rules by failing borrowers and illegally blocking them from trying to save their homes. XXXX took excessive time to process borrowers applications, did not tell them when their applications were incomplete, denied loan modifications to qualified borrowers, and illegally delayed finalizing permanent loan modifications. These unlawful practices caused many consumers to lose the homes they had been trying to save. That is wrong and it is unacceptable. 

Mortgage servicers play a central role in homeowners lives because they bear responsibility for managing the loans. They are the link between a mortgage borrower and a mortgage owner. They collect and apply payments, work out modifications to the loan terms, and handle the difficult process of foreclosure. Importantly, consumers can not take their business elsewhere. Instead, they are stuck with their mortgage servicer, whether they are treated well or poorly. 

In XX/XX/XXXX, the Consumer Bureaus new mortgage servicing rules took effect. These new regulations establish specific rules of the road for handling loss mitigation applications. Since we first announced these rules almost two years ago, we have made clear that we expect full compliance to clean up the problems that had been pervasive in this industry and caused so many people to lose their homes. Consumers must not be hurt by illegal servicing any more. When mortgage servicers fail to treat people fairly, we will vigorously enforce the law. 

Like many other servicers, XXXX found that its volume of applications for loss mitigation rose sharply as a result of the foreclosure crisis. Our investigation found that XXXX was simply not equipped to handle the influx. For a time, it took the staff up to nine months to review a single application. In XXXX, XXXX had XXXX active loss mitigation applications but had only XXXX full-time employees and a third-party vendor in XXXX reviewing them. The Bureau found that in XXXX loss mitigation call center, the average wait time was 25 minutes and the average call abandonment rate was almost 50 percent. XXXX also had a heavy backlog of loss mitigation applications.

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