Consumer complaint received 2024-11-07 00:00:00
Product: Mortgage — Home equity loan or line of credit (HELOC)
Issue: Applying for a mortgage or refinancing an existing mortgage — Delays in the application process
Company: BANK OF AMERICA, NATIONAL ASSOCIATION
State: NJ

Complaint narrative:
On or about XX/XX/year>, I applied for a HELOC with Bank of America. For over a month, I worked with the loan processor providing hundreds of pages of requested information and over forty financial documents. Each requested document was supplied within the same day or the next day after the request. On XX/XX/XXXX, one month later, I received notification that my application was " deactivated. '' The loan processor stated that, The application was closed because the underwriter calculating the income feels that the documents recently requested were not provided. On XX/XX/XXXX, I forwarded a complete history of the my email correspondence and documentation provided to his supervisor. I pointed out to her that some of the same items had been requested multiple times, and I had provided them multiple times.

After my application was deactivated, I then received requests for about a dozen new documents not previously requested in order to reactivate my application, which I supplied within the same day on XX/XX/XXXX. Today is XXXX XXXX, and my application is still pending. I confirmed this morning that there is no further information required of me. I dont understand what is happening here -- I have significant annual income and assets, and the property being offered as collateral has ample equity at least 80 % of the FMV . 

I have been a XXXX XXXX XXXX for over 22 years, and I own a very successful XXXX XXXX XXXX. I have applied for mortgages and lines of credits many times before, and I've helped many clients in the process as well. I have never been asked to provide so much information, nor have I ever waited so long for a decision. When I ask for the status of my application, I always receive an answer, but it is always vague. When I ask follow up questions regarding the next ( remaining ) steps in the process, I don't receive a satisfactory answer. It is always, " we are waiting on this, or waiting on that '' but when " this or that '' is received, it's always something else.

Today I was told that they are just waiting on one payoff amount, BUT I have already provided all of the payoff information requested in the form of the most current billing statements, the account numbers, PINS and the addresses of the financial institutions. I also happen to know that they have already called the bank that has my current HELOC, because I received a call from a representative of that bank weeks ago. Further, there are only three payoffs being made -- the current HELOC and two other credit card balances.

In total, the process described above, which has not yet resulted in a credit decision, has so far taken eight weeks with no end in sight. I regret applying to BOA, and believe I could have had the approval and probably the funds by now if I had applied elsewhere. But with so much time invested, I am hanging in there with this application process. I have more comments about the level of financial competency of the people I've been dealing with, but I am more dissatisfied with the lack of transparency of the process. Even though they are always giving an " answer '', it is always vague and confusing. When I ask follow up questions to clarify the process, I am always told they don't know or can't answer that question. A good example of this is the answer that I got today when asked how long the " final review '' would take. See attached email dated XXXX

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