Consumer complaint received 2024-04-20 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: TX

Complaint narrative:
On XX/XX/year>, I proceeded to apply for a mortgage loan with Bank of America, and signed a third-party financing addendum on XX/XX/year>, in which gave me XXXX  days to secure a mortgage loan. Throughout the course of the process, we had problems on obtaining approval due to my job as a XXXX XXXX and the conflicting requirements of their institution which, as I was told that it would appear as though I had multiple and inconsistency in jobs, of which is actually the nature of my job. I kept providing letters of explanation, financial proof, contracts, and even XXXX and tax statements that dated back XXXX years ( when their requirements are usually only XXXX years ). On XX/XX/XXXX, I now find that my loan was declined, however, I was not told of this, instead I was told it was " Pending Decline '', I was actually told that my loan was declined on XX/XX/XXXX, in which I was XXXX days past my requirement for obtaining third party financing, and thus was subject to losing the Option period money of {$300.00} and XXXX money of {$3000.00}. The loan originator simply kept reassuring me at every step of the way that she was not convinced, and she did not agree with the underwriter decision. She assured me the loan would be approved, multiple times. She kept escalating the application, and many times I had to keep providing additional information, and the process kept extending. On XX/XX/XXXX, I received a phone call again, stating that the application had been denied, but she told me she still did not agree with the decision, and told me she would, again, speak with her manager as she assured me the mortgage loan would still be approved. It was at this time, that I decided that too much time had passed. I was exhausted and had provided an abundance of personal and financial information beyond expected dates. The sellers were also concerned and exhausted as they were having to wait for me. Throughout this process, I felt that I was misled. The mortgage loan department at Bank of America acted unethically, with disregard to my time, disregard to my finances, and disregard to my contract obligations. They as well acted with disregard to the sellers ' requirements alike. Because I could not obtain financing, I lost the ability to fulfill the contract, and I ended up losing the option period money of {$300.00}, the XXXX money of {$3000.00}, and I had spent an additional {$550.00} for a house inspection. In total I lost {$3800.00} due to negligence in behalf of the loan originator and the mortgage team at Bank of America. Furthermore, I emailed and called the originator many times, unsuccessfully, as it appeared I was being ignored. I managed to obtain access to and communicate to her manager through other means which ultimately led to nothing. They did not seem to take accountability in the negligent, unethical process.

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