Consumer complaint received 2025-01-22 00:00:00
Product: Mortgage — Conventional home mortgage
Issue: Closing on a mortgage — Changes in loan terms during or after closing
Company: BANK OF AMERICA, NATIONAL ASSOCIATION
State: MD

Complaint narrative:
To date the mortgage is not appearing on the mortgage navigator on my bank of America app. 

I've returned phone calls but no response on XX/XX/XXXX, XX/XX/XXXX and XX/XX/XXXX. 

Please provide a response to the 16 items that are numbered below. Thank you!

Email sent to Bank of Ameica on XX/XX/XXXX, I've included my realtor... on this email.I am reaching out regarding my recent experiences, specifically concerning the handling of my mortgage loan. While I appreciate the efforts of your team, there are several concerns Id like to address and requesting clarification. 

I was recently informed that the condo review was declined, but no specific reason was provided. After the extensive back and forth to secure the necessary documentation, this outcome was both unexpected and disappointing. 
1. Could you provide detailed reasoning behind the condo review decline?

Given that it was stated since last week multiple times that the condo review is probably going to be declined. We discussed to hold off on the appraisal until the condo review was finalized.

2. Why was the appraisal process initiated before receiving the condo review result, given the likelihood of a decline?

My realtor told me that she was informed about switching mortgage products due to specific program requirements that might improve my chances of approval.

3. Can someone provide a clear breakdown of the programs condo review requirements and whether switching products would improve my chances?

I had significant discussions regarding my interest rate and discount points, which remain unclear. While factors like rate sheet, property type, remaining grant funds, and other things were cited. I was not provided the rate sheet. I had mentioned townhouse or condo when asked questions for prequalification but single family home was entered. I also was told that the remaining funds of the grant needed to be used.Additionally, the locked-in rate email did not mention discount points, leading to the impression it was set at XXXX. After consulting with family members and the Consumer Financial Protection Bureau, I discovered discrepancies in how the discount points of 1.43 % should have buy down my current rates mentioned in the email. 

APR recently changed from 7.4 % to 7.304 %. While I appreciate the adjustment, I would like to better understand the reasoning behind this change.

4. What specific factors led to the adjustment of my APR from 7.4 % to 7.304 %?

5. What calculation was used to determine the 7.4 % APR rate and 7.304 %? 

As a loyal customer since XXXX, I have consistently used various Bank of America products, including checking, savings, CDs, auto loans, 529 plans, student loans, and investment accounts. 

6. How does Bank of America plan to address and rectify the frustration and inconvenience caused by these experiences? 

Thank you for your attention to this matter. 



Email sent to bank of America on XX/XX/XXXX I am writing to follow up on my previous email and to formally file a complaint regarding the unjustified denial of the condominium review for my mortgage application. I believe this denial may be retaliatory in nature and is causing significant delays and financial harm. 

On XX/XX/XXXX, I was informed that my condominium review for the property XXXXXX/XX/XXXXXXXX XXXX,XX/XX/XXXXXXXX, XXXX, MD, was denied. As part of the mortgage process, a review of the condo association 's eligibility under XX/XX/XXXX XXXX XXXX, FHA, and other relevant guidelines was required. However, I was not provided with clear reasoning or a fair opportunity to address potential exceptions. 

7. Can you please provide me the condo review guidelines? 


This decision follows a recent dispute regarding the incorrect application of discount points during the week of XX/XX/XXXX, which raises concerns that the denial may be retaliatory. The XXXX XXXX meets local government regulatory standards and has been approved by other lenders. This decision of denial has caused unnecessary delays and financial harm, as I am unable to proceed with the purchase of the property meanwhile my apartment lease is set to expire onXXXX XXXX, XXXX. 

While I appreciate the waiver of the appraisal and credit report fees, I am requesting compensation for the financial harm incurred as a result of the denied condo review. Specifically, I request the following : 8. Reimbursementof the inspection fee ( {$550.00} ).

9. Reimbursementof the radon testing fee ( {$54.00} ).

10. Reimbursementof the earnest money deposit ( {$7500.00} ) if the condominium review denial letter is not provided byXXXX XXXX, XXXX, before the title company closes. 
11. Any fees charged by the title company regarding the property that was denied. 
12. Cost associated with extending my lease from XX/XX/XXXX - XX/XX/XXXX. 
13. Waiverof future fees, including the origination fee, appraisal review fee, appraisal, or any other fees required by Bank of America at closing for future contract ( s ).

14. Lockmy interest rate at6.75 %, with 0.0 % discount points, and ensure the APR is calculated accordingly based on the previously mentioned rates for future contract ( s ). If this is not possible, I request compensation for any increased costs due to market changes during the delay.

15. Extensionof my preapproval pending review of this complaint.

16. Theremaining balanceof the down payment grant to be sent to the IRS to cover any taxes. If this is not feasible, I request that the full amount be applied to the loan as a down payment, even if it exceeds the 3 % limit.

I kindly request acknowledgment of this complaint and my previous email within5 business daysand a resolution within30 business days for both emails, as required by federal law. If this matter is not resolved within the stipulated time frame, I will have no choice but to seek legal advice from a real estate or consumer attorney.

Thank you for your immediate attention to this matter. I look forward to your prompt response.

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