Consumer complaint received 2025-01-16 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: NM

Complaint narrative:
When I reply " no '' to the question of whether Bank of America ( BofA ) responded to requests, I need to elaborate. They did not explain their lack of communication with realtors and the title company that were parties to the mortgage transaction. They did ultimately provide a loan denial letter. The letter met the requirements of the property contract in its content ; however it was provided too late to contractually allow return of {$9700.00} earnest money. 
The loan process was initiated at the end of XX/XX/XXXX. Throughout XX/XX/XXXX and into XX/XX/XXXX we provided all documentation requested by BofA and very detailed responses to all related questions. As time passed through XXXX and XXXX, we were assured that the loan process was going well, but in retrospect a timeline issue was becoming critical. There were at least four people involved in processing the loan at BofA, not counting supervisors referenced in communications as backup points of contact. The original loan officer left for the holidays without previous notice to us, but in an email after I became aware of her absence, she assured us that we were in good hands while she was away. 
This was not true. The questions from BofA and the requests for documentation became repetitive, duplicating previously provided information and showing a lack of understanding of what they were evaluating. And when the underwriters became involved, it was obvious that there was a complete lack of continuity on the part of BofA. In addition to repetitive requests, their questions revealed that they had no understanding of what they were evaluating. Although the original loan officer had communicated an understanding of documentation and explanations of funds separated into three categories : income, down payment, and additional assets. The underwriters had no such understanding. I was finally able to deduce that the underwriters were questioning all funds and assets as income. The requirements for income are very different from that of those for the down payment and additional assets. All of this confusion pushed us past the XXXX deadline for terminating our purchase contract. We remained optimistic that the confusion would be resolved by our detailed explanations. 
On XX/XX/XXXX I was informed that BofA had everything they needed from us. In that same communication I was also informed that a BofA supervisor wished to speak with me. I responded that I was available to talk, but I never received that phone call. That supervisor ended up being out of the office until after XXXXXXXX XXXX XXXX XXXX 
On Monday, XX/XX/XXXX I pressed BofA for status. I then received notice of all sorts of issues that would keep BofA from further processing my loan and that it was pending decline status. In parallel, I received additional requests for documentation, and I was asked if we could make the mortgage contingent upon sale of my current residence. I responded that the contingency sale was not an option. 
On XX/XX/XXXX, my original loan office returned and tried to explain the current situation. On XX/XX/XXXX, I asked what needs to be done to wrap this up and document the denial of the loan. There was still plenty of time to meet the contractual deadline of three days prior to the closing date to terminate the purchase contract under the XXXX XXXX XXXX XXXX. The reasons for the loan denial met the criteria to return the {$9700.00} of earnest money back to us. All we needed was the letter documenting BofA 's decision.

As each day passed it became more and more urgent to get that letter. We had already notified all parties of the situation and provided the termination notification to allow the earnest money refund.

Our realtor, the title company, and I all pressed BofA for the letter questioning why it had not already been generated. On XX/XX/XXXX, BofA assured all parties that the letter was in review and would be provided by the end of that day. It was not. We lost the opportunity to recoup the earnest money. 
On XX/XX/XXXX, BofA provided apologies and explanations, but still had no letter. BofA also removed XXXX  XXXX XXXX access from my online account. I lost access to all communications and documentation on that portal. All that we have is what was exchanged by direct email and documentation that we had retained before access was removed. 
On XX/XX/XXXX, we received the letter. It was dated XX/XX/XXXX. It would never have fulfilled the criteria of the purchase contact and addendum deadline. 
Despite XXXX asking BofA to " wrap it up '' on XX/XX/XXXX and despite the efforts of the realtor, the title company and ourselves to communicate the urgency of the situation over the next critical days we lost our {$9700.00} XXXX money. 
BofA was aware of all deadlines and the deadlines were reiterated throughout the mortgage loan process from inception of the purchase contract up to and beyond the ultimate deadline.

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