Consumer complaint received 2020-09-15 00:00:00
Product: Mortgage — Conventional home mortgage
Issue: Closing on a mortgage — 
Company: BANK OF AMERICA, NATIONAL ASSOCIATION
State: GA

Complaint narrative:
Dear CFPB, please open an investigation into the timing of BofA mortgage upgrading their systems in the middle of the most recent refinancing activity in the industry. My guess is due to BofA being a net loser of the refinance activity and prolonging the closing and payoff process of their customers to reap extra interest payments. BofA appears to be engaging in deceptive and unfair trade practices. 

I've removed my name and account number, but would be needed if Bank of America mortgage ever calls to help resolve this issue. 

I've been wanting to pay off my mortgage for weeks, but impossible to get in touch with anyone at BofA mortgage. Finally I was able to request a payoff online. The payoff amount was {$240000.00} according to my payoff statement effective XX/XX/XXXX. I did everything asked of me. I submitted certified funds ( cashier 's check payable to Bank of America, N.A. ) in the amount of {$240000.00} at XXXX EST on XX/XX/XXXX to a BofA banking center and asked for this to be coded as a payoff which the teller confirmed. I waited 2+ hrs multiple times to get in touch with someone at BofA mortgage over 2 weeks was successful only twice. Both times the customer service representative was not empowered to address my concerns. i.e. unable to stop by weekly BofA auto draft of mortgage payment because of planned payoff or to credit the current drafted weekly payment classified as unallocated to principal ( {$1300.00} ). And instead get transferred to another department or manager with another very long wait before being hanged up on by the automated system. 

1. I have the deposit receipt from the teller. I need to know where is my money used to payoff my mortgage which even a full business day later my BofA mortgage account shows no record of my payment. This is hugely concerning for me as I have proof. 

2. I want the extra weekly payments ( total {$1300.00} ) and overage from the payoff amount credited back to my BofA checking account. 

Above is the summary of the complain I made with XXXX  for Bank of America mortgage on XX/XX/XXXX. No response as of yet. 

The update is when I now call into the customer service number it does state they received my payoff amount on XX/XX/XXXX, but I have yet to receive a formal letter from BofA stating payoff and that lien was removed. Also, I have yet to receive my overpay of the weekly amount ( {$1300.00} ). 

So, today on XX/XX/XXXX I called BofA mortgage and after a 90 mins wait I was hanged up on. So, I called again and after 60 mins got in touch with a customer service representative by the name of XXXX XXXX. Not sure if this is even her real name as the rep asked me such basic questions over and over again in what felt like an attempt to frustrate me in which she was successful. For example, she told me no record of a payoff even though the automated phone system says so and my BofA mortgage account is no online accessible online given the account must be paid off. She continued to prolong the conversation with endless questions to which BofA already knows. i.e. the amount of the weekly payments. If BofA doesn't know that then its a bigger concern on how they are tracking customers payments. Please pull this call recording. Finally I asked to speak with a supervisor and she informed me she would have to transfer me and then hanged up on me. 

Please help. Bank of America maybe to big to fail, but they are also too big to care. 

Thank you.

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 monetary relief