Mortgage -- Closing on a mortgage -- Complaint #18357211
Complaint Overview
Complaint ID: 18357211
Company: Bank Of America, National Association
Product: Mortgage
Sub-Product: Home equity loan or line of credit (HELOC)
Issue: Closing on a mortgage
Sub-Issue: Trying to communicate with the company to fix an issue with the loan closing
State: California
ZIP Code: 94403
Date Received: 2025-12-29T12:00:00-05:00
Date Sent to Company: 2025-12-30T12:00:00-05:00
Company Response: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Submitted Via: Web
Consumer Narrative
I am not disputing that a HELOC draw occurred. I made the draw based on misleading and incomplete information provided by Bank of Americas closing team. The harm resulted from misrepresentation at closing, servicing failures, refusal to pause collections, failure to provide executed loan documents, and improper credit reporting. During closing, I was led to believe I was applying for and receiving additional funds in a manner that did not align with the actual structure and consequences of the transaction. The application and draw process was confusing, involved multiple teams, and was materially misleading. After recognizing that something was wrong, I promptly contacted Bank of America and explicitly requested time to review the situation, including a reasonable request to pause collections while the matter was evaluated. Bank of America declined to pause collections and continued collection activity. Critically, during numerous communications via the Bank of America app, written correspondence, and phone calls, Bank of America never explained how I could avoid negative credit reporting. Any one of these interactions could have conveyed that paying the monthly obligation would prevent credit harm. Instead, I was repeatedly presented with demands for payment of the entire balance of approximately {$40000.00}. Had accurate guidance been provided, I could have easily avoided any adverse credit impact. Bank of America then reported negative credit information that was entirely avoidable and directly caused by its own servicing failures. Compounding these issues, Bank of America failed to respond to my request for copies of the complete executed loan document package from my notary closing. I do not have the documents I signed, despite the bank relying on them to justify collections activity and credit reporting. Finally, Bank of Americas written response consisted of generalized, boilerplate credit language and did not address the specific facts raised, indicating that no substantive review has occurred. I am requesting correction of the credit reporting, delivery of the executed loan documents, and a substantive review of Bank of Americas servicing conduct.
Frequently Asked Questions
What is Complaint #18357211 about?
Complaint #18357211 was filed against Bank Of America, National Association regarding Mortgage specifically about Closing on a mortgage. It was received by the CFPB on 2025-12-29T12:00:00-05:00.
How did Bank Of America, National Association respond to this complaint?
The company responded with: "Closed with explanation". The response was timely.
What is the risk level of this complaint?
See the risk assessment section for details on this complaint's risk profile.
How do I file a similar complaint?
You can file a complaint with the CFPB at consumerfinance.gov/complaint. Select the appropriate product category (Mortgage) and describe your issue in detail.
Can I see other complaints against Bank Of America, National Association?
Yes, visit the Bank Of America, National Association company profile at readthecomplaint.com/company/bank-of-america-national-association to see all complaints, risk scores, and analysis.
Disclaimer
This analysis is AI-generated based on publicly available CFPB complaint data. It does not constitute financial or legal advice.