Mortgage -- Closing on a mortgage -- Complaint #4788997
Complaint Overview
Complaint ID: 4788997
Company: Bank Of America, National Association
Product: Mortgage
Sub-Product: Home equity loan or line of credit (HELOC)
Issue: Closing on a mortgage
State: California
ZIP Code: 95207
Date Received: 2021-10-07T12:00:00-05:00
Date Sent to Company: 2021-10-07T12:00:00-05:00
Company Response: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Submitted Via: Web
Tags: Older American
Consumer Narrative
On XX/XX/2021 I applied for a HELOC with Bank of America. My request was not assigned to an underwriter until 8 weeks later. This was advertised as a no cost, no fee, HELOC however on XX/XX/2021 I was directed to a third party provider called XXXX and order an update to the master HOA policy adding BofA as a mortgagee. For this I was required to pay a fee of {$100.00} for a certificate that looked just like the one I provided them from my homeowners association. I went ahead and paid the fee as I thought we were close to closing. On XX/XX/2021 my loan was declined due to " Collateral Does Not Meet Bank Guidelines ''. Shouldn't this have been established through the appraisal process and other means before BofA required me to incur this expense and place them on my polices as a mortgagee? I feel BofA has engaged in unfair and deceptive practices and should reimburse me for the {$100.00} I needlessly spent due to their incompetence.
Frequently Asked Questions
What is Complaint #4788997 about?
Complaint #4788997 was filed against Bank Of America, National Association regarding Mortgage specifically about Closing on a mortgage. It was received by the CFPB on 2021-10-07T12:00:00-05:00.
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.