Mortgage -- Applying for a mortgage or refinancing an existing mortgage -- Complaint #5701350
Complaint Overview
Complaint ID: 5701350
Company: Bank Of America, National Association
Product: Mortgage
Sub-Product: Conventional home mortgage
Issue: Applying for a mortgage or refinancing an existing mortgage
State: New Jersey
ZIP Code: 079XX
Date Received: 2022-06-23T12:00:00-05:00
Date Sent to Company: 2022-06-23T12:00:00-05:00
Company Response: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Submitted Via: Web
Tags: Older American
Consumer Narrative
1. In/about XXXX XXXX, my wife and I applied to Bank of America N.A . to refinance the loan secured by a mortgage on our home from another bank. We applied via BofAs office in XXXX, NJ where we have for decades maintained a checking account. 2. The office put us in touch with a BofA lending officer through whom we completed the application process in early XX/XX/2021. 3. On XX/XX/2021, the lending officer called and later dated XX/XX/XXXX letter arrived, each said our application was denied. 4. To the question why, the officer replied based on the materials submitted. I asked for an elaboration but she didnt give one. 5. Also during the call, the lending officer refused our request for the materials-whatever the medium or format in which they were created and maintained-that were used in taking the decision to deny us. 6. She referred us to another BofA person-with the title Assistant XXXX and a different office address- because we wished to further pursue our questions and requests. He did not reply to our written requests for reconsideration. 7. Despite the lending officers earlier refusals, later that day she sent me an email showing our monthly income of {$10000.00} was {$220.00} less than the required percentage per their underwriting requirements. 8. Our complaint is based on the fact that BofA omitted the following items from our income shown in the email : Federal tax saving on 15 % of exempt Social Security {$130.00} p.m. NJ tax saving on 100 % exempt Social Security income XXXX p.m. Federal & NJ tax saving on 100 % of Roth IRA income XXXX p.m. Wifes omitted interest income {$25.00} p.m. net of tax XXXX p.m. Total {$350.00} p.m. 9. The omitted items exceed the short-fall by {$120.00}. Therefore it appears our application should not have been denied.
Frequently Asked Questions
What is Complaint #5701350 about?
Complaint #5701350 was filed against Bank Of America, National Association regarding Mortgage specifically about Applying for a mortgage or refinancing an existing mortgage. It was received by the CFPB on 2022-06-23T12:00:00-05:00.
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.