Mortgage -- Applying for a mortgage or refinancing an existing mortgage -- Complaint #5928941
Complaint Overview
Complaint ID: 5928941
Company: Bank Of America, National Association
Product: Mortgage
Sub-Product: Home equity loan or line of credit (HELOC)
Issue: Applying for a mortgage or refinancing an existing mortgage
State: California
ZIP Code: 94558
Date Received: 2022-08-29T12:00:00-05:00
Date Sent to Company: 2022-08-29T12:00:00-05:00
Company Response: Closed with non-monetary relief
Timely Response: Yes
Consumer Disputed: N/A
Submitted Via: Web
Consumer Narrative
I started the process of filing for a Home Equity Loan with Bank of America on XX/XX/2022. At the time, their website and all information provided to me indicated that they would assign a processor to my application within 7-10 business days. Based on this, I signed the required disclosures, formally submitted my application and the process began. Bank of America made a hard inquiry on my credit report. Today, XX/XX/2022, I called Bank of America to follow-up on some forms that they sent me in the mail as I had questions on how to fill them out. It was at that time that it would actually take up to 8 weeks to assign someone to process my application. That is too long of a time frame for me. Had they been up front about this timeline, I would not have chosen them. However, since they have already made a hard inquiry on my credit report, I am kind of locked in with them. Other lenders actually made note of the hard inquiry on my credit report and they reached out to me asking if they could meet my home equity needs. However, since I already had a hard inquiry on my credit report from Bank of America, any further hard inquiries would diminish my ability to obtain a home equity loan, so I declined the other offers while I waited on Bank of America. Being told it will take 7-10 days in order to get someone to submit an application, locking them into the process, and then later telling them it will actually take 8 weeks is deceptive. It's bait and switch. I have a deadline I am working under for home improvements and 8 weeks is too long.
Frequently Asked Questions
What is Complaint #5928941 about?
Complaint #5928941 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 2022-08-29T12:00:00-05:00.
How did Bank Of America, National Association respond to this complaint?
The company responded with: "Closed with non-monetary relief". 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.