Bank of America Mortgage Complaint

Bank of America Mortgage department,

Home equity loan or line of credit Loan servicing, payments, escrow account California

On -/-/16, we sold our primary residence and paid off - our - mortgage with - and our - mortgage ( HELOC ) with Bank of America. Both payoffs were made via federal wire transfers. The payoff of the - mortgage was promptly reported by - to the Credit Reporting Agencies ( CRAs ). However, the payoff of the - mortgage HELOC has not yet been reported to the CRAs by Bank of America. When I called Bank of America and asked them why this payoff had not yet been reported to the agencies, I was told that it will not be reported until - -, 2016 in accordance with Bank of America 's policy ... that I have to wait until the next " interest payment statement calculation '' before this - loan payoff will be reported.


This is damaging to my - score, because the CRAs treat a HELOC loan as if it were a credit card for purposes of their scoring models, rather than as a - mortgage secured by real estate. That is unconscionable, in my opinion, and I hope that someone brings legal action against the CRAs for that practice. That CRA practice aside, why should anyone have to wait for 30 days for Bank of America to report that the HELOC has been repaid in full and that the account is closed? I can no longer borrow on that - as it has been closed, yet Bank of America is preventing my loan balance, financial condition and credit score from being accurately reflected. This is unfair treatment by Bank of America of every consumer who pays off a HELOC loan.