Bank of America Mortgage Complaint

Bank of America Mortgage department,

Conventional adjustable mortgage (ARM) Application, originator, mortgage broker Virginia

I have been a Bank of America customer for over a decade, and my wife has been - for longer than that. I was pre-approved for a mortgage by - at Bank of America in -/-/- of this year. I was very up front about my income - salary, bonus, cash, stock, etc. ) which did not change through the underwriting process. Over - weeks with very limited communication from underwriting, - assured me that I did not need to apply with another bank ( where I had been preapproved as well - and that this was going to work out. The only reason I applied with Bank of America was the competitive rate and your assurances that the loan would close. In an email from -/-/-, - told me that she checked on Bank of America 's treatment of my bonus income and " we should be fine. '' When I called her to follow-up, she told me that she had spoken with the loan processor and even though the bonus


In actuality, she informed me on -/-/- nearly a month later and just 10 days before close that the underwriter would not use an average and would actually not give me credit for any bonus at all even though I was preapproved, none of my information changed, and we had talked about the declining bonus specifically and she told me it would be OK. She also told me in the -/-/- email that I had to pay off my car loan, which I did on her advice, but it was not necessary because Bank of America never made the mortgage loan. In the end, I nearly lost the house, and incured thousands of dollars in extra closing costs. Adding insult to injury, Bank of America charged me $870.00 in fees on -/-/-, which I do not believe is fair, as I would have never applied with Bank of America if I had not been preapproved by -/-/- and assured along the way by her that Bank of America would be able to close my loan. I ca n't tell you how frustrated I am by this, not because I was not approved, but because I provided everything up front, was told it would work. I had other options, but I went with Bank of America as a customer given the preapproval and repeated assurances that things would work out. I almost lost the house and was charged fees by Bank of America for this disservice. I am asking that Bank of America reimburse the $870.00 in fees I was charged, as I would not have applied with the bank if I was not preapproved and assured it would close. I asked - by email to reverse the fees, but she told me that was not Bank of America 's policy. I emailed her - - twice to review the situation but never even received any response.