Bank of America Mortgage Complaint

Bank of America Mortgage department,

Other mortgage Application, originator, mortgage broker California

I recently applied for a HELOC from Bank of America since I have been banking with them for over 22 years. I joined - Bank in - which is bought by BOA in -. I was expecting a concierge level support since I have been Banking with them for a while and to my dismay my experience have been the worst ever so far. I clearly told the BoA rep I was trying to refinance my existing HELOC from - Bank which had a loan to value of 80 %. I was told that as long as I have credit score over - and the value of property is above 950K that should not be a problem. I have been assigned to a processor called - and we have been playing phone tags for last 4 weeks and never had a chance to get hold of her. I have spoken to multiple customer care reps last few weeks and I am hearing the different stories from them. I even escalated to a supervisor twice and they promised that he will expedite handling of my file which is a complete lie and I am extremely frustrated about the way they handle


existing Heloc and my application got rejected. When I talked to supervisor called - she told me that they have a counter offer of 75 % LTV and BOA rep will follow me. When I spoke to BOA rep called - he told that he ca n't even consider 75 % LTV and maximum they can offer is - due to too many inquiries in my credit report and some late payments back in - time frame. I explained to BOA rep that I have been shopping for a mortgage for a while and due to that I have some inquiries from other Banks which was not converted to loans. I also told them late payments were due to short sale due to an extra ordinary circumstances back in - and explained to BOA rep none of previous banks denied credit due to this issue and - and Credit unions offered me 80 % LTV Helocs in the past after completing 3 years of short sale and I never had a pleasure to bank with them over 22 years similar to the way that I have been Banking with BOA. I am very familiar with Helocs since I had atleast 10 of them for last 20 plus years and BOA did n't have a courtesy of asking me what went wrong back in -. Instead they flatly rejected my original offer and the story keeps changing every time I spoke to BOA rep.