Bank of America Mortgage Complaint

Bank of America Mortgage department,

Conventional fixed mortgage Application, originator, mortgage broker Washington

During -, neighborhood listings show marked increases in value. This trend continues throughout the course of -. Property Sales/ SF value range from $ - to $ - for the above referenced period ( attached graphic refers ). Been a Bank of America ( BoA ) Customer for 22-years. Complaint Basis : -/-/- : Loan application to convert to 15-yr conventional loan commenced with $550.00 payment. -/-/- : Rate locked at 3 %. -/-/- : Immediate neighbor 's property is listed for sale ( - Construction, same lot size, smaller home with Q4 finishes ) appraised at $ -.


-/-/- : Correspond with local real estate broker who by email asserts that home values in our area are at, or better than - prices. ( This equates to $ - for our home ). -/-/- : Forward Broker correspondence to BoA, and furthermore contend that -/-/- Appraisal of my home is not commensurate with recent sales in our neighborhood. -/-/- : Immediate neighbor 's home sold at its appraised value, i.e. $ - higher than its list price. -/-/- : After a number of back and forth emails, am now informed that I must wait 90-days before reapplying! -/-/- : Rate locked at 3 % for 15-yr jumbo loan with $550.00 payment. -/-/- : Home is re-appraised. -/-/- : Receive copy of Appraisal, home is now valued at $ -!!! -/-/- : Email BoA to request a review, and comment ... unless you have empirical evidence that the market has dropped substantially since that home 's sale date, I simply find the latest appraisal of my home as unacceptable as the first one. '' -/-/- : Submit 3 Comparable properties to BoA for review and appraisal reconsideration. Comp Property 1 : Immediate neighbor 's Home ( Sold on -/-/- at $ - SF ) Comp Property 2 : Neighborhood home with similar finishes and square footage ( Sold on -/-/- at $ - SF ). Comp Property 3 : In order to identify comparable properties for review purposes, I referred to my - Appraisal Report, and then researched each of the comps used in that report. One of those comps was listed for sale. Since the -/-/- appraisal included a current listing, I decided to submit one in like manner ( List price/SF = $ - -. -/-/- : Appraisal Reconsideration Report revealed the following : Comp Property 1 : " This Client provided sale is not considered a relevant comparable property due to all of the inferior major features ''. Translation : So the property is inferior in every way yet appraised at $ - higher than my home ... Comp Property 2 : " This home is a 2,625 SF home built in - .... This sale ... was also not included primarily due to its superior lot size. Quality of construction, and its superior detached living area. '' Translation : Home can not be used as a comp because it is - smaller than mine, was constructed 16-years before mine and has Q3 finishes ... Comp Property 3 : " Actively listed ... a 2,756 SF home built in - ... this home was not considered a comparable as it is located in a superior market area ... Translation : Even though BoA used it for Comp purposes in -, it can not be used for consideration here ... This begs the question : Was I duped into paying an inflated price when buying the home in -? As validation for repeated arguments that BoA ( and its 3rd party affiliates ) were using flawed/ old data I discovered, by way of County Auditor Records , that Comp Property # 3 had been foreclosed on -/-/-! Thus, I am out of pocket $1100.00 and still subject to paying my mortgage at premium interest rates. I contend that I acted in good faith from Day 1, BoA 's conduct in this regard suggests otherwise, and especially so when reading BoA 's written commitment to me : " At Bank of America, we are committed to fostering successful homeownership by providing you with the information you need to feel confident in every stage of the home financing process. ''