Bank of America Mortgage Complaint

Bank of America Mortgage department,

Home equity loan or line of credit Credit decision / Underwriting Texas

On -/-/-, I contacted - - at Bank of America to apply for a Home Equity Line of Credit. I currently have a Home Equity Line of Credit with Bank of America for $ -. The draw period expires -/-/-. The available credit on the line is $ -. - told me my rate would be prime plus .- and my house should appraise around $ -, so I could receive 70 % of the home value. A couple of weeks later, I was contacted by - -. Issue 1 : - stated my rate would be prime plus .230 % and could not provide any explanation for the difference in rate. Issue 2 : - stated my house appraised at $ -. I was later told by - - my home appraised at $ -. During my last conversation with -, I was told that she needed more information on the current lien against the property of $ -. I provided her with the information to contact the - - -, - -, and directly asked


-/-/-. This lien was on the home when I was approved for the initial LOC approximately nine years ago. Issue 4 : - never returned my phone call. Instead On -/-/-, someone else called to say that my application had been denied. Issue 5 : Per my conversation with - -, - never called him to see if the City of - would take a second position. On -/-/-, I reached out to - manager - -. - stated that all I needed to do was submit a copy of the recorded lien release and - statement showing where the funds came from to pay off the lien. Per my request, he sent an email stating the same thing. On -/-/-, I provided both documents to -. Issue 6 : I received a phone call from - stating it is now a requirement that I have a full home walk through. I specifically asked - on -/-/-, if there were any additional requirements, he said no. During my call with - on -/-/-, I was told that this appraisal was good for 90 days. I specifically asked about this because I did n't want to pay the $ - and not be approved for the loan. During the call on -/-/-, - went on to provide the appraisal amount. He also stated the appraisal had been completed and I would be approved for my original amount of $ - because the appraisal came back higher than $ -. I have a copy of the appraisal that was done on my home dated -/-/-.