Complaint / review text:
I started an Equity Line of Credit with Bank Of America. Loan officer Frank sometime in May 2015 - I was unable to close in May but was able to do so in July 2015. I explained to Frank the need for the loan as that is one of the question (s) on the form. Need the loan for home improvement. Application was submitted on July 21,2015. I called a few times to get an update and with that learned they needed a declaration page from my homeowner insurance company and wanted to know the reason of increase in my pay (please note - no one called to ask for this). On August 5th, a Rebecca somebody called to say they won't be able to give me the loan because I do not live in the house. Somehow Frank failed to mention this to me! I was told there will be a 1% chance of them giving me the loan. That evening I emailed Brian Moynihan, CEO of Bank of America asking for his assistance.
I received a call from Lesley the next day and she gave me some kind of hope that I will get the loan. Today, August 10th, they informed me they will not be moving forward with the application and that I have 2 late payments on my credit report... They ran my credit on July 22nd and when we spoke last week they didn't mention the late payment.
Let me just say I have a credit score of 730. Last week the reason was because I didn't live in the house, now today it's because of the late payment. Let me also add that this house is a fixer-upper so I need the funds to renovate. I told the loan officer that back in May. Why wasn't I told this back in July or even May so that I can search for other means to get what I need? My lease ends August 31, this leave me very little room to work with. I feel discriminated against, and feel they do not have good reasons to deny me. What is even worse is, I reached out to the CEO and he didn't care to help either.