Below you will find a refund request I submitted to Bank of America and their New York Legal Representation, Allen, Morris, Troisi & Simon. I requested a refund because I was attempting to refinance my mortgage with a new mortgage bank - HSBC, (my existing mortgage was with Bank of America) and I could not close for over 3 months because Bank of America lost my propietary lease documents and then screwed up the process of having a new propietary lease created.
As a result HSBC extended my rate lock 3 times before finally charging me a full point ($812.50) on my closing (HSBC had offered, in writing, a zero point closing before that). My request for a refund was turned down based on Bank of America's claim that I was never offered a zero point closing, even though I sent them documentation proving otherwise. So basically they were able to collect mortgage payments from me for an additional 3 months AND made me eat an $812.50 closing fee for letting my lock expire.
For all I know they never lost my document but rather sat on it so they could collect this money and perhaps dissuade me from "firing" them as my mortgage company. Here is the letter:
To Whom It May Concern:
I am requesting reimbursement of additional closing costs associated with my mortgage transfer from Bank of America to HSBC Mortgage Corporation on December 9th. The amount I am seeking totals $1,337.50. It was discovered that Bank of America inexplicably lost my proprietary lease while we were preparing for my closing. When I called the division that was responsible for losing this document they reassured me that Bank of America would be responsible for all monetary costs incurred as a result of their mistake.
I am seeking reimbursement of $525.00 in fees paid to &, & and - the attorneys that represents my Co-op board. These fees were paid for their work in replacing the Proprietary Lease. I am including a copy of my receipt market paid. Their invoice total is actually $675.00 but $150 was my responsibility.
In addition, I am seeking a refund of $812.50 in point fees charged to me by HSBC Mortgage Corporation for allowing my rate lock to expire multiple times.initially I targeted a closing date in September. Once we found Bank of America lost my documentation, HSBC allowed me to reset the rate lock 3 different times without including any points, (September, October and November) before finally insisting on charging a finance fee when we could not close until December. (By that point mortgage rates had jumped considerably)
The single reason the closing was delayed so long was that Bank of America not only lost my document but took an exorbitant amount of time in replacing the document and then made several mistakes when they finally got around to creating the new document.
, the lawyer representing my Co-op board, confirmed that when Bank of America finally returned the required documentation the 1st time, the forms were not on Bank of America letterhead as had been required. Then the representative who signed the new proprietary lease on behalf of Bank of America decided it would be a good idea to sign again on the witness line. For obvious reasons, this was also found to be an unacceptable document and we were forced to wait for this document to be resent a THIRD time.
Overall, Bank of America showed tremendous neglect in their actions caring for my mortgage documents. The woman who worked at the Kentucky branch that houses customer's record admitted that proprietary leases get misplaced frequently. I find that type of customer care totally unacceptable. I believe your research department must acknowledge, the only reason I was charged points on my closing was due to the neglect on the part of Bank of America. For that reason, I will not be satisfied with anything less then a full refund of the amounts I am seeking.
In the interest of doing work together in the future, I hope the information and documentation I have supplied will suffice. If you require further information, I can put you in touch with the lawyer representing my Co-Op Board, Mr. - — of - , - and & and the representative who worked with me from HSBC, Mr. & — . Mr. & can confirm the incompetent support we received from Bank of America and Mr. - can confirm that I was being offered zero points on my closing fees until the delays, caused solely by Bank of America, became unacceptable. You may also wish to speak with - - . & works in the payoff department at Allen, Morris, Troisi & Simon the New York law firm representing Bank of America. They can all validate my claims. Please contact me with any questions.
Jason
NY, New York
U.S.A.
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