Bank of America
Refinance Denied After Appraisal Changed and Refund Unanswered

We applied for refinance in June. Being current borrower we'd thought BofA has some sort of customer retention policy and we'll get decent rates, service, etc. Today, over 4 months later we'd been denied based on the appraisal that came with acceptable property value; however, per lender's request, the appraisal had been changed to "subject to" condition; therefore, loan denied due to unacceptable condition of the collateral. So, how independent is this appraisal if the Lender changes it the way they want? In addition, as a part of employment verification, we had been asked to provide a letter stating that the former employer and the current employer - are the same company... Can you believe this? Once we applied, loan officer, assured us 100% that in case the loan gets denied, appraisal fee will be refunded to us; so I know it's been a month since I am trying to get an answer to one last simple question: how is refund being processed and what is the timeframe. Loan officer refers us to the Loan processor; loan processor neither returns the phone calls, nor responds to emails; even though her recorded message state that all phone calls are important to BofA and will be returned within 1 business day. By this time I wish I was able to erase BofA from my memory. Very frustrating. Customer service is: unprofessional, inefficient, disrespectful.

Company: Bank of America
Country: USA

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