You need to go in there and talk with the Branch Manager. Next time go with a licensed Loan Originator. They are required to have their license on all sales material or you can check here http://www.dre.ca.gov
Happy funding, Rudi
Here's the law regarding notification of adverse action under ECOA:
(2) Each applicant against whom adverse action is taken shall be entitled to a statement of reasons for such action from the creditor. A creditor satisfies this obligation byâ€”
(A) providing statements of reasons in writing as a matter of course to applicants against whom adverse action is taken; or
(B) giving written notification of adverse action which discloses
(i) the applicantâ€™s right to a statement of reasons within thirty days after receipt by the creditor of a request made within sixty days after such notification,
(ii) the identity of the person or office from which such statement may be obtained. Such statement may be given orally if the written notification advises the applicant of his right to have the statement of reasons confirmed in writing on written request.
So, in English, lenders need to inform you IN WRITING of their decision 30 days after a completed application is received. If it results in adverse action (denial) you then have 60 days to request a written statement of reasons and then they have 30 days to respond to your request. It seems like paperwork ping-pong, so be sure to keep track of dates and copies of your letters.
I've attached the link to the ECOA hub.
Let me know if I can help!
Best of luck,
The lending market is quite the minefield these days, but you definitely should have gotten some sort of response from them, particularly since you had met all the other conditions they requested. I think the service should've extended to explaining what happened, and I can understand why you would be upset.
Have you tried speaking to another lender about your loan? I know this particular BofA lender couldn't do it, and maybe a different lender you would be able to give you an idea of what's going on.
Caroline Sells The City LA