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Anonymous
Anonymous asked in Business & FinanceRenting & Real Estate · 1 month ago

Can I file a claim against loan officer?

Two days prior to closing and receiving the keys to our home, our loan officer drops a ball and asked for a ton of documents that should have been asked for in the preapproval stage. 

We put in a notice for our apartment and now we are living in a hotel because we have yet to move into our home. Now we may need to go through a different lender due to these mistakes.

This is ridiculous. I need some advice on what we can do next. 

7 Answers

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  • Rita
    Lv 6
    1 month ago

    To submit a complaint, consumers can: Go online at www.consumerfinance.gov/complaint/ Call the toll-free phone number at 1-855-411-CFPB (2372) or TTY/TDD phone number at 1-855-729-CFPB (2372) ... Mail a letter to: Consumer Financial Protection Bureau, P.O. Box 4503, Iowa City, Iowa 52244.

  • 1 month ago

    Of course.  You can also file a complaint with his employer.

  • 1 month ago

    A pre-approval is not remotely an "approval".  A pre-approval may not even include an employment verification and it for sure does not include a true debt to income analysis or public records search.

    Your issues with the IRS (based on your other questions) don't go away with a different loan officer. 

    - getting a mortgage is not like getting a car loan, where one lender is super lenient and another not so much.

    - there is a 95% chance that your mortgage loan will be sold in 60 days or less and it has to meet certain guidelines for it to be sold. 

    The chance that you will get another lender to approval the loan after you had late payments to the IRS within the last year is very slim.

    The situation has not changed since the other day.  You need to let this house go and take the consequences. Then find a new rental. 

  • 1 month ago

    Asking multiple times doesn't give you a different answer.  You have tax issues which you were trying to hide.  Something didn't sit right with the lender so that asked for more paperwork.  They can do that whenever they want.  None of what you stated in your last question should have been asked for in pre-approval.  You need to be honest and not try to hide things.

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  • 1 month ago

    I don't believe that you were given the keys prior to closing.

  • Anonymous
    1 month ago

    You can give them the documents they need.

    You can complain to the manager.

    You can leave a bad review online.

    Or you can understand it's not uncommon for a loan to be sent to the underwriter for final approval only to have the underwriter request more stuff.    Some mortgages close without a hitch, some can be delayed by a little or a lot and some NEVER go through.  

    First time buyers...SMH.    Yes, we know it's stressful.   Get over it.  

    BTW, the only reason you would need to use a different lender is if your loan isn't approved.  

    I find it interesting you said nothing about which specific documents were requested so late and why you think your loan may not be approved.   Important tidbits you chose to leave out.

    If you are so certain that these are standard documents that should have been received during pre-approval, why didn't you submit the documents then?    Obviously because you didn't know they were needed.  Hmm....

    You've now discovered why many people give themselves a month of overlap when buying a home.   Hiccups and delays and hoop jumping are common.

    No, you don't need to lawyer up.  NO ONE owes you a mortgage.   That's why you have a financing contingency in your purchase contract.   True fact.    So stop throwing your little tantrum, give them the stuff they want and have a glass of wine.

    You either qualify for the mortgage or you don't.  It is what it is.

  • Anonymous
    1 month ago

     I assume you have a lawyer working for you? That's the person to deal with this situation. If he agrees a mistake has occurred no doubt he will seek compensation as a result. No lawyer? Your problem.

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