Consumer complaint received 2018-10-23
Company: VALLEY NATIONAL BANCORP
State: FL
Product: Mortgage
Sub-product: Conventional home mortgage
Issue: Applying for a mortgage or refinancing an existing mortgage

Complaint:
On XX/XX/XXXX I was issued a Pre-Qualified Letter from XXXX XXXX XXXX based largely on the information I provided, including but not limited to credit score We then entered into to contract and agreement for purchase of XXXX Maritime way along with agreement for a down payment product offered by your bank through XXXX XXXX. 

All necessary application fees were paid to your bank, positive results were received from appraisal, all fund verification requirements met which included early retirement fund withdrawal and liquidation of auto asset, and I put {$20000.00} into escrow with XXXX XXXX. I paid your {$490.00} fee and {$500.00} lock-in fee, along with {$400.00} appraisal fee and moving deposit and title fees. I as buyer, XXXX, and Seller were all in agreement and ready for closing on Friday XX/XX/XXXX, My Birthday. 

According to XXXX XXXX and XXXX XXXX my complete and reviewed file was sent to underwriting for final approval last Week XXXX. I was told that I should expect to hear back in 1 -2 days and that this process was quick, I had nothing to worry about, as XXXX XXXX was very thorough. 

After several calls to XXXX XXXX, and XXXX XXXX during the 10 days I received no clear answers. Two days ago ( 10 days later ) I was informed by VNB employee XXXX XXXX via email that the holdup with you was my credit score, however there would be an exception if i moved my banking business to Valley National Bank. I immediately responded in the positive. I cleared my morning schedule and met with the XXXX XXXX XXXX to open an account with Valley National Bank. 
I began the process with the branch manager, then was later told that she was waiting on final confirmation from XXXX XXXX before delivering my banking papers to sign. 

Seven ( 7 ) days before the closing date I was just notified by your employee XXXX XXXX that as of today you have denied underwriting of our loan due to credit score, However my credit score was  within approval range wen your bank issued my Pe- Qualification letter and has increased by over XXXX points since then. 

I have consulted an attorney and other upstanding members of our community including board members of banks from here and New Jersey, residents part of the year in XXXX XXXX, XXXX XXXX and in addition Brokers from XXXX to XXXX XXXX. They have all expressed disgust at this dis-regard for neglect of procedure, responsible banking practice and community. 

I am a father with a household of XXXX including XXXX children, I am a XXXX of XXXX plus years and serve on many boards. We ended a lease based on reliance of Valley National Banks assurance. We are scheduled to leave our present home as of XX/XX/XXXX and now have no place to move to. This has been a financial, mental and emotional strain on myself and our family. 

There is no legitimate reason for VNBs abuse of our time or denial of our loan, after taking our money, and putting us through weeks of applications, interviews, compliance and worry. 

Upon researching reviews of Valley National Bank loans, it appears there are multiple cases where Valley National Bank issued pre-qualification letters, and accepted fees with out following through. 

I expect that these facts being brought to your attention will result in the correction of this misfeasance as we currently do not have a place to live after XX/XX/XXXX. 

Sincerely,

Company public response: Company believes complaint represents an opportunity for improvement to better serve consumers
Company response to consumer: Closed with explanation