Consumer complaint received 2020-08-13
Company: M&T BANK CORPORATION
State: NY
Product: Mortgage
Sub-product: Other type of mortgage
Issue: Applying for a mortgage or refinancing an existing mortgage

Complaint:
Its been roughly 5 months since I started the loan process and still no clarity on where I stand. I have given document after document to then be questioned furthermore. I was initially told in mid XXXX that the loan would be closed in XXXX. As XXXX came to a close ; I was then advised that my identity was of question. To which I submitted a second copy of my license, of which had already been given at the inception of the loan application process in early XXXX. 

Then the next issue was M & T Bank needed proof that I was current with my child support obligation ; provided that too. Then, I needed to show current asset information, I provided that as well. The next thing they were asking for was more paystubs or in depth pay history ; satisfied that request as well. Then they were seeking justification to show why there was a difference in my earnings from year to year ; satisfied that as well. That was followed by another request regarding the occupancy of the building I was purchasing. Since its an estate purchase and previously owed by my great great mother I was asked to provide documentation of my great great grandmothers residency prior to her death to confirm the property in fact her residence and occupancy prior to her death ; however, although reluctant I too provided this as well. Then it was the contractor hadnt been clear in the required documents they had requested and they needed for him to resubmit them due to the legibility of the documents. 


XXXX XXXX XXXX M & T Bank told me if she was not successful with getting ahold of him by phone or email that she would contact me. However, I hadnt been advised of their lack of communication with the contractor until I continued to reach out to her several times to gain clarity about where things stood. My calls and emails appeared to have gone unnoticed as her reply was untimely, almost 2 weeks later!!!!!. Email after email and phone call after phone call to confirm where things stood and I continued to get their apology but still no assertion of my loan standing. 


I followed up with the contractor without a problem and at this point as I pointed out to XXXX XXXX during my last call to her office, the contractor felt the banks delay and lag was negatively impacting his business therefore he was contemplating his role in moving forward as the contractor and the likelihood of him moving forward with other jobs. 



During this call roughly three weeks ago XXXX XXXX stated my file was with the underwriter and she was expecting the approval very shortly and confirmed that I would get resolve within a few days. I asked XXXX XXXX about the time thus far and asked that she provide me with the HUD guidance documents to support the applicability of this line of scrutiny and/or supportive information that was needed to support this type of loan, of which she agreed to do so ; but her reply to me via email failed to do so nor did it include any written record from HUD, ... .instead she inferred in the body of her email that the documents for which I was requesting could be referenced on line as it was a public document. Then ten days thereafter she told me her supervisor needed to review the paperwork yet again and still no status on the loan.??? 

I dont want to jump to conclusions but I am beginning to feel a sense of concern for the obstacles and obligations at each step. M &. T Banks reluctance continues to delay the process and based on my initial discussion with XXXX XXXX the initial bank rep, he stated the process was to take no more than a week or so once it reached underwriting. However at each phase of the loan Ive encountered more roadblocks. 

At one point I was told the underwriter had to refer the documents to management????? Now today I am getting a generic email from yet a other person from M & T Bank of whom I have never corresponded with telling me again they are sorry but they are working hard on the loan. The same storyline from month ago. Again, no relief or resolve as it relates to the loan standing. 


I feel this process has been biased and unfair at each step of the way and at this point I am asking for no more apologizes ; I am simply looking for a fair, and unbiased approach to bring closure to this loan if all possible. Owning a home is the American dream to which I have desperately sought to obtain through financing with M & T Bank to help bring a distressed property back to a safe place to live in. 

As I spoke of in prior communication with the reps from M & T Bank, I feel each step continues to be a dead end street and impairs my vision of having a safe, descent and affordable place to call home. My credit is descent, I have stable employment and have the assets to close and I am only looking for them to be prompt and impartial to avoid any further undue hardship. Please advise and help me understand why this is a long drawn out process!!

Company public response: Company has responded to the consumer and the CFPB and chooses not to provide a public response
Company response to consumer: Closed with explanation