Consumer complaint received 2020-06-08
Company: FIRST REPUBLIC BANK
State: CA
Product: Mortgage
Sub-product: Conventional home mortgage
Issue: Applying for a mortgage or refinancing an existing mortgage

Complaint:
First Republic loan officer for this loan application : XXXX XXXX, Senior Managing Director - Relationship Management | XXXX XXXX XXXX, XXXX XXXX, CA XXXX Direct : ( XXXX ) XXXX | Cell : ( XXXX ) XXXX, email : XXXX NMLS ID # XXXX XXXX. I am a banking client with First Republic. XXXX XXXX was my relationship manager and loan officer at end of XX/XX/XXXX. 
2. On XXXX XXXX XXXX, I discussed with Mr. XXXX about refinance for my investment property. I told him I would like to refinance both 1st mortgage $ XXXX and HELOC $ XXXX with FRB. Mr. XXXX told me it was doable and the loan can close within 30 days after loan application is submitted. I discussed the details with him on the following week. I also submitted all required loan application documents by XXXX XXXX. 
3. Since I submitted loan application, I have tried to contact Mr. XXXX on the status of my application in multiple occasions. I sent him emails to inquire about my loan status on : XX/XX/XXXX, XX/XX/XXXX, XXXX, XXXX, XX/XX/XXXX, XX/XX/XXXX, I never heard back from him on these emails. From XX/XX/XXXX through end of XXXX, I also made dozens of phone calls to Mr. XXXX, but he did not return my phone calls. When he finally picked up my call on the afternoon of Friday XX/XX/XXXX, he said he would get back to me soon, but I never heard from him. I also tried to have other loan officers in FRB forward my inquiries to him during the wait, but I still do not get update from Mr. XXXX except a brief call from him in early XXXX that I should hear back in 1st week of XXXX. On XX/XX/XXXX, after multiple attempts to contact XXXX XXXX failed, and fixed rate on the property was expiring in one month, I requested another loan officer to take over my loan application. 
4. On XX/XX/XXXX, my new loan officer told me that no one had worked on my loan application since I submitted application on XX/XX/XXXX. No progress was made during the 100 days when my loan application was with the bank. The new loan officer had to start processing my loan from scratch. 
5. Since he took over my loan application, the new loan officer had worked very hard to try to get it back on track. But due to severe delay caused by Mr. XXXX, I do not expect loan closing until end of XXXX, which will be 6 months after I requested loan application on XX/XX/XXXX. 
6. During the more than 100 days loan application process with XXXX XXXX, I felt I was mostly in the dark. Among dozens of loan agents I have worked with over last 12 years, this is by far the least responsive loan officer, and worst customer service I experienced. I am surprised this zero service loan officeXXXX works in First Republic bank, a bank with logo of It is a privilege to serve you. During the 100 days when Mr. XXXX was my loan officer and relationship manger, I received zero email from him, zero text from him and one phone call from him ( after his colleague forwarded my request to him ). And in that phone call in early XXXX, he told me my loan was almost done, just waiting from appraisal, and I should know the result in 1st week of XXXX. Since then, I never heard from him. And I know now that he was lying because no one worked on my loan until end of XXXX. 
7. I filed a complaint on First Republic Banks customer feedback website on XX/XX/XXXX. On XX/XX/XXXX, Mr. XXXX called me and admitted that he dropped ball on my loan application, and hoped my new loan officer will better handle my case. However, the financial damage to my family is already done and it is too late to recover the loss. 
8. Due to Mr. XXXX failure to process my loan application in a timely manner, it incurred stress for our lives and caused significant negative impact on our property investments. 1 ). we were not able to refinance at much lower mortgage rate in XXXX and had to continue paying higher interest cost until much delayed loan closing ( original loan closing at mid of XX/XX/XXXX and now scheduled for XX/XX/XXXX ). 2 ). Due to Shelter-in-place order starting from XX/XX/XXXX, it is very possible that my property will be appraised at a lower value now and this will reduce loan amount and HELOC amount that my home can qualify for. In addition, if I can not qualify for original loan amount and HELOC amount, I may not proceed with the loan, and my appraisal fee will be lost. 3 ). I have planned to use the HELOC I received from this refinance as down payment for a property investment in XXXX XXXX County in XXXX. The severe delay caused by this loan officer forced me to give up on this investment, which is scheduled to generate {$70000.00} income per year. 4 ). I have to provide updated financial documents because the files I provided in XXXX XXXX are no longer up to date. Due to change in market value on my brokerage/retirement/bank accounts and properties, these updated financial info may have negative impact on the loan terms I can get from the lender. 5 ). My loan application is still being processed with First Republic Bank, and as more information about my loan application comes out, I may find additional costs caused by this delay.

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