Consumer complaint received 2022-08-18
Company: FIRST REPUBLIC BANK
State: CA
Product: Mortgage
Sub-product: Conventional home mortgage
Issue: Applying for a mortgage or refinancing an existing mortgage

Complaint:
I applied for a home mortgage loan with XXXX XXXX, XXXX Director and XXXX  Manager at First Republic Bank ( FRB ) in XXXX XXXX, CA. I submitted my loan application and all supporting documents on XX/XX/2022. XXXX XXXX confirmed that the application and all supporting documents are complete. He informed me that because I am self-employed the loan will undergo an underwriting review prior to approval. On Wednesday, XX/XX/XXXX I informed XXXX XXXX that I was in contract to purchase a property and I need to know if I will be approved for a loan with FRB because if not, I will proceed to work with another lender that has already approved my loan. XXXX XXXX informed me that my file in still in underwriting review and he will inform me when it is complete. He then asked me if I have decided whether I will choose FRB as my lender. I informed him again that I am already approved for a loan with another lender and I would like to see a loan approval and loan estimate from First Republic Bank before I make my final decision. At this point XXXX XXXX informed me that it requires a lot of effort on his part to process my file and to send it to underwriting and that he is not interested in pursuing the process unless I express my commitment to FRB as my lender of choice. I informed XXXX XXXX that I can not make a commitment unless I know that I am approved for the loan and unless I am provided a written loan estimate. XXXX XXXX then informed me that he expects the loan to be approved by the evening of XX/XX/XXXX and he verbally provided me an interest rate on the loan and a dollar amount of closing cost credit he expects to provide. XXXX XXXX further stated that he will not provide me with a written loan estimate until I am in contract and not until I have decided to commit to FRB as lender of choice. He further stated that he does not wish to provide me a loan estimate because I may use it to shop for better terms with another lender. XXXX XXXX further state that I need only to focus on the interest rate he is offering me ( verbally ) and that he does not need to provide me a written loan estimate before I commit to FRB as my lender of choice. I expressed again to XXXX XXXX that I can not accept a verbal loan estimate as this will not provide me any legal protection in case the terms of the loan change later, in the final stages of my purchase contract. XXXX XXXX still refused to provide me with a written loan estimate. I followed up with XXXX XXXX via email on XX/XX/XXXX to ask if the loan had been approved and I again expressed my demand to receive a written loan estimate. I informed him that if he does not provide me a written loan estimate along with the loan approval, I will seek to work with another loan officer at First Republic Bank or I will pursue another lender altogether. XXXX XXXX emailed me back shortly after, stating that my loan application had been rejected. I believe XXXX XXXX did not act ethically or transparently during our time working together. XXXX XXXX falsely stated that he does not need to provide me with a loan estimate before I commit to receiving a loan from FRB. I believe XXXX XXXX attempted to confuse me regarding my rights as a consumer to shop for the best terms from multiple lenders. I also believe that XXXX XXXX did not act in good faith when he processed my loan application.

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