Consumer complaint received 2021-07-17
Company: Flagstar Bank, N.A.
State: KS
Product: Mortgage
Sub-product: Conventional home mortgage
Issue: Applying for a mortgage or refinancing an existing mortgage

Complaint:
To whom it may concern, I initially reached out to Flagstar Bank ( corp office in MI? ) around XX/XX/2021, with regards to refinancing a couple of current mortgages I have. One of my mortgages was with another lender, and the other with Flagstar Bank already. 

I was immediately contacted by phone from a representative of Flagstar Bank. The individual provided an initial phone interview and gathered some information from me. 
He also informed me that the whole process would take about 90 days or less to complete. A day or two later, I was contacted by email & phone from a mortgage loan processor. This person explained her role and advised me that she would need to collect additional pieces of information/documents from my wife and I, in order to proceed. 
I'm being upfront and letting it be known that my finances are bit more complex than the average person 's, but my credit score is good-great, and my wife 's is great!

Over the next couple of months, I received periodic contact from the loan processor requesting additional ( redundant ) information. I followed along, thinking this is normal and was in range of the 90 days or less timeframe. 

Several weeks went by with little to no communication from Flagstar. I followed the " Timeline to Close '' meter on their website as it pertained to my loan request status. As this meter stayed the same for several more weeks, I began to worry and sent emails to the representative and processor for updates. Numerous email communications I sent were responded to. Occasionally, I would receive other emails from the processor requesting additional ( redundant ) information, requested by the underwriters. 
This went on for several more weeks. 
Finally, my loan refi request I had with the other lender was " approved with conditions. '' The loan was closed on around the middle of XX/XX/2021. A bit more than 90 days. 

Now, for the current loan that I have with Flagstar and the request to refi. Today is XX/XX/XXXX ( nearly 140 days later ). I have still not received much communication or response to my email status update requests. From the little email correspondence I receive, it is requests for the same information I have already provided to Flagstar. I'm told that my records have expired and Flagstar needs updated information, including to pull another credit report on my wife and I. Why?

My response to that is it's not my fault that Flagstar is dragging this whole process out. I still do not know exactly what sort of timeframe or even if a decision has been made considering my request. But yet again, this is the current loan I have with Flagstar I'm requesting to refi at a more competitive APR.

I have sent a request on Flagstar 's website to be contacted by some other contacts than the initial person 's assigned to me. This whole process has been completely frustrating and un-professional. If I have a choice, I will never do business with this lender again. 

XXXX

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