Consumer complaint received 2020-07-01
Company: TOLL BROTHERS INC
State: TX
Product: Mortgage
Sub-product: Conventional home mortgage
Issue: Closing on a mortgage

Complaint:
My family got into a contractual agreement to purchase a residential investment property and primary residence on XX/XX/XXXX. Toll Brother Builder enforced us to use their lender ( TBI mortgage ) to  obtain a pre-qualification letter to ascertain our readiness and eligibility. Hence, we went ahead to submitting all our personal information to TBI mortgage ( XXXX XXXX ). We later received a commitment letter, informing us that we were eligible and qualified to get financing products from them. 
We later decided to use the TBI mortgage team for our financing to make things easier for everybody in the long run. We were highly committed to TBI for the entire 9 months of dealing with them in order to close the loan. 
Considering our longtime experience of investing in real estate investment, we have ensured to respond and provide all requested documents on time. The TBI mortgage having reviewed all our personal data we submitted had assured us that everything was perfect with our loan structure. 
Not until less than a week to closing the deal, they then reached out requesting a cushion of around {$160000.00} because of COVID pandemic. However, we informed them we do not have such reserve at the moment. The loan officer advised that he would seek another investor for us, and we agreed. So, he came up with another investor with no COVID restrictions. He assured us that everything was already resolved, and we should be good to close. 
The TBI mortgage team later came up again like 2 days to closing that the new investors needed extra {$70000.00} for cushion. without any cogent explanation of what was wrong. We sent TBI mortgage all the documents we had, and we were advised to wait and get further update regarding our closing. We waited throughout the XXXX and XXXX of XXXX ( while the closing date was the XXXX of XXXX ) and no one from the TBI Mortgage formally reached out regarding what the issue was with the loan arrangement scheduled to close on the XXXX of XXXX. 
I later got a call on the afternoon of XX/XX/XXXX from XXXX ( Loan Officer )  that they have not secured our loan and they will keep us posted .That was the last time I heard from XXXX XXXX and XXXX XXXX date. XXXX XXXX weighed in to save the day for XXXX XXXX and XXXX XXXX. Hence, we were able to close on the Primary Residence at almost XXXX on the XXXX of XX/XX/XXXX. 
TBI Mortgage failed in their responsibility to provide necessary information in a timely manner to enable us to close the two properties the right way it should have been done. In addition, their unprofessional business conduct misguided us for the entire 9 months of engagement. They did not communicate ahead of time about the concerns at hand. Nobody from the TBI mortgage group could provide credible and cogent information about why the closing was done haphazardly and why the investment property failed to close. I reached out to XXXX on updates and he sent me the denial document stating the issue of insufficient funds to complete our closure of the investment property, even though our bank statement that we submitted had enough cash to close both properties. I reached out to XXXX XXXX to provide details about TBI mortgages reason for credit denial. XXXX had never responded for more than a week since he sent the denial letter and no one from the TBI mortgage team had provided any reasons. 

I then had a lengthy talk with XXXX XXXX XXXX President of XXXX  XXXX for Toll Brothers Building team ) on XX/XX/XXXX. It was from XXXX XXXX mouth that I heard the reasons why the credit application was not approved, and this was a sharp discrepancy from all TBI mortgage communicated with us and what XXXX XXXX shared with us. 
XXXX being the president of the Building team for XXXX XXXX in Texas is failing to reckon with all the conditions for Sales agreement document, because the information provided to him by the TBI mortgage is biased and also lacks the truth about the reasons for not closing on the investment property on XX/XX/XXXX. TBI mortgage has been manipulating the information, in addition to sharing our personal information with XXXX XXXX, who even fully distanced himself from TBI Mortgage. He brought it to my awareness he has no affiliation or ties. How awful could things get dealing with TBI Mortgage for over 9 months and still failing in their responsibility to deliver a successful loan closure? in addition they misled us in the entire process coupled with the fact that they have gladly provided our personal credit situation and information that they failed to provide to us ( during and after the loan process ) to an external party we never authorized them to disclose to.

Company public response: Company believes it acted appropriately as authorized by contract or law
Company response to consumer: Closed with explanation