Consumer complaint received 2017-10-02
Company: Residential Bancorp
State: NV
Product: Mortgage
Sub-product: FHA mortgage
Issue: Closing on a mortgage

Complaint:
I started my new home buying process in late XXXX or early XXXX. I located a real estate agent by the name XXXX XXXX on XXXX  that referred me to his loan XXXX XXXX XXXX ( Residential Bancorp ). I met with XXXX that run my information and provided what I thought a pre-approval documentation as she called it. At this time XXXX received the green light to begin showing homes. After a week or 2 I found my dream home in which we submitted a offer that was accepted. Once I received the news I submitted by {$3000.00} earnest deposit to start the process. All was going well until the initial deadline was approaching when I became very concerned. I reached out to XXXX to verify if everything was going well. XXXX XXXX advised yes. I asked if any additional information was required from me to make sure the process went smooth. XXXX XXXX stated no and that we were close to closing. At the end of the 1st deadline, XXXX XXXX contacted me and told me that we needed to ask for an extension due to the numbers were still not correct. At this point my concerns was high. I was reaching out daily to verify that everything was ok and that we were going to close by the deadline. Once again I received the response that everything was ok and that she just wanted the numbers to come back correct. This deadline came and went. I reached out to XXXX XXXX to see if he would be able to provide more information of what was taken place. XXXX XXXX stated that he was frustrated with XXXX XXXX because he was unable to get solid details as well. Mean while I have submitted {$3000.00} earnest deposit, {$670.00} on appraisal, {$270.00} home inspection so I thought that XXXX XXXX would get it done. Unfortunately, I received a call from XXXX XXXX advising that XXXX XXXX is unable to close and that my loan needed to be transferred to a new lender. Seconds later I received a call from XXXX XXXX stating the same thing. At this point I inquired why was I needed to transfer to new lender and I received the response that " I cant close loan ''. At this point it was almost at 2months with countless phone calls and text to verify that I was closing on my dream home. On the 2nd extension I did receive a CD ( closing disclosure ) email. At this point I was very confused. So my loan got transferred to XXXX XXXX ( XXXX XXXX XXXX ). Never did XXXX XXXX every reach out to verify how the process was going and nor did she send me a denial letter. The process was a complete disaster with no explanation of what took place and why I could n't receive the keys to my new home. 

I recently sent a email to XXXX XXXX to inquiry what happen and to ask why I did n't receive a denial letter. Of course, due to the unprofessionalism I did n't receive a email back. Still to this point I have n't heard from XXXX XXXX and its very disturbing that someone that consider themselves to be professional and in the business for 20 plus years that can treat a client/ person in such manner. I am requesting that XXXX XXXX pay me for my earnest deposit, my appraisal and my inspection fee back immediately. I have worked extremely hard and its not fair that she can walk away with no explanation, no call, no email or even a post card. XXXX XXXX shall not be practicing and I demand that her license is revoked immediately for such unprofessional practice.

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