Consumer complaint received 2020-09-02
Company: TOLL BROTHERS INC
State: TX
Product: Mortgage
Sub-product: Conventional home mortgage
Issue: Closing on a mortgage

Complaint:
This is not a duplicate case. This case contains new evidence and new supporting documents. I want this new case to be treated afresh, using the new information and evidence attached. 

Sometime around XX/XX/XXXX, me and my wife decided to purchase a residential investment property from Toll Brothers ( XXXX XXXX XXXX XXXX TX XXXX ). We made a deposit of {$13000.00} towards the house. Part of their requirements to satisfy your readiness and eligibility to close as a buyer was to work with Toll Brother 's Mortgage team ( TBI Mortgage ) by providing all our personal financial information. So we had no choice than to provide submit all our personal information to TBI Mortgage for loan processing. 
My family disclosed our personal assets to TBI Mortgage and we informed them about the possibility of either selling renting our then primary residential property ( XXXX XXXX XXXX XXXX XXXX TX XXXX ). The TBI Mortgage loan officer ( XXXX XXXX ) agreed that either would be fine in the final closing of the new XXXX XXXX XXXX XXXX TX XXXX. 
On XX/XX/XXXX, TBI Mortgage sent an initial commitment letter stating the terms for the loan closure. On XX/XX/XXXX, TBI Mortgage sent an updated commitment letter for the terms of the loan closure. 
While the XX/XX/XXXX TBI Mortgage disclosure documents listed that we would sell the XXXX XXXX XXXX XXXX TX property : Assets - Net Proceeds - Copy of the executed Final Closing Disclosure to document the sale and transfer of XXXX XXXX XXXX XXXX, XXXX, TX, the payoff of XXXX XXXX XXXX XXXX account # XXXX and net proceeds of not less than {$150000.00}. 
The updated letter in XXXX from TBI Mortgage informed us to only provide the rental lease documents for the XXXX XXXX XXXX XXXX TX property. They presented to us that the XXXX XXXX XXXX XXXX TX property needed not to be sold, but we should ensure we provide the rental contracts. 
Just as they specified in the updated and most current letters for loan terms to satisfy that we closed, my family had provided all the requirements in the updated letter in a timely manner with no fail. 
We have worked on this loan from XX/XX/XXXX to XX/XX/XXXX and TBI maintained everything was perfect regarding our loan structure. 
Few days to closing on the loan they started requesting to see additional {$160000.00} on our bank account, ( an amount which is separate from our closing amount ) with no major explanation other than COVID-19. We knew we could not come up with the funds, because of the urgency and in addition to that the loan terms and closing disclosure documents did not state we needed to provide such amount. 
Toll Brothers and TBI Mortgage claimed we defaulted by not selling his property located at XXXX XXXX XXXX XXXX, XXXX, Texas. We informed TBI Mortgage Company when that condition was raised that we did not intend to sell the home at XXXX XXXX XXXX. being the primary resident we lived. However, based on an understanding with TBI loan officers and processor ( XXXX XXXX, XXXX XXXX ) updated the conditions on XX/XX/XXXX to have us provide rental income information on this property instead of having it sold, which we did. 
Had the sale remained a condition, the loan should have been denied at that point and no further documentation would be required. Instead, the loan was not denied until XX/XX/XXXX. It was TBI mortgage company that either mislead us or failed to honor their loan commitment that caused us to lose the loan. 
The contract provides, in part : [ I ] f Buyer has timely applied for a mortgage, pursued a mortgage diligently, and otherwise satisfied all obligations under this paragraph, the deposit shall be returned to Buyer ... It is our position that we met all conditions in the loan commitment and that TBI mortgage team defaulted on their mortgage commitment to him.

Company response to consumer: Closed with explanation