Consumer complaint received 2016-04-06
Company: BMO HARRIS BANK NATIONAL ASSOCIATION
State: IL
Product: Mortgage
Sub-product: FHA mortgage
Issue: Settlement process and costs

Complaint:
My wife and I went through the mortgage process and closed our FHA loan on XXXX XXXX 2015. We experience a variety of difficulties throughout the process and I am filing this complaint because I have not gotten a satisfactory resolution from the parties involved at BMO Harris. We applied for a mortgage in conjunction with the Illinois Housing Development Authority down payment assistance program. The Loan Officer also verbally offered us a grant program from the bank in the amount of {$1000.00}. Initially there was a delay in the process due to the inexperience of the loan officer so his sales manager had offered compensation in the amount of the underwriting fee approx {$800.00} after the loan closed. In XXXX 2015 we requested a cash to close worksheet to see the breakdown of the costs to give us an idea of what amount was needed to close. We did n't even have the correct payment amount as the taxes and loan amount were incorrect when they were disclosed to us. We never did received this nor was our request acknowledged for the worksheet. As we got to the week of closing we again asked for a cash to close worksheet as we knew with our seller credits we would need to have the loan amount adjusted to get the full credit. Once again the request was disregarded. We did not get our final numbers and only a verbal amount of what to bring to closing, until less than 4 hours before the actual signing. Upon the verbal notification we were also informed that the seller credits would need to be reduced by $ XXXX- {$2900.00} otherwise we would have gotten cash back at the closing which is not allowable including our earnest money. Right away we had insissted that the loan amount be reduced so that the down payment assistance could go toward the down payment rather than the closing costs that the seller was willing to pay. We were told that the loan would have to close as is or be rescheduled to the next day. Our final extension/amendment showing the most recent seller credits was expiring and we were not in a position to reschedule the closing as my wife had already made arrangements to have someone work for her that afternoon and could not take additional time off the next day. At the closing there were issues with the HUD XXXX and it had to be corrected so with the confusion our Attorney was not clear on all of the credits we were to get. After we had moved into our home and received our final signed documents from our closing we reviewed the settlement statement and found much to our surprise that we also did not received the {$1000.00} grant from BMO Harris Bank. This now brings the total amount to $ XXXX- {$3900.00} that we have lost out on. I contacted the head of operations at BMO and was told that {$3900.00} was not a lot of money and that there was no evidence in the file that we were getting a {$1000.00} grant. I told XXXX XXXX " it may not be a lot of money to you but it is to me ''. I have yet to hear from anyone at BMO Harris since I had spoken to the complaint department along with the sales manager XXXX XXXX in regards to the compensation that he had promised or any resolution from my complaint. I am a hardworking man with a wife and XXXX children to depend on me and I am only trying to do the best for my family. I do n't have a substantial income and to experience what we had to go through to purchase this home is the most stressful experience I have encountered and to have someone at such a high level at BMO Harris Bank simply dismiss my issue is demoralizing.

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