Consumer complaint received 2017-05-12
Company: BB&T CORPORATION
State: AL
Product: Mortgage
Sub-product: Other type of mortgage
Issue: Applying for a mortgage or refinancing an existing mortgage

Complaint:
I called  BB & T  on   XXXX   XXXX   XXXX     when I was looking for a company that provided physician loan mortgages to graduating medical students. I had done a lot of research on physician loans, so I asked a few questions to make sure they offered the type of loan I was looking for. I told them I would get my Match Letter  ( the legally binding job offer for residency )  on   XXXX   XXXX  , but job contracts would not come out until months later, and I was sure to ask if a Match Letter be accepted in lieu of an employment contract for this loan. I knew this to be common practice for physician loans. They assured me that the  Match Letter wou ld be sufficient. I also told them that I would be graduating in   XXXX   XXXX    . I was told that my information would be passed on to a wealth  XXXX , as they handle physician loans, and they would get back to me the following week.     On  XXXX   XXXX ,   XXXX  , I received an email from  BB & T  Mortgage  XXXX   XXXX   XXXX   XXXX  in Florida. We did not live in Florida, nor were we moving to Florida. I 'm still unsure why I was assigned to this lady when there were  BB & T loan officers in the city we would be  moving to. This was our first home purchase, so I figured maybe it was n't so odd and it was a peculiarity specific to the physician loan.  XXXX  assured me that she handled physician loans " all the time '', so I did n't worry. It seemed as though this was her specialty. I filled out the preapproval application on  XXXX   XXXX  and we received preapproval on  XXXX   XXXX . We made an offer and submitted earnest money on a house on  XXXX   XXXX . Closing was scheduled for  XXXX   XXXX . I sent  XXXX  a copy of the contract on the house.     At that point, I had much less communication with  XXXX  and much more communication with her assistant,  XXXX   XXXX . In fact,  XXXX  would generally not answer or return my calls.  XXXX  's job seemed to be to collect all necessary documentation for the loan. Among other things, she asked for a medical license. I told her that I did not have that because I had not yet begun residency. She said that I could send official school transcripts instead. She gave me an incomplete address for the transcripts, so the delivery was delayed by about  XXXX  weeks until I caught the error. Official transcripts can only be sent through the mail, so there was no other way to get them to her.     We came out of underwriting on  XXXX   XXXX  with some conditions, but I was never told what all of those conditions were.  XXXX  asked me for something stating that I had completed all requirements to graduate ( transcripts were still pending at this point due to the address error ). I was n't scheduled to gradute until  XXXX   (  as I had told them previously ), so I offered a copy of my graduation requirements review from the school that showed that I was on track to graduate and only had to complete a Pass/Fail elective to graduate.     At this point, my realtor and I became worried.  XXXX  was not returning calls to my realtor and  XXXX  told me that she could not speak to her about the loan. However, she had spoken to my realtor the week before and assured her that we were on track for closing on  XXXX   XXXX  as originally scheduled.     On  XXXX   XXXX ,  XXXX  very pointedly told me that we could not get the loan until I had completed all of my coursework. She denied that I ever told her that we wanted to move before graduation, although she knew our closing date and when I was going to graduate from the beginning. Even if we assumed that she did n't put those  XXXX  together, I told  XXXX   XXXX  weeks prior via email that I would not have my medical license until later and that graduation was n't until  XXXX . There was no reason to wait until 9 days before closing to let us know that this would be an issue.     Basically, I never sh ould have been offered this loan. While there are many lenders who offer physician loans for graduting students, BB & T does not. It was total incompet ence on their part to drag us through this process and then leave us with nothing more than a ding on our credit report for the denial.  XXXX  excused away her error by saying that " every situation is unique ''. To make matter worse, the house we were renting had been sold and our landlord graciously scheduled that sale around our closing date. Suddenly we were 9 days away from closing with no financing and nowhere to go. I feel that I was transparent with everyone at  BB & T from the beginning and was downright misled by these people. I will be sure to tell every graduating   medical student I know to avoid  BB & T at all costs!

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