Consumer complaint received 2019-09-05
Company: REGIONS FINANCIAL CORPORATION
State: GA
Product: Mortgage
Sub-product: Other type of mortgage
Issue: Closing on a mortgage

Complaint:
XX/XX/2019 Complaint Against Regions Bank Mortgage Process They Lied about the completion of an Appraisal causing me to miss out on an affordable home. 

Greetings To All, I am a former educator and currently on XXXX. Im presently residing in XXXX, Georgia. I applied for a mortgage loan through Regions Bank in XX/XX/2019. The home that I was attempting to purchase is located at XXXX XXXX XXXX XXXX, Georgia XXXX. The seller was only asking {$35000.00} for the home. The home was an As-Is property utilizing a USDA loan. 
I submitted all the necessary paperwork to my loan originator Mr. XXXX XXXX and was approved and paid for an appraisal fee of {$470.00} on XX/XX/2019. On XX/XX/2019, I emailed Mr. XXXX XXXX asking where was I in the loan process ; he replied : Just waiting to get the appraisal back. However, I was verbally informed by Mr. XXXX XXXX XX/XX/2019, that due to the low or unfavorable appraisal of the home my loan could not move forward unless the seller fixed the necessary findings from the appraisal ; ex holes in wall and light fixture missing ect ... I stated that some of those findings were not true and sent Mr. XXXX a picture collage of the 4 bedrooms 3 full  bathroom home. We reached out to the seller agent XXXX XXXX and he said he would get back to us. The appraisal was supposed to have been completed by XXXX XXXX XXXX in XXXX, Georgia. On XX/XX/2019, I got an email from Ms. XXXX XXXX saying my loan had been conditionally approved by the underwriting team. However, also I got a call from Mr. XXXX XXXX on XX/XX/XXXX. Mr. XXXX said that he received an email back from Mr. XXXX stating that they would not be doing any repairs to the home prior to closing. Therefore, we could not move forward with the USDA loan and that I would get a copy of the appraisal report. 
On XX/XX/2019, after about month I called to find out when I would be receiving my appraisal report ; to my dismay, I was informed by Mr. XXXX XXXX that the appraisal could not be found in his files and that he needed to reach out to his supervisor. On XX/XX/2019, Mr. XXXX XXXX stated that the appraisal was not completed and that the {$470.00} appraisal fee would be returned to my card in 3 business days. On XX/XX/2019, I filed a formal complaint with Regions Bank Complaint Department. Because Regions Bank lied about an appraisal that was never completed. Had I not contacted the Bank on XX/XX/XXXX. They would have kept my appraisal fee and not having completed an appraisal. This might be an ongoing practice hoping that the consumer doesnt ask for a copy of their appraisal report. 
However, to add insult to injury ; I received a letter from the complaint department stating that my complaint has been investigated by the bank on XX/XX/2019. The letter stated basically that I lied and voluntarily stopped the loan process. I the entire response is fabricated! I am feeling somewhat slighted. Im also a 1st time home buyer who lost out on a property due to Regions Bank negligence. The house is now under contract by someone else. Ive been an educator for many years. Im currently on XXXX. I lost out on a property that was affordable {$35000.00} ; due to the untruth about an appraisal. Im somewhat confused about how they were able to give the seller a list of items that needed to be repaired prior to closing ; if they did not do an appraisal. I did everything Regions Bank ask me to do. Although, my appraisal fee has been returned ; more needs to be done to assist me with the finding and purchasing of a new home. This home was lost due to no fault of my own. I look forward to hearing from you. 

Thanks A Million!

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