Consumer complaint received 2020-08-26
Product: Mortgage — Other type of mortgage
Issue: Closing on a mortgage — 
Company: PROSPERITY BANCSHARES, INC. (TX)

I am a first time home buyer. I applied for the HOPP loan at prosperity bank for a mortgage around XX/XX/XXXX. I notified the loan originator that I had just changed jobs and did not have pay stubs yet. The loan originator stated I could be approved with the offer letter alone and encouraged me to move forward with the application. She had stated they had approved another person on this loan with the offer letter alone that was in a similar situation as me the week before. I was preapproved within an hour of submitting my offer letter. I submitted an offer on a house on around XX/XX/XXXX. The loan originator began working on the loan. They forced me to pay their appraisal for {$700.00}. I had to pay for an inspection for around {$300.00}. A few weeks in they requested one paystub and stated all I needed to submit was one paystub and it didnt need the full 40 hours, they just needed a paystub and they could approve the loan. I submitted my first paystub. They were fully aware I was in training and did not have the full 40 hours. They then requested a second pay stub and said they are not looking at the hours and they could approve with 32 hours worked. I told them that the date I get paid is after the closing date. They said they could extend the closing date. The original closing date was set at XX/XX/XXXX. I was told it was extended to XX/XX/XXXX. On XX/XX/XXXX I submitted my second paystub. I was told later that day by my loan officer they need to wait till the next paystub to approve. I asked why and she said the underwriters are not wanting to approve because I did not get the full 40 hours. I asked her why she told me I could get approved with the offer letter alone before. My loan originator said that the regulations just changed. I requested the return of my earnest money and money spent and to cancel the application and contract. I was notified that the sellers are requesting the earnest money on friday. I asked her which friday and she didnt respond. I asked my loan officer if we could cancel the loan. She then said it is a long process to go through and they just need one more paystub and they could approve. I asked if we could do a down payment to make up the difference to close. My loan originator would not give me an awnser about the down payment until on monday XX/XX/XXXX. On monday, I was notified that I would have to pay {$30000.00} to close, I would have to pay off a student loan, or I would need someone like my husband to " gift '' me money to have more money in my account. I was then notified that my contact had expired and I was never in a contract from XX/XX/XXXX to XX/XX/XXXX. I was also never notifed throughout the entire process by my loan officer, the bank, or my realtor that we had 21 days to back out or the earnest money is lost to the buyer. On XX/XX/XXXX I was first told of the 21 days to back out to regain the earnest money and that the seller is refusing to pay back the money back because we are beyond the 21 days. I called the president of the bank branch and explained my situation and how I was led on and decieved by his loan originator. He told me he would look into it, he was sorry I was put in that situation, and that underwriters have strict guidelines. I waited all day on XX/XX/XXXX and later got a call from the president of the branch stating that the underwriter requires 30 days and can not approve on an offer letter and that I was currently not in any contract since it expired. He said they treat every customer equally which is a lie because his personal are the ones who told me they approved someone else with the offer letter alone. They even bragged about it to my realtor. I am writing to inform of the deceit, lack of communication, and unethical behavior of this bank with their mortgage process. I believe I was scammed and led on by the loan originator to continue into the mortgage process with no intention of servicing the loan.