Consumer complaint received 2015-11-10
Product: Mortgage — FHA mortgage
Issue: Credit decision / Underwriting — 
Company: BB&T CORPORATION (GA)

I applied for a home mortgage with BB & T on XXXX/XXXX/2015. My settlement date was scheduled for XXXX/XXXX/2015 -- a significant amount of time for a mortgage lender to provide a credit decision. This contract period was designed specifically to allow the lender time to complete extra due diligence for the type of loan program I was pursuing ( XXXX ), as well as alleviate any challenges they could possibly face by having an end-of-month rush XX/XX/XXXX. I have previous experience as a Mortgage Loan Originator, so I understand what documentation and promptness it requires on the borrower end to get a mortgage approved in a timely fashion. Throughout the process with BB & T I submitted thorough documentation, and never once did I take more than 24 hrs to provide additional requested documentation. Despite having 62 days to complete the loan process the lender did not begin pursuing the initial underwriting phase until after 40+ days of possession of the file. Even after going to underwriting it took 12 days to get a response of the initial loan conditions -- something that takes 2 days typically. I communicated frequently with BB & T that there was insufficient time to complete the approval process at the pace they were moving and nothing was done to speed things up. 
A XXXX loan requires 3 things : 1 ) Approval of an FHA Loan by the lender, including provisions for the XXXX program overlays. 2 ) After approval, the loan goes to XXXX for review and approval 3 ) The loan is sent back to the lender for closing and funding. BB & T is fully aware of this process. They did not manage to send the loan to XXXX until the end of our scheduled closing date, and it is currently still held at XXXX today, XXXX/XXXX/2015. The causes of this are nothing more than mismanaged time and inattention to detail. Perhaps due to the fact my loan was not large enough to warrant significant attention ; I do n't know. There was XXXX minor issue on the loan that required last-minute documentation ; these documents were requested XXXX/XXXX/2015, and promptly provided XXXX/XXXX/2015. This XXXX minor issue can not be blamed for holding up the loan approval process, as this should have been visited at least 10-15 days prior. 
BB & T 's negligence and failure to act in my best interest have caused me not only distress, but additional costs which can not be recouped. I also used all my vacation time from work to complete a move that was supposed to begin 5 business days ago, so I 've depleted my resources as well. It 's not about the money or the inconvenience however, because I know everyone has their own sob story. It IS about the fact that my loan approval process clearly did not matter to BB & T, and any ramifications of their shortcomings to provide a quality service were not of importance to them. If I could see ANY evidence that BB & T at least gave me their best effort to provide a timely closing I would take no issue. I understand things come up, and real estate settlements frequently do not go according to plan. This is not the case however. BB & T has not shown me a best effort, or even a " good '' effort, towards closing on my required date. No urgency was applied to my loan until within 5 business days of the scheduled closing, which was too late given the fact the loan file had to be sent to a third party. 
I am not even certain I take issue with any XXXX person at BB & T necessarily. I am however supremely dissatisfied with their failure as a mortgage company, and I am certain that not ALL substantially similar borrowers are experiencing what I have, nor ALL XXXX loan applicants. No one can give me a justifiable explanation why MY loan has gone this poorly. If BB & T is a mortgage lender they need to be fair and responsible. I was treated unfairly, and even more importantly BB & T has acted irresponsibly which is unacceptable for a financial institution.