Consumer complaint received 2016-02-15
Product: Mortgage — Conventional fixed mortgage
Issue: Application, originator, mortgage broker — 
Company: REGIONS FINANCIAL CORPORATION (GA)

I applied with Regions Bank to obtain a mortgage for my first home. I picked out a house for XXXX in XXXX XXXX and closing would be XXXX on XXXX/XXXX/XXXX. I received a closing disclosure estimate on XXXX/XXXX/XXXX through email with cash to closing of XXXX. I have a deposit of XXXX which will bring the cash to close to XXXX. I continued to receive closing disclosure through the mail two more times with different numbers. The initial amount and cash to closing is XXXX difference. I figured it is just a mistake because I have yet been approved by Regions and they are still working on my paperwork. The numbers will be straighten out once my loan is approved. My loan is finally approved on XXXX/XXXX/XXXX but Region loan officer have n't given me the final estimate for the closing disclosure. I contacted them multiple time throughout XX/XX/XXXX to XX/XX/XXXX, which is closing day. The loan officer told me that they are waiting for final inspection on the house before the final numbers can be given out. Final inspection was on XX/XX/XXXX and I still have n't receive the closing disclosure. XX/XX/XXXX, the day before closing, I received the final closing disclosure. The cash to close was XXXX with a credit from XXXX of XXXX. I called the loan XXXX to inquire about the credit and he said that Regions would pay part of my closing cost. In my mind, I thought it was Regions gave that credit because I was promised a 3.875 rate with XXXX discount points from my loan officer but he never gave it to me. On the final closing disclosure, the rate was 3.75 % with .5 % points. I thought that credit is because of that discrepancy. My bank could not wire my cash to closing to the attorney because it was late in the day so I had to wait the day of closing to wire the cash. Regions told me that they could n't process my final closing disclosure because their computer had a glitch so that is the reason I receive the closing disclosure a day before closing. On the day of closing, XX/XX/XXXX, I went to my bank which open up at XXXX. I called my attorney that I will be a little late. At XXXX, Regions sent me another closing disclosure. This is 20min before closing, are they serious? I am about to enter my bank to wire the funds and they sent me a new closing disclosure? It turns out my cash to close is XXXX, not XXXX. That is XXXX more than what they sent me on XX/XX/XXXX. What happen if I already wire the money and I am sitting at the closing table and they sent me that final closing disclosure? I should have receive the final closing disclosure 3 days before closing like the law recommended so that I can plan out my days before closing and getting all my funds together. What if I do n't have that extra XXXX to close? I would have defaulted at the closing table. The builder will charge me XXXX per day if I do n't close on XX/XX/XXXX and I could be facing legal suits from them. The only thing the loan officer told me is that he ca n't do anything for me because that is the final number. I can walk away and redo the loan but I have no choice but to close on XX/XX/XXXX. I am backed up in the corner, I have to close. By receiving the closing disclosure 20min before closing was very discomforting in the services Regions provided. The final number could have made me not close that day. XXXX is a lot of money for a last minute update. I contacted Regions customer service and told them my situation and all they said was the complaint is filed and they may or may not contact me. Are your serious? I need to be contacted so that I can be heard. I received multiple closing disclosures and I do n't even know which is real and which is fake. I was approved on XX/XX/XXXX and closing is XX/XX/XXXX, if there was a glitch in the system why did n't they tell me and waited until the day of closing to tell me? That is too convenient.