Consumer complaint received 2024-08-29
Product: Mortgage — FHA mortgage
Issue: Applying for a mortgage or refinancing an existing mortgage — Delays in the application process
Company: KEYCORP (CO)

The events occurred in the following order : XX/XX/XXXXXXXX  I contacted XXXX XXXX of KeyBank requesting information about a mortgage loan. That day he sent me a link to enter all my historical information. 
XX/XX/XXXX Keybank sent me a Conditional Approval Letter for the amount of {$600000.00} Because I already had this letter from the bank, and I had previously spoken with XXXX, explaining my historical information, I decided to start looking for a home, and on XX/XX/XXXX I signed a contract with Key Team to represent me in the purchase of the house. 
XX/XX/XXXX I received an email from KeyBank with the Pre-Application Estimate. That same day my agent sent KeyBank the Counterproposal with the information and dates of the purchase process. 
XX/XX/XXXX the closing date is confirmed for XX/XX/XXXX By this date everything was already advanced, that is why on XX/XX/XXXX the house inspection was carried out so I had to pay via check the amount of {$640.00}. On XX/XX/XXXX I made the payment of {$500.00} through Appraisal, requested by XXXX to whom I gave my XXXX information so that the aforementioned charge could be made. 
During this entire period KeyBank through XXXX XXXX kept me informed indicating that the loan process was following its course and that there would be no setbacks with the closing. For this reason and as part of the process, I made the XXXX XXXX  ( XXXX ) payment for {$5000.00} via check. During all this time, I attached the documents required by the bank. For this, I have been sending emails to KeyBank asking them to inform me about the progress of my loan, and if it was going to be approved or not, and to see how to recover my XXXX, however, I have not received any response. On XX/XX/XXXX, XXXX XXXX contacted me indicating that we needed to postpone the closing until XX/XX/XXXX because they were still analyzing my loan. This was impossible, since the seller was buying another house, and it would be paid with the money from my purchase. That same day, the closing was only postponed until XX/XX/XXXX. On XX/XX/XXXX, I received a call from XXXX from KeyBank who told me that they had elevated my case to be considered as Conventional and that the response would be positive. Following this call, my Key Team agent called me and told me that he had spoken with XXXX and had informed him that the response to my credit was negative, so in this situation I was no longer in a position or time to recover my XXXX. During all this time, I tried to send all the information and documentation that was requested, always counting on an apparent positive response to my loan, however I was never informed of the real situation of my case. 
On XX/XX/XXXX I received a letter via courier from KeyBank indicating that my credit application had been Declined due to Insufficient cash Income Exceeds Product. 
After this, I visited the KeyBank office with the intention of filing a claim and I have not received help from its officials. Likewise, I called the call center and they told me that there is no link on the website that allows me to file the claim. I tried again by sending emails to XXXX, XXXX from KeyBank ( XX/XX/XXXX ) requesting that they send me a link to be able to file my claim without receiving a response until today. I have tried by different means to find a solution from KeyBank without finding any alternative until today. 
I must detail that the credit was requested jointly with my wife, XXXX XXXX. From the first call I had with XXXX XXXX from KeyBank, I informed him that my wife had no credit history or work history here in the US since we just arrived here on XX/XX/XXXXXXXX  and my wife on XX/XX/XXXX. I also indicated that my wife worked at XXXXXXXX XXXX XXXXXXXX in XXXX for more than 5 years. However, XXXX told me that this would not be an impediment. 
All of this has really spoiled our dream of being able to have our own home, considering that this is the first time we have started a similar process. This is without considering that I have to renew the rent on my apartment month to month, trusting that the credit response would be positive as XXXX had been indicating to me. As a result, my monthly rental expense increased by 32 %.