Consumer complaint received 2024-07-26
Product: Mortgage — Conventional home mortgage
Issue: Closing on a mortgage — Delays with the closing process
Company: NEW YORK COMMUNITY BANCORP INC (FL)

To Whom It May Concern, I am writing to file a formal complaint against Flagstar Bank regarding their discriminatory practices and mishandling of a loan assumption process. This complaint involves two XXXX XXXX individuals who have experienced severe delays, mismanagement, and apparent XXXX discrimination during the loan assumption process. 

# # # Background Information 1. Loan Details and Background : - Refinance Attempt 1 : - Date : XX/XX/year> - Loan ID : XXXX - Refinance Attempt 2 : - Date : XX/XX/year> - Loan ID : XXXX - Assumption Date Request : - Date : XX/XX/year> - Loan ID : XXXX XXXX. Discrimination and Mismanagement : - We began the process to assume the loan for the property on XX/XX/year>, as detailed above. Despite initial assurances, the process has faced significant delays extending beyond the agreed timeframe. 
- We have encountered numerous issues, including minimal and irrelevant credit approvals, repeated mistakes by the verification team, and unresponsive, generic responses to our inquiries. 

3. Medical and Personal Impact : - The loan 's completion is crucial due to a medical procedure required for one of the individuals involved, who is suffering from stage XXXX XXXX XXXX. The delays have exacerbated the health and financial stress on the affected individual. 

4. Previous Issues and Discrimination : - The first refinancing attempt in XX/XX/year> was denied due to a biased appraisal that was not reviewed or corrected despite our request. The appraisal contained numerous errors and did not reflect market rates, suggesting potential XXXX bias. 

# # # Legal References and Statutory Violations Federal Statutes : 1. Equal Credit Opportunity Act ( ECOA ) ( 15 U.S.C. 1691 ) : Prohibits discrimination in any aspect of a credit transaction based on race, color, religion, national origin, sex, marital status, or age. The issues faced suggest a violation of this act, given the delays and mismanagement disproportionately affecting XXXX XXXX individuals. 

2. Fair Housing Act ( FHA ) ( 42 U.S.C. 3604 ) : Protects individuals from discrimination in housing practices. Although this act primarily covers housing-related discrimination, it can be relevant if Flagstar Bank 's actions impact housing finance. 

Florida Statutes : XXXX. Florida Fair Lending Act ( Fla. Stat. 494.001 et seq. ) : Addresses fair lending practices and prohibits discrimination in lending. The described actions suggest non-compliance with this statute. 

2. Florida Civil Rights Act ( Fla. Stat. 760.01 et seq. ) : Prohibits discrimination in various areas, including housing and lending, based on race. The mishandling and potential bias reflect violations under this act. 

# # # Desired Resolution I request that the CFPB investigate the discriminatory practices and mismanagement by Flagstar Bank. Specifically, I seek : 1. A thorough review of the loan assumption process for evidence of XXXX discrimination. 
2. Immediate action to expedite the loan process to address the medical urgency. 
3. Appropriate measures to rectify the issues caused by the appraisal and previous refinancing attempts. 
4. Reimbursement of funds cost in Realtor fees, fees associated with loan process & penalties for holding a closing process open for an excess of XXXX months, and lost in value due to not selling the property at the price originally listed. 

# # # Supporting Documentation Attached are copies of : 1. Email correspondence with Flagstar Bank. 
2. Documentation of the appraisal errors and previous loan denial. 

Sincerely, XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX, XXXX XXXX XXXX XXXX