Consumer complaint received 2024-02-01
Product: Mortgage — Other type of mortgage
Issue: Closing on a mortgage — Delays with the closing process
Company: Visio Financial Services Inc. (CA)

I worked through a broker to get pre-approval for a XXXX loan through Visio Lending. The process started in early XXXX as soon as the offer on condo was accepted. I submitted all documents in a timely manner to the loan processor at Visio Lending XXXX XXXX. This included quotes for insurance etc.. This was in XXXX. In early XXXX quote for insurance were sent to the processor- but at that time she did not advise me that it needed to be bound to move forward. Since we can only get XXXX XXXXXXXX XXXX XXXX in XXXX XXXX- this was taking weeks upon weeks which I had advised her of in XXXX. Quotes were sent to her around XX/XX/XXXX for the XXXX XXXXXXXX XXXX - however, she did nothing with this until the last minute. the loan processer did not answer the phone or emails as it related to this matter. She did not contact the broker in a TIMELY manner to understand how this policy works therefore, many many days were wasted by them NOT proactively communicating with the broker to get the information they needed. She ONLY called the broker after I INSISTED she did when I was finally able to speak with her. This was on or around XX/XX/XXXX. We also had the holidays which delayed things even further. Where there were no out of office notification from XXXX or Visio main line either to say they would be closed. 
The close date we had set for XX/XX/XXXX and due to the loan processes lack of knowledge on XXXX XXXXXXXX XXXX or ability to proactively communicate with the broker we missed the XX/XX/XXXX deadline. When I spoke to her finally on the phone on or around XX/XX/XXXX she acknowledged to me over the phone she had NEVER dealt with this insurance or XXXX XXXX EVER! so didn't know what to do. This was our negligence on Visio 's part to not disclose they did not know how to handle loans and insurance in CA from an underwriting standpoint. This issue continued through to the new year. Eventually I posted some negative reviews online at which point XXXX XXXX got involved - I explained everything to him. In addition to this we got an extension till XX/XX/XXXX. Again Visio 's incompetence regarding the insurance meant we failed to meet the XX/XX/XXXX date. Note at this point everything else had been cleared- just the insurance remained as SHE DID NOT KNOW HOW TO READ IT. 

the seller at this point is now taking liquidated damages since we had still not close - again outside of my control but Visio 's control as they did not do their job. I had to pay the seller an additional $ XXXX to request a 3-week extension- this gave us now till XX/XX/XXXX. I still did not trust Visio could get this over the finish line. 

On XX/XX/XXXX - by this time many senior people were involved because of XXXX XXXX involvement and things started moving a little more swiftly since XXXX 's manager got involved. On XX/XX/XXXX I gave Visio a final chance- it either needed to be approved or denied by end of business XX/XX/XXXX. On XX/XX/XXXX at XXXX XXXX I received an email from XXXX XXXX XXXX Processing Manager ) to confirm the loan is APPROVED. I did at this time request they reimburse me the additional $ XXXX I had to pay to get the extension as the approval was mute since it wouldn't have worked had I not got the extension. They denied multiple times both XXXX and XXXX- as such I left it and then went forward with the approval. 

I then received all of the following emails after the XXXX sent the approval emails : XXXX XXXXXXXX XXXX : VFS Processing - another congrats email and it is being sent for processing. 
XXXX  XXXXXXXX XXXX : Visio Loan Processing XXXX same email as above. 
XXXX  XXXXXXXX XXXX : email from XXXX XXXX XXXX Loan is scheduled to close on XX/XX/XXXX - details of the close process. 

At this point I am assuming everything is going through and working with Title to ensure they have everything for settlement as well as my broker. There were no other communications between myself and Visio between XX/XX/XXXX and XX/XX/XXXX. 

On XX/XX/XXXX I received a call from XXXX XXXX at XXXX to inform me that they are now DENYING my loan BECAUSE I filed a complaint with the XXXX. They had received the XXXX complaint that morning. He advised me during this call that they are denying the loan because of my complaint filed with the XXXX and that a letter would be following via email to explain the reasoning for denial. 

After reading the letter- this did not detail ANY of the reasons he told me over the phone for the loan being denied. If the reasons are those that they stated in the letter to me - then why did they not deny the loan on XX/XX/XXXX? Why did they wait till XX/XX/XXXX when they received the letter from the XXXX and stated to me clearly this was the reason. I had had no other comms with them via email requesting the $ XXXX reimbursement. 

It is clear based on the timeline given that they are RETALIATING against me because of the consumer complaint I filed. 

The ethics of this company are nothing but underhanded. They cause my financial and emotional pain based on their sheer incompetence through this whole matter.