Consumer complaint received 2017-04-06
Product: Mortgage — Conventional fixed mortgage
Issue: Application, originator, mortgage broker — 
Company: TOLL BROTHERS INC (VA)

We submitted a loan application # XXXX in XX/XX/XXXX with TBI Mortgage Company XXXX XXXX XXXX XXXX, PA XXXX XXXX XXXX Mortgage Loan Officer XXXX # XXXX and received a pre-approval with the contingency of selling our current residence and selling one of our vehicles prior to closing. The home we are purchasing is a new home construction and was scheduled to be completed in XX/XX/XXXX. We received documentation with the specifics of the loan a few days after the initial pre-approval of up to {$850000.00}. During the process of adding upgrades and specifications, XXXX XXXX our Sales Associate for Toll Brothers would send over emails to TBI Mortgage requesting approval for any add-on's/upgrades. We sent emails and information to TBI Mortgage up until XX/XX/XXXX providing them with everything they asked for which was followed by an email from XXXX XXXX saying we were good to go. Our total with all upgrades included, ended up being {$830000.00} and we provided the builder with a deposit of {$62000.00}. On XX/XX/XXXX we received an email from XXXX XXXX requesting updated paycheck stubs, so we sent them over and heard nothing back. On XX/XX/XXXX we had received our closing date information from Toll Brothers. We had then received a letter from TBI on XX/XX/XXXX stating our loan was declined. We never received any caution signs or concerns about our approval from our loan officer up to that point. We were then referred by TBI to XXXX and were told that they had a product available with an approval already confirmed. Thinking everything was going according to schedule and that we had a new approval, we went to closing and sold our home on XX/XX/XXXX. In the time between closing on our previous home and the new home being built, we moved into a hotel with our XXXX children and XXXX dogs on XX/XX/XXXX. We have now been living in a hotel for over two months which has resulted in XXXX and XXXX and our dogs have lost a lot of weight due to being stuck in a cage in the hotel for at least 8 hours a day which has us very concerned. TBI has still not responded to our request for specifications or explanations and we are extremely upset that after following through on our end in regards to the home sale contingency placed by TBI, we are now left without a home and no approval. We are still living in a hotel and working diligently with other lenders to purchase the home that TBI had already approved to have built. We strongly feel that we deserved a solution from TBI instead of a hand-off to another lender for this situation. We were living in a beautiful home that we ended up selling and even took a lower bid to accommodate the contingency. XXXX has since scheduled 2 closings and dropped the ball each time as well. We are extremely discouraged and upset that after having all of our paperwork including tax documents, XXXX, and pay stubs for 8 months, they were still unable to determine our approval and instead, waited until the last minute to provide us with a decline letter after we had already sold our home.