Consumer complaint received 2021-01-03
Product: Mortgage — Conventional home mortgage
Issue: Closing on a mortgage — 
Company: PRIMARY RESIDENTIAL MORTGAGE (AR)

XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX, AR XXXX XXXX XXXX XXXX XXXX XXXX, President & CEO Primary Residential Mortgage, Inc. 
XXXX XXXX XXXX XXXX XXXX XXXX XXXX, UT XXXX Dear Mr. XXXX : PRMI represented the buyer in the purchase of property at XXXX XXXX XXXX, XXXX, PA XXXX. See attached documents for reference and tracking. 
PRMI was negligent to performing their duties as a mortgage broker and cost me the seller over {$12000.00} in expenses and lost housing opportunities due to their protracted inability to issue a clean, unencumbered mortgage commitment letter over a 2.5-month period ( mid XX/XX/XXXX - XX/XX/XXXX. 
Damages incurred include the following : As the following information conveys the performance of the XXXX XXXX at PRMI has placed has me, the Seller, in significant economic hardship as detailed below. The ongoing performance shortfalls by the Buyer 's mortgage broker has resulted in the Seller incurring substantial financial expenditures and loss, lost time, lost market opportunities and will result in increased housing acquisition costs in the market targeted by the Seller. 
The Seller did not contract with this lender. The Seller has, however, had to contend with terrible and inexcusable mortgage broker performance relative to timeliness per the sales contract & the excessive clearing of lender-imposed contingency after contingency as follows : o The conditional contract lender commitment date was not met as defined in the sales contract. 
o The non-conditional lender commitment date was not met as defined in the sales contract. 
o The ongoing, conditional commitment letters dated XXXX, XXXX and XXXX are the equivalent of fish warp or bird cage liner in terms of legal and market value. In short, they had no value. 
o This non-performance continues with communication on XXXX, indicating the lender has no intention of issuing a viable lender commitment letter prior to closing. 
o The above lender performance has locked the Seller out of purchasing 4 new residences in the locations targeted by the Seller due to the fact the Seller had to include a purchase offer contingency based on above lender 's ongoing conditional lending restrictions to protect his financial security. All purchase offers were rejected by the respective Sellers due to this contingency. 
o This situation coupled with the above referenced abysmal lender performance has imposed severe financial hardship on the Seller as follows : Sellers Financial Losses & Investments Required Due to the Above Lender Performance, Which Include But Are Not Limited to the Following : Travel Expenses XXXX XXXX ( airlines, car rentals, lodging, parking, tolls, does not include meals ) {$2300.00} Legal Fees {$2200.00} Moving Firm - Due to the above referenced lender performance shortfalls the Seller has been forced to contract for a two-phase move. Phase 1. XXXX XXXX contents to mover owned storage facility. Phase 2. Mover owned storage facility to permanent residence. Phase 1. Contract - Movers Scheduled for XXXX - XXXX XXXX Contents to Storage Facility {$5700.00} Temporary Living Quarters - Due to the above referenced lender performance shortfalls the Seller has been forced to secure temporary living quarters in the market targeted. {$7300.00} Total {$11000.00} The following costs have not been included in the above summary but are relevant as they impact the Seller in an adverse manner. XXXX residential market conditions versus XXXX residential market conditions in the target market - The market targeted by the Seller in XXXX is expected to be ( XXXX predicts the home values in XXXX will increase 8.4 % (? ) in XXXX. ) Based on a purchase price of {$310000.00} in XXXX, this equates to a likely XXXX cost increase of {$26000.00}. 
I am submitting the above " bill of particulars '' relating expenses & damages the Seller has incurred due the Buyer 's mortgage broker 's inexcusable level of performance. 
PRMI is responsible for these damages and owes me approximately {$12000.00}. 
In closing, I will be taking all appropriate steps ( legal and governmental ) to recover the above damages due your companys inexcusable performance in this matter. 
Please review and advise when I can recover damages and expenses. 
Regards, XXXX XXXX XXXX