Consumer complaint received 2021-07-23
Product: Mortgage — Other type of mortgage
Issue: Closing on a mortgage — 
Company: NATIONS LENDING CORPORATION (CA)

FYI - This is my 2nd filing of a formal complaint against Nations Lending. The first was on XX/XX/XXXX Case # XXXX-XXXX  which took Nations over ( 2 ) months to respond. Today ( XX/XX/XXXX ) I learned that Nations Lending erroneously stated to the CFPB that there is " an unauthorized third party involved '' as a way to avoid the facts that Nations Lending and all of their employees and subcontractors interacted with both me and my wife in writing via email with both of us copied into all correspondence.My wife of XXXX-years and I applied with Nations Lending to refinance our property, and although the credit check and application were in my name ( with her remaining on title ).

As a busy XXXX, I had legally installed my wife ( also a XXXX XXXX in our XXXX  ) to be the primary lead in corresponding with Nations Lending, their employees and their subcontractors regarding the Nations Lending loan they had offered us. As an example, she and not I was contacted by Nations via two separate pre-selected offers to refinance our property. Another example is that Nations Lending contacted her and NOT I to schedule the Appraiser that Nations Lending selected and it was she and NOT I who was present for the 4-hours the Nations Lending appraiser was on our property. I want the CFPB to be aware of the blatant obfuscation on the part of Nations Lending regarding our valid and compelling complaint against them and their nefarious actions. Below please find my second attempt to outline the out-of-compliance, predatory and financially damaging actions that Nations Lending instigated against me and by extension my family, which includes my wife. 
Nations Lending mailed a pre-selected letter dated XX/XX/XXXX addressed to my wife, XXXX, offering to refinance our 1st mortgage of {>= $1,000,000} at 2.750 % or {$6000.00} estimated monthly payment ( see attached ). In XXXX of XXXX we applied for a refinance with XXXX XXXX XXXX ( XXXX ) to combine the first ( $ XXXX ) and second mortgage ( $ XXXX ) on a property whose current valuation is approximately {$3.00} XXXX, and signed the loan documents at XXXX XXXX on Friday XX/XX/XXXX. We subsequently contacted the Nations Lending XXXX XXXX Branch when we realized that we would save a substantial amount of money on our monthly mortgage payments with the lower interest rate Nations had offered my wife via a pre-selected offer mailed to her and our call was transferred to XXXX XXXX who discussed what Nations Lending had to offer.We made it very clear to Nations Lending via their agent, XXXX XXXX, and her direct supervisor, XXXX County Nations Lending Branch Manager, XXXX XXXX, that we would only cancel the loan with XXXX  if Nations Lending were educated on our property and if they responded that they were comfortable with the facts about our property and with taking us on as clients ( pending credit approval ). XXXX XXXX spoke with her direct supervisor, XXXX XXXX, and with other executives at both Nations Lending Corporate HQ and with XXXX XXXX executive team which included an Account Manager by the first name of XXXX ( I dont know her last name ) to ( pre ) pre-approve the facts and realities of our non-conforming property ( 36-acres with ( 3 ) legal homes with one being our primary residence and the other two homes as rentals under the auspices of a well-known and respected XXXX XXXX XXXX XXXX XXXX ). This was done to educate and to confirm the interest of Nations Lending and XXXX XXXX  in providing us with a refinance loan on our non-conforming property BEFORE we went through the formal process of canceling the XXXX XXXX XXXX loan signed on Friday XX/XX/XXXX at XXXX XXXX. We were advised by both XXXX and XXXX that they were instructed to proceed with my application by the executive team at Nations Lending HQ and by XXXX at XXXX XXXX. Only then did we cancel the refinance loan with XXXX  on late afternoon Monday XX/XX/XXXX after receiving assurances from Nations Lending that they were fully aware and understood that our property was considered non-conventional and only then did we begin the process of formally applying for a Jumbo Loan with Nations Lending. 

On XX/XX/XXXX XXXX XXXX emailed both me and my wife with a list of ( 10 ) items that Nations Lending Underwriting had requested ( see attached ). 
On XX/XX/XXXX we submitted those documents. 
On XX/XX/XXXX XXXX emailed both of us with items needed and to announce Nations Lending had locked in our interest rate at 3.125 % on a 30-year fixed Jumbo Loan ( see attached ). 
On XX/XX/XXXX we submitted the signed XXXX XXXX  application they and Nations Lending had required of us.

Nations Lendings appraiser came to our property on XX/XX/XXXX. 
Appraiser subsequently submitted the appraisal to Nations Lending and to me on XX/XX/XXXX. 
On XX/XX/XXXX we received an email from XXXX XXXX, Loan Processor, Nations Lending ( who copied XXXX XXXX into the email as well ) requesting additional income documentation and other miscellaneous items ; Good Afternoon, My name is XXXX XXXX and I am the loan processor on your file. The appraisal has come in and we are reading to get your file moving to the next step. Can you please send me the information listed below? Once received we can get your file in front of the underwriter. 
I submitted the documents requested on XX/XX/XXXX and on XX/XX/XXXX. 
My wife and I followed up with an email to both XXXX XXXX and XXXX XXXX on XX/XX/XXXX inquiring if all documents are in order and to receive an update. 
We then receive an email from XXXX who copied in XXXX at XXXX XX/XX/XXXX stating, Hey there XXXX, the updated approval just came in a few minutes ago. I have a few fires to put out but XXXX and I will go through it and report back by the morning. 
Neither of them report back the next day and we call and email for a week asking for an update. 
Out of the blue on XX/XX/XXXX XXXX sends us both an email with XXXX copied in whose subject line states, Your refinance transaction and whose body of the email requests updated documentation which include requests for updated asset statements and a detailed letter of explanation of how my business is currently operating and generating income and well as I will be requesting an update on your mortgage payment history. You may receive a phone call from XXXX XXXX to complete a conference call. 
We supply and do everything Nations Lending requests. 
On XX/XX/XXXX we receive an email from our insurance broker at XXXX that, We received a call from XXXX XXXX with Nations Lending regarding your refinance. We just wanted to confirm that we are ok to go ahead and send them the evidence of insurance. 
My wife and I then chase after XXXX XXXX and XXXX for weeks via email as well as phone calls/voicemails to schedule a date to sign closing docs at XXXX XXXX, but were unsuccessful in receiving ANY communication from Nations. 
The approval we received on XX/XX/XXXX was prefaced by the application and our submitting the myriad of financial documents requested by Nations Lending. Once the documents were submitted and approved, Nations Lending contacted us to schedule an appraisal which occurred on XX/XX/XXXX. We then received notification from XXXX County Nations Lending Branch Manager, XXXX XXXX, on XX/XX/XXXX that XXXX XXXX had left Nations Lending and that he would be handling our loan in XXXX  absence. Out of frustration over Nations Lending non-communication after the beginning of XXXX, we contact XXXX XXXX, who contacts XXXX XXXX on XX/XX/XXXX and then emails the intel she received from him, writing, XXXX said you were signing this week. 
It is our understanding that Nations Lending account manager ( XXXX XXXX ) left Nations in disgust over the federal out of compliance actions she witnessed Nations Lending doing to dozens of XXXX County applicants with approved loans not closing for bogus reasons. We have come to find out that one of these disgruntled applicants works as a V.P. for a bank in XXXX County, CA and is filing a Class Action Lawsuit against Nations Lending for their blatant out-of-compliance actions. 
On Thursday XX/XX/XXXX I was out of state and on a golf course when I received a phone call from an unknown Nations Lending employee in Ohio by the name of XXXX XXXX who tells me verbally that the loan has been denied. The suspect explanation I received from XXXX was that the property was not acceptable which has been proven to be an out and out lie as Nations had been educated on the property since XX/XX/XXXX and had agreed to take on our loan. They had ample opportunities to make that determination far before XX/XX/XXXX. We have since learned that the explanation given by a member of the Nations Lending executive team to the ex-branch manager XXXX XXXX received was that Nations Lending had decided to no longer support Jumbo loans and this is why the loan was denied at the 11th hour. The blatant discrimination and punitive conduct by Nations is illegal as they are not meeting the guidelines of fairness or truth in lending. XX/XX/XXXX is also the date that Nations Lending wrongfully terminates XXXX XXXX. 
The account executive at XXXX XXXX  was contacted by phone late-May XXXX by XXXX XXXX ( now working for another lender ) at our request to inquire if we could finalize the loan without Nations Lending. XXXX stated to her that XXXX still wanted to go forward with our loan but Nations Lending was not being transparent with them either. High ranking Nations executives, XXXX XXXX, XXXX XXXX and the CEO of Nations Lending, XXXX XXXX, were sent an email on XX/XX/XXXX ( see attached ) by XXXX XXXX on our behalf requesting assistance to move forward on closing the loan with them or for Nations to send a denial letter immediately and to release our file so that we can begin to work with a more reputable lender - yet never received a response. We ended up having to request numerous times over the course of weeks for a formal denial letter, which only arrived on XX/XX/XXXX. This impacted us as their delays prevented us from being able to move to another lender as Nations held us hostage.

Subsequently, since being discriminated and financially burdened by Nations Lending over their out of compliance bait and switch schemes, we have received yet another pre-approval letter from Nations dated XX/XX/XXXX addressed to my wife XXXX ( see attached ) stating that we have been ( yet again! ) pre-selected for a Jumbo Loan. We then called the XXXX number on said letter and spoke with XXXX on XX/XX/XXXX at XXXX for over 30 minutes. XXXX explained why and how we were pre-selected because Nations Lending is a " Direct Lender '' who is " Fully Delegated and absolutely does Jumbo Loans. He looks up our property at xxxxxxx XXXX XXXX CA XXXX on his computer and states, that this property is of interest to Nations Lending and that as we are pre-qualified that we should apply.