Consumer complaint received 2020-10-22
Product: Mortgage — Conventional home mortgage
Issue: Applying for a mortgage or refinancing an existing mortgage — 
Company: NATIONWIDE MORTGAGE BANKERS, INC. (NY)

Due to the mortgage officer 's incompetence and unprofessionalism, my application for a mortgage ( for the purchase of my first home ) was approved and then unexpectedly reversed at the last minute, with no explanation. The Seller was unwilling to wait any longer for the mortgage and as a result, my brother was forced to sell his stocks on short notice and at a loss in order to provide me with the funds needed for an all-cash closing. I must now seek a cash-out refinance in order to reimburse my brother.

Below is the timeline of events leading to my as-yet unresolved  mortgage application : XX/XX/XXXX - My application for a residential mortgage was submitted for processing by the mortgage officer, Mr. XXXX XXXX. 
XX/XX/XXXX I reviewed the Loan Application ( URLA ) online, and emailed a list of corrections to Mr. XXXX ( including correcting Yrs on this job from 4.00 to 2.00, for XXXX XXXX ). I was not given a copy of the final revised version of the URLA. 
XX/XX/XXXX I responded to Mr. XXXX email questions where, among other responses, I indicated that my residency start date at XXXX is XX/XX/XXXX and the end date is XX/XX/XXXX. 
XXXX Mr. XXXX sent me the mortgage approval congratulations letter ( with a commitment expiration date of XX/XX/XXXX ). 
XX/XX/XXXX The XXXX XXXX XXXX XXXX XXXX XXXX Board of Directors officially approved the sale of the Co-Op unit to me. 
XX/XX/XXXX Mr. XXXX emailed me stating that Underwriting needed additional documentation for redundancy purposes. I submitted the requested documents on the same day. 
XX/XX/XXXX I emailed Mr. XXXX asking for Bank Recognition Agreements required for the closing. He did not respond. 
XXXX Mortgage commitment expired. A request for extension was submitted by my attorney. 
XXXX I emailed Mr. XXXX reminding him that he had not responded to my numerous calls, texts and emails since XX/XX/XXXX, and I was still requesting an explanation as to why everything was on hold. In the meantime, the Sellers attorney issued a Time is of the Essence letter. 
XX/XX/XXXX Mr. XXXX emailed me stating that the loan had been denied, due to contract of employment is only 1 year. I had consistently informed Mr. XXXX, since XXXX, that my residency program is a two-year program. ( MrXXXX XXXX erroneously relied on a contract I provided earlier which showed the stipend amount only for the first year. The second-year contract will show an increased stipend. ) I provided Mr. XXXX with confirmation of my 2-year employment from XXXX on the same day. 
XX/XX/XXXX - The Sellers attorney declared the deal is dead if the closing does not occur by XX/XX/XXXX. My brother was forced to sell his stock investments on short notice and at a significant loss, in order to lend me the funds needed for an all-cash deal. 
XX/XX/XXXX Mr. XXXX responded that he would not be able to get the mortgage approval by XX/XX/XXXX. I requested a withdrawal of my loan application. Mr. XXXX has not responded. 
Subsequently, I submitted a letter of complaint ( attached : Complaint to XXXX XXXX ) to the company, Nationwide Mortgage   Bankers ; via certified mail on XX/XX/XXXX, and via email on XX/XX/XXXX. Please see my letter regarding the mortgage officer 's other unprofessional and unethical conduct. The company has not responded.