Consumer complaint received 2020-10-20
Product: Mortgage — FHA mortgage
Issue: Closing on a mortgage — 
Company: CIBC BANCORP USA INC. (IL)

I got pre-approved for a FHA loan early XX/XX/XXXX then found a home that I put a contract on in XX/XX/XXXX. My Original closing date was scheduled for XX/XX/XXXX but the lending company ( CIBC ) had a delay in Accepting the appraisal So the original Contract closing Date passed. While waiting for the clear to close, on XX/XX/XXXX my business had to shut down because of COVID-19. So after that the loan process stalled and eventually failed by XX/XX/XXXX due to Covid-19 and FHA changing minimum qualifications because of the pandemic. My earnest money was returned to me and the house went back on the market. I went back to work XX/XX/XXXX and my realtor informed me the house I wanted was still on the market. During the shutdown I was able to pay off more of my CC bills and I brought my credit score up 30 pts. My agent asked the seller if he would be willing to go under contract with me again, he replied that he would do it if we could close in 1 month because the home inspection, Completed repairs, and appraisal were already completed. We asked the mortgage company if This was possible, they said yes and so I went back under contract in XXXX. This process from this point was crazy. I was required to get prefit and loss statement for XXXX, XXXX, XXXX, and XXXX. Each request was made at the beginning of every month and was returned to them within 48 hrs. That type of rush from my XXXX was an additional {$270.00} each month requested. I was required to pay my XXXX taxes in full that I had a payment plan on, so that was {$4600.00} that I had to pay ( fulfilled that request same day ). My loan officer tried her hardest to find out what the delay was but there only response was internal compliance issues. Not sure what that means but its sounds like a lot of nothing. I am a self employed business owner with a profitable business for 9 years, my business is not in debt. I truly believe my loan contract was discriminated against because of my self employed business. They couldnt deny my contract because they had no basis. I had the credit score, I had the income, I had the money saved. But every request CIBC made was fulfilled and then responded with delay after delay. It went on so long that the original appraisal that I paid for in XXXX expired in XXXX. Not only did the process take 5 months but the seller refused the 5th extension request because it was taking so long. So he canceled the contract on XX/XX/XXXX and conveniently CIBC gave my loan agent my clear to close on XX/XX/XXXX. The seller rented the house because of the long delay. I have lost my dream house because of the mortgage company lack of transparency and the deceptive practices they created while processing my contract. I feel violated by this process. CIBC purposely held the contract in limbo until either myself or the seller back out of the deal. And after 5 months the seller pulled out and they got their wish. It should be illegal for these kinds of practices to go on and if its not illegal then I would strongly suggest that NO ONE perform any business with CIBC mortgage company.