Consumer complaint received 2016-09-12
Product: Mortgage — Other mortgage
Issue: Application, originator, mortgage broker — 
Company: Cadence Bank (MS)

On XXXX XXXX, XXXX my wife and I met with XXXX XXXX XXXX of Bancorp in XXXX, MS to apply for a construction loan to build our dream home. After the meeting everything seemed to be ok. Even when she pulled our credit, XXXX XXXX was very positive that we would qualify for the construction loan. I asked her about the approval process and asked if there was a board that convened to review the application. She informed me that she had to get XXXX, a Bancorp employee from another branch to look at the paper work and sign off. A week passed and she called me and requested proof of my military retirement income. In that same conversation she advised me to get some builders risk insurance. Upon being instructed to do so, I was encouraged and led to believe that everything concerning the loan was ok. The next day I got a commitment letter from XXXX Bank for {$300000.00} dollars. I scanned the letter to XXXX XXXX and she said, " Good, I am getting ready to finalize everything so I will be getting with you Tuesday. '' This conversation and the general tone of all interactions led me to believe that everything regarding the loan was positive and as instructed, I obtained builders risk insurance. I was in communication with my builder and he was ready to start building. She did mention that I had some slow payments in XXXX on my son 's car. My son and I have the same name, she also mentioned XXXX slow payments ( XXXX on a credit line and XXXX on a mortgage in XXXX ). She noted them but, said that she did n't see that as a problem. One week later she called me back to say that she was sorry because we did n't have money in the bank because if we go over the amount we would not be able to afford the house. She went on to say that I had some late payments on my son 's car in XXXX and XXXX slow payments in XXXX. She added that because I had too many small mortgages. For the reasons fore stated, she advised that XXXX would not sign off on the loan. She stated that she was as disappointed as I was. I stated please get XXXX to look at the loan again, the reason why my account is a little low because I had just paid cash for XXXX investment properties. I told her that by the end of the month I would complete the sale of XXXX properties, which would pay off XXXX of the small mortgages and enable me to have {$30000.00} dollars in the bank. Also in my package we have {$180000.00} in our XXXX plan. Plus we only ask for a loan for {$280000.00} dollars. XXXX pre-qualified us for {$300000.00}. She stated well I do n't think that XXXX notices the {$180000.00} in your XXXX plans. I will run this by XXXX again. In the meantime I sent her this email. ( please read attachment ) A week later she called me back and said that I am sorry but XXXX will not sign off on the loan because you had some slow payments on your son 's car in XXXX and XXXX slow payments in XXXX. XXXX XXXX that was two years ago, yes but come back in XXXX to 4 months and try again when these payments will over two years. I was disappointed and confused as in the past, all of the banks that I have dealt with only go back a year, on mortgage slow payments. 

Everybody desires the American dream. I feel that because Bancorp South was not fair in this loan process, my family and I have been denied the fulfillment of that dream. I know that the race card is a common defense but I confident that if I was a XXXX, my home would be under construction, approaching completion. The actions of XXXX and its representative has me now questioning the 27 years that I spent in the military, fighting for my country. I did not seek any special treatment, I am seeking fair and equal treatment without regard to race or creed. My simple desire is to be able to fulfill my portion of the XXXX dream. Thank you for the time and consideration of this complaint.