Consumer complaint received 2022-07-18
Product: Mortgage — Other type of mortgage
Issue: Applying for a mortgage or refinancing an existing mortgage — 
Company: M&T BANK CORPORATION (MD)

I am XXXX XXXX, a member of XXXX XXXX XXXX About XXXX XXXX Program Loan number XXXX I purchased a building located at XXXX XXXX XXXX, XXXX XXXX, MD XXXXUmder M & T Bank control XXXX M & T made 50 % of bridge loan for temperally applying for XXXX XXXX loan XXXX M & T bank agent XXXX XXXX has selected the XXXX XXXX XXXX as a XXXX XXXX loan application agency. XXXX XXXX was in charge of applying for this loan from the XXXX XXXX XXXX responsible for this XXXX XXXX loan application. 
M & T agen XXXX XXXX say that the interest rate is 2.90 % and it will take about 60 days. 

At first, everything was goig smoothly. 


" From : XXXX XXXX Sent : Thursday, XX/XX/XXXX XXXX XXXX  To : XXXX ; XXXX, XXXX XXXX Subject : RE : XXXX XXXX Closing Checklist Good Afternoon, I wanted to follow up on the checklist items below. Please forward them as soon as possible so we can make the next bond sale which is XX/XX/XXXX. IN order to make that we need these items as soon as possible because we would need to close by the first week or two of XXXX. The insurance will take time to get. 


Thank you, XXXX '' Suddenly XXXX asked M & T bank to cancel the additional collateral at that M & T bank has. 
Any it was repeately delayed and delayed. 

Everytime whenever I ask XXXX XXXX whwn I am closing, He tolad me not to worry that it will happenson and Interest rate is fixed he said I will never loose any money. 

XXXX XXXX from M & T Bank and XXXX XXXX, from both sides, there was no mention of financila damages of this loan procedure was delayed. 

Finally I received XXXX approval. 

" XXXX XXXX XXXX Attachments Tue, XXXX XXXX, XXXX XXXX  to XXXX, me Good Afternoon, Attached are copies of the loan documents for your review. You do not need to sign these documents as we have sent signed documents to the title company for closing tomorrow. These are for review only. 

If you have any questions, please let me know. 

These documents can not be changed as they are XXXX approved loan documents. '' So asked for a three-way meeting. 

As a person who asks for a three-party meeting, I need a convincing explanation. The reason why the XXXX loan closing has been delayed for more than a year from M & T explanation is completely different from What XXXX explained below. XXXX 's explanation is what I've been constantly hearing. M & T kept insisting that an issue with the bank taking the additional collateral was not a reason why the XXXX loan closing has been delayed.until today. I checked all the emails I received from M & T over the past year and there was no mention of additional collateral. M & T keeps saying they don't know the reason why it has been delayed. XXXX doesn't even know the reason. He says He need to ask XXXX after closing why it takes so long. If I shorten a long story, M & T has been saying that the once signed interest rate never changes every time I say I'm worried that the interest rate rate will rise if it's delayed like this. Now they say I should get a new interest rate raised. 

I want to check if there was any messing during our conversation last year. '' XXXX XXXX explaination " We were not able to close until all due diligence items were received. There was an issue with the bank taking the additional collateral. We were waiting to see if they were going to release it when we pay them down. Once we were aware that they were not, we needed to take it as well. The bank can not have a preference. The XXXX turnaround times were running about 30 days for approvals. As soon as we got the approval we closed. 

The rates are determined on the bond sale date, which is usually 45-60 days following your closing. Once your loan documents are recorded, we will be able to submit the file to XXXX for their approval on the funding. I will let you know your rate and payment information once it becomes available. 

Thank you, XXXX '' Finally I was funded with with a loan of absured numbers. 
It's over {$100000.00} financial damage. 

What's even more amazing is that they got XXXX Approval without releasing additional {$100000.00} Collertial saving even though they keep inisting that The bank can not have a preference. How about a matter your client 's interest? 

From : XXXX XXXX XXXX Sent : Wednesday, XX/XX/XXXX XXXX XXXX  To : XXXX, XXXX XXXX ; XXXX XXXX XXXX Cc : XXXX XXXX XXXX ; XXXX XXXX XXXX ; XXXX XXXX XXXX Subject : XXXX XXXX Loan Payment and Rate Information " Good Morning XXXX XXXX, Your XXXX loan funded in todays bond sale ( XX/XX/XXXX ), and Im sending you the rate and payment information. 

The effective full term rate is 5.299 %. 
Your monthly loan payment of {$5300.00}. 

Your loan will now become part of the CARES Act Debt Relief Program, in which the XXXX makes payments on your behalf for three months. From XX/XX/XXXX, to XX/XX/XXXX, you will not need to make a payment on the XXXX portion of the loan. 



Your automatic debit will be activated on XX/XX/XXXX, and your regular payments will be deducted in accordance with your Amortization Schedule. 



Payments to the XXXX XXXX XXXX XXXX M & T Bank, are not included in the Debt Relief Program so you will continue to make payments as usual, unless you have made other arrangements with the bank. 

A few additional items : You will soon receive a small refund check from XXXX XXXX, the XXXX XXXX XXXX, that represents the rounding dollars in the loan. 
Within the next few days, our Loan Closing Assistant, XXXX XXXX, will send the Conformed Note along with your regular Amortization and Prepayment Schedules. 
Your loan will now be managed by our Servicing Team. They will contact you directly for an introduction. 

If you have any questions, please feel free to contact me. 

Thank you for using the XXXX XXXX program. Its been our pleasure to assist you with your closing! " To be abusured, Additionally, At 50 % of XXXX XXXX for temporally 1 year waiting for XXXX XXXX. As of XX/XX/XXXX, M & T Charged {$38000.00} late charge. 

They blame each other for the reason why the loan was so abnormally delayed. XXXX blocks my mails and doesn't answer even if I leave return message. XXXX doesnt take my call. Her Boss says she quit the company this Friday. 

They have caused a huge loss to me. Nevertheless, they didnt give me a detailes explanation of reason for damage and no effort to recover my loss even though I asked many times. 
Whats more, these guys are trying to completely ignore and deceive your client. So I asked CFPB to investigate this total negligence and misrepresentation.