Consumer complaint received 2022-07-16 00:00:00
Product: Mortgage — Conventional home mortgage
Issue: Closing on a mortgage — 
Company: M&T BANK CORPORATION
State: MD

Complaint narrative:
I purchase a builing located at XXXX XXXX XXXX, XXXX XXXX, MD XXXX. There are Loans from M & T Bankfor Term Loan in the coverage amount {$760000.00} and XXXX XXXX in the principal amount of {$760000.00} dated feeective as of XX/XX/XXXX. 
At 50 % of XXXX XXXX for temperally for SBA LOan. Before the closing, Suddenly M & T asked me to {$100.00}, XXXX Saving as additional collateral. When I asked same additional collateral? XXXX XXXX who is M & T Vice president said No, it doesn't matter anything other than SBA Loan.. interest rate will be 2.9 %. 

" XXXX XXXX was a contact person For 504 SBA Loan. 
Marketing Officer & Assistant Vice President XXXX XXXX XXXX XXXX XXXX XXXX XXXX. 
Servicing businesses in Maryland, Virginia, Washington DC & West Virginia XXXX XXXX XXXX, XXXX XXXX, XXXX, VA XXXX XXXX XXXX Fax XXXX XXXX XXXX Click here to securely upload files. 

XXXX XXXX XXXX XX/XX/XXXX, XXXX XXXX to XXXX, XXXX 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 She she took out problem with additional collateral and ask M & T to release the collateral ( {$100.00}, XXXX Saving. they were keep talking abou releasing the additional collatera, as a result of it, l We couldn't finsih it and time went by. 
Whenever I asked XXXX XXXX, M & T agent, he contionued to say that it had nothing to dowith the additional collateral. He doesn't know the reason, No reason to delay. 







XXXX XXXX XXXX XXXX " " On Tue, XX/XX/XXXX at XXXX XXXX  XXXX XXXX XXXX wrote : XXXX XXXX, 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 SBA 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 SBA for their approval on the funding. I will let you know your rate and payment information once it becomes available. 



Thank you, XXXX XXXX : XXXX XXXX XXXX Sent : Monday, XX/XX/XXXX XXXX XXXX  To : XXXX XXXX XXXX Subject : Re : SBA loan This is XXXXXXXX XXXX XXXXXXXX XXXX. I ask a question because I'm really curious. 

About My SBA Loan processing, It has been taking almost 12 months. Maybe it will take more time.Please let me know why we couldn't finish for the last 12 months even though related documents were submitted quickly. 

Now Interest rates keep going up, Please also let me know how interest rate is decided, XXXX XXXX Wed, XX/XX/XXXX, XXXX XXXX  ( 2 days ago ) to XXXX, me, XXXX, XXXX, XXXX Good Morning XXXX XXXX, Your SBA 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 SBA 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 SBA 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 SBA 504 program. Its been our pleasure to assist you with your closing! 







XXXX XXXX Marketing Officer & Assistant Vice President XXXX XXXX XXXX XXXX XXXX XXXX XXXX. 

Servicing businesses in Maryland, Virginia, Washington DC & West Virginia XXXX XXXX XXXX XXXX  '' Finally I had closing after passing 14 months. without releasing {$100000.00} additional collerteral. They blame each other for the reason whythe loan was so abnormally delayed.XXXX blocks my mails and doesn't answe even if I leaves return message. 
XXXX doest n't take my my call. Her Boss says she quitthe company this friday.

Company public response: Company has responded to the consumer and the CFPB and chooses not to provide a public response
Company response to consumer: Closed with explanation