Consumer complaint received 2025-03-08 00:00:00
Product: Mortgage — FHA mortgage
Issue: Closing on a mortgage — Trying to communicate with the company to fix an issue with the loan closing
Company: BEACON FINANCIAL CORPORATION
State: NY

Complaint narrative:
I listed a ranch home for sale in XXXX, NY. A buyer offered {$230000.00} on XX/XX/XXXX and asked for {$14000.00} sellers concessions. The buyer was using Berkshire Bank to obtain an FHA loan. Berkshire Bank sent a bank appraiser to assess the property on XX/XX/XXXX. His appraisal came back at {$220000.00}, listing the house as a Manufactured/Mobile home, not a modular. My realtor and I asked the XXXX to reconsider and provide evidence that the home was a mobile home. He stated he had not even seen a basement or crawl space. He also stated he lived in the area his whole life and saw that house be delivered. On XX/XX/XXXX, at approximately XXXX, he returned to the house and entered the crawl space under the house. He noted a steel beam in the basement and said that confirmed his ruling that the home was a trailer. We continued to object. 

With the appraisal notating the property as a Mobile/Manufactured home, the buyers offer could now only be {$200000.00} with taking {$14000.00} concessions. This was a {$19000.00} decrease from the original offer. The bank required documentation to secure the FHA loan for a Manufactured/mobile home. This documentation did not exist, because the home is NOT a mobile home. Without a HUD certification or serial number for the mobile home, the bank would not finance the loan. We secured the original building permit from XXXX, clearly stating the home was a stick built modular built and delivered from XXXX XXXX XXXX XXXX  This was not a biased opinion. It was a fact. The house is not a manufactured home. We submitted that documentation to Berkshire Bank and asked for the house to be reappraised using comps from other modular homes. 

The Bank stated the XXXX was not willing to do that. The appraisal remained. We submitted our documentation as concrete evidence that the original building permit stated the house was a modular home built by XXXX XXXX XXXX XXXX. The bank continued to refuse to change the appraisal. 

Several weeks passed at this point, causing immense stress for both the buyers and sellers. Our home was now tainted by the buyers believing they were buying a trailer. Our buyers eventually backed out of the contract, stating they were concerned that it was a mobile home, they were not willing to pay the {$230000.00}, and they did not have the documentation the bank needed to finance the purchase. 

We have now wasted close to XXXX weeks, and have to relist the house. This has caused emotional and severe financial stress as we try to sell our home. Berkshire Bank wrongly categorized our home as a Manufactured/Mobile home, and refused to do their due diligence to prove it was a mobile home. Instead, we spent money and time to prove it was in fact a modular home. Even with indisputable documentation that the home was modular, Berkshire Bank refused to acknowledge or accept our documentation proving it was a modular home and at the end of the day, cost us a {$230000.00} purchase offer while we continue to have to carry the house and relist on the market.

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