Consumer complaint received 2022-09-14 00:00:00
Product: Mortgage — Conventional home mortgage
Issue: Applying for a mortgage or refinancing an existing mortgage — 
Company: MUFG AMERICAS HOLDINGS CORPORATION
State: CA

Complaint narrative:
I have recently been scammed/defrauded by a Union Bank Loan officer/employee in the amount of {$280000.00}. Union Bank has acted negligent in this matter and is vicariously responsible for the fraudulent actions of their employee, XXXX XXXX XXXX. Around XX/XX/XXXX I called Union Bank for a Mortgage loan on a loan for a condo in XXXX. The condo was part of a new community project that was underdevelopment. I was put in touch with XXXX XXXX, aka XXXX XXXX. XXXX XXXX proceeded to gather many supporting documents including bank statements, tax returns, financial assets, etc.. in preparation for my loan. She assured me that I would be receiving a fixed rate of 3 % for a 30 years term. The rate would be fixed for 60 days with an extension if needed for construction delays. During that time, XXXX convinced me to invest in Roth IRA, Sep IRA and also in a short term investment with XXXX XXXX DBA XXXX XXXX. I expressed to XXXX that I was not interested in investing but she assured me that the money with XXXX investment was not a true investment as it would only be in that account for 60 days but the interest would strengthen the loan application by showing more reserves. Since XXXX worked as a loan officer at a major bank I trusted her and thought she was guiding me in the right direction. XXXX was in weekly communication with the sales office for the community getting updates. Sometime in XXXX of XXXX, XXXX told me that since the community is not having enough sales my loan would not get approved. I was worried as I had a placed a deposit of {$82000.00} as earnest money. I then requested a denial letter from XXXX so that I could submit to the sales office for the return of my money. on the evening of XX/XX/XXXX XXXX emails me a denial letter that seemed to have come from Union Bank, however some of the information on the letter seemed questionable. On XX/XX/XXXX, I called the XXXX Bank for an explanation, after many hours of waiting I was able to speak to XXXX 's former manager. At that time, I was informed that XXXX had been terminated from the bank XX/XX/XXXX. I was never informed by the bank of her termination. The only form of telephonic communication with XXXX was a cell phone which still remains active. XXXX 's Union Bank email address was never deactivated.Had the email address been deactivated either myself, my real estate agent, members of the sales office and all of the escrow team would have been alerted. Union Bank claims that they called and sent me an email but upon checking with the manager it became clear that my email was inputted incorrectly on that file. Union bank also informed me that I had two loan numbers with One files having my correct contact information, however, it seems that Union Bank did not attempt to contact me using my info from both files. According to the manager, he used the contact info from the incorrect file to reach out to me. The manager also states that my loan was declined in XXXX of XXXX for being incomplete. XXXX XXXX had gathered many financial documents from me, however, it seems that she never provided them for my loan approval. XXXX XXXX also has two other fraud claims against her that are on going. XXXX got served for one of those fraud claims at Union Bank in XXXX of XXXX. XXXX also has a history of a criminal past at the previous bank which resulted in her termination from that bank. Union Bank acted negligently, hired a criminal as an employee in a financial institution. Union Bank is responsible for the damages caused by their former employee, XXXX XXXX. Union bank also ran my credit report in XXXX of XXXX without my Knowledge and consent. Union Bank has behaved negligent in this situation and did not take proper steps in protecting me, as their client. They should have performed a proper background check. They were negligent in taking necessary steps in alerting me of XXXX 's termination.

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 non-monetary relief