Mortgage -- Closing on a mortgage -- Complaint #5393008
Complaint Overview
Complaint ID: 5393008
Company: People'S United Bank, National Association
Product: Mortgage
Sub-Product: Conventional home mortgage
Issue: Closing on a mortgage
State: Vermont
ZIP Code: XXXXX
Date Received: 2022-03-31T12:00:00-05:00
Date Sent to Company: 2022-03-31T12:00:00-05:00
Company Response: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Submitted Via: Web
Consumer Narrative
We applied for a mortgage with People 's United Bank in XX/XX/2022. We have a loan commitment letter from them dated XX/XX/2022 offering us a 30 year mortgage with 3.875 % interest for a loan amount of {$280000.00}. The property in question is a seasonal property ( we were very clear when we applied for the mortgage that the property is a seasonal property ). The loan/sale was supposed to close XX/XX/2022. There have been innumerable delays because the bank would not provide us with information regarding who they would approve to do a title search and manage the closing ( We gave them innumerable names of reputable local attorneys and they declined those attorneys. At one point they accepted a name, but did not provide the information to the local attorney, and this led to significant delay since the local attorney was not able to do the work ). Eventually they determined they would use an out of state title company to do the work, but because of that companies delays we were notified that they would not close the loan on time. ( It should be noted that throughout this process we have always provided all information that they requested promptly ). They then attempted to charge us additional fees to extend the mortgage rate ( given that the only reason the closing will not happen on time is their own delays, this did not seem reasonable to us ( they have subsequently changed their mind on this, but it has left us feeling that we can not trust this bank to follow through with what it has agreed upon ). Today ( XX/XX/XXXX ) we received a disclosure to sign indicating that the bank was changing the terms and instead of the mortgage they agreed to in XXXX, they will now give us a loan of {$200000.00} at an interest rate of 4.0 %. It should be noted that the purchase price of the property is {$400000.00}, the appraised value was {$450000.00}. They are now saying they made a mistake and offered us the wrong product. It should be noted we were very clear about the type of property we were looking for a mortgage for in the beginning. It should also be noted that there was no attempt to reach out to us to explain this ( it was our phone call to them that produced this information ), they simply sent us a new set of disclosures to sign ( one day before the day when the sale should have gone through ). We can provide copies of documents and/or additional details as needed.
Frequently Asked Questions
What is Complaint #5393008 about?
Complaint #5393008 was filed against People'S United Bank, National Association regarding Mortgage specifically about Closing on a mortgage. It was received by the CFPB on 2022-03-31T12:00:00-05:00.
How did People'S United Bank, National Association respond to this complaint?
The company responded with: "Closed with explanation". The response was timely.
What is the risk level of this complaint?
See the risk assessment section for details on this complaint's risk profile.
How do I file a similar complaint?
You can file a complaint with the CFPB at consumerfinance.gov/complaint. Select the appropriate product category (Mortgage) and describe your issue in detail.
Can I see other complaints against People'S United Bank, National Association?
Yes, visit the People'S United Bank, National Association company profile at readthecomplaint.com/company/people-s-united-bank-national-association to see all complaints, risk scores, and analysis.
Disclaimer
This analysis is AI-generated based on publicly available CFPB complaint data. It does not constitute financial or legal advice.