Mortgage -- Applying for a mortgage or refinancing an existing mortgage -- Complaint #8403593
Complaint Overview
Complaint ID: 8403593
Company: M&T Bank Corporation
Product: Mortgage
Sub-Product: Conventional home mortgage
Issue: Applying for a mortgage or refinancing an existing mortgage
Sub-Issue: Negative impact of inaccurate appraisal
State: New York
ZIP Code: 13820
Date Received: 2024-02-22T12:00:00-05:00
Date Sent to Company: 2024-02-22T12:00:00-05:00
Company Response: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Submitted Via: Web
Consumer Narrative
I had started a loan Application with M & T Bank on XX/XX/23. On this date, I had spoken with XXXX XXXX, a mortgage officer at M & T. On the very first call, within the first few minutes I had mentioned the house NEEDED a roof and asked if this would be able to be tied into the mortgage, he said he's not sure and we'll see what we can do. By the end of this ~hour long call, after I've given him all of my information I can, I follow up on the roof. He responds " what roof '' ... The first sign of issues. He ends up saying that we can see what we can do, and that we can move forward for now. I had given all of my financial information, bank accounts, active payments, loans, etc. From the start XXXX had misconstrued this information, however I did not find this out until later down the line. At this point XXXX told me I should go forward with getting an inspection for the house, and I had scheduled with a third party to get this done. Over the next few weeks, the roof was a topic of discussion I kept bringing up, as I knew it was a major part of the decision for them to approve the mortgage. Through the entire process he kept just reassuring me that " we'll figure it out ''. At this point I had gotten to underwriting. While working with them he had reached out to me to get some clarification on my income and other information, and at this point I found out he was " crossing off '' my car payment since the beginning, and that was inflating the view of what I could afford. Additionally, while it was at underwriting, i was mistakenly sent a message by XXXX that was meant to be internal to M & T, and it stated that the " {$5000.00} grant '' was not eligible, and that the bank would have to " cure '' it. Once again, showing that XXXX was not following due diligence for this process. Overall it is my strong belief that if XXXX had appropriately reviewed my information and the situation, and that if the team at M & T actually reviewed these calls and processes, that it would be seen that I should have never been told to move forward with inspection, as the house would not have fit within the DTI ratio from the start. The manager I have spoken to that was reviewing my case did not know what I was referring to when we discussed it, showing that he had not efficiently reviewed my case, and only referenced it not being something they would refund as it's a " third party expense ''.
Frequently Asked Questions
What is Complaint #8403593 about?
Complaint #8403593 was filed against M&T Bank Corporation regarding Mortgage specifically about Applying for a mortgage or refinancing an existing mortgage. It was received by the CFPB on 2024-02-22T12:00:00-05:00.
How did M&T Bank Corporation 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 M&T Bank Corporation?
Yes, visit the M&T Bank Corporation company profile at readthecomplaint.com/company/m-t-bank-corporation 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.