Craig sent a message to Kelly S. King – Chairman and Chief Executive Officer of BBT Corporation – Email Address that said:
Dear Mr. King,
Name is Craig. My wife, Ifeoma and I started the loan process with BBT on June 24th. I am sorry to be writing to you, but my real estate agent and I have both tried the manager and Assistant VP of the Greensboro branch, where we are trying to secure our mortgage, and we have either received no response or no help.
The last several weeks have been nothing but a nightmare. We were through the mortgage paperwork and about 2 and a half weeks before we were supposed to go to closing, my wife’s name change came through. The name change process was started back in April and was supposed to take longer. Regardless of the name change, the mortgage process has turned into a disaster. Below is a chronological order of issues we have had with BBT:
When we gave all of the name change documents to Treva Johnson-Bartley, our mortgage broker, on July21st. We were told we would only need to fill out an addendum to the contract.
July 25 I emailed Treva to get her the Homeowner’s Insurance information and follow up on the name change addendum that was signed by my wife, myself, and the seller. We found out that she was out sick, so I followed up with Matthew Klessens, who was another person she put us in contact with. However, he was away on military leave and would be out until after our closing date of August 1. When I tried to get my paperwork to someone else in the office no one was a point of contact and we were less than 2 weeks away from closing.
July 27 I get an email from Treva asking for renewed disclosures for the name change.
July 28th Treva informs us that we would have to fill out the mortgage application documents all over again and we would not be ready to close on Wednesday, August 1st
August 2nd Treva runs the credit report (she had the name change information for 12 days and waited until the last day to run the credit check?) and says we would not be able to close on August 3rd because my wife did not have a credit report under her new name, so we move the closing date to August 15th.
August 10th, the paperwork still is not ready and we are going to miss the closing date on the 15th. I asked for a Letter of Denial, but Treva’s Manager Kevin denied my request.
You should also know that during this tumultuous experience I tried calling the Assistant VP of the branch where Treva works to try to get the paperwork pushed through and speed up the process to make the deadline. He did not even return my phone call. This has not just been an issue with him. Treva refused to talk to my real estate agent on the phone, which has been a huge delay and hindrance throughout the entire mortgage process. Also, she found out on the evening of the 10th that the Letter of Denial was not approved by her manager and did not email me immediately. I had to follow up with her the next day to find that out. I do not know what kind of business BBT runs with the lack of professionalism that I have encountered, but I am extremely dissatisfied with the service of your company.
To make matters worse, I am at risk of losing my deposit and any monetary damages the seller incurs if we do not make it to the closing date and/or I do not have a Letter of Denial from your bank. I was told what follows:
“Craig,
I was told yesterday that I could not deny this loan at this point , that it would have to be withdrawn if you wanted out right now. Kevin (manager) was talking with the underwriting manager, thus telling me that there is a contingency in your contract that gives you a 14 day grace period. Since there is still the chance that you could have a score populate anytime between now and then we can’t deny the loan.
Treva”
This is a gamble that will cost BBT nothing, but might cost me hundreds of thousands of dollars.
To protect myself and have a stronger understanding of the situation, I asked other lenders and their underwriters if my experience with my wife’s name change was typical. I was told that this is not typical and the loan should have been approved and ready to go on August 1st even with the name change.
We have already lost money due to extending our lease, changing all of our appointments, and missed work time. The bank has already cost me this loan and more than likely the house. At least let me escape liability and give me a Letter of Denial. Feel free to email or call me. I will also mail a copy of this letter.
Sincerely,
Craig
