Home Buying in Brooklyn>Question Details

Jennifer Val…, Renter in Queens, NY

I think my mom is being discriminated against by a particular bank that seems to have a history doing this..

Asked by Jennifer Valmon-Graciano, Queens, NY Thu Aug 23, 2012

few days prior to her closing her banker goes missing "vacation" a new banker picks up and asks for the same documents she already summited, they question things..ask for more documents...she must of submitted the same doc more than 3 times! what can she do????? SHE'S SET TO CLOSE TOMORROW!

Help the community by answering this question:

Answers

9
Jennifer,
Did you Mother get a clear to close from her lender? If not she is not closing tomorrow. Her lawyer would know from the bank's attorney when they are able to close.
Unfortunately it sounds like incompetency to me. Your mother's lawyer should contact that banker's supervisor to see what is going on.
0 votes Thank Flag Link Fri Aug 24, 2012
Getting your mom's loan closed in time seems like the first order of business. Complying with the bank's requests might be the quickest route to closing.

For discrimination issues, you can consult an attorney or go to the agency that regulates the bank with your complaint. Federally chartered banks are regulated by several institutions:

1. The Office of the Comptroller of the Currency.
2. The FDIC
3. The Federal Reserve Board.

State chartered banks fall under the Financial Institutions Department of your state.
0 votes Thank Flag Link Fri Aug 24, 2012
Dear Jennifer:

You need to call your lawyer post haste and have him or her earn their fee!! To me this does not sound like discrimination. Maybe the bank is incompetent or maybe there is some type of problem with your mothers qualifications that is making the bank think twice about lending.

Get your lawyer involved and if I can be of further assistance, please let me know. Good luck!

Sincerely,
Mitchell S. Feldman
Associate Broker/ Director of Sales
Madison Estates & Properties, Inc.
Office: (718) 645-1665/ Cell: (917) 805-0783
Email: MitchellSFeldman@aol.com
0 votes Thank Flag Link Fri Aug 24, 2012
Hey Jennifer,

Unfortunately, If its a large financial institution I dont think much will be done unless you can prove that they intentionally discriminated against your mom. If its a smaller company than the playing field changes althogethor. We have seen the treatment that the larger Banks get as oppose to the smaller guy the last several years.

Also, The lending business is totally out of whack and banks seem to pick and choose the deals they will entertain. But, as far resending documents this happens all the time with lenders and may not not be speific to your mom (Its the norm with Lenders)
0 votes Thank Flag Link Fri Aug 24, 2012
Your Mom should discuss the situation with her attorney, he/she can best advise.....
0 votes Thank Flag Link Fri Aug 24, 2012
Should I add after googling this bank...I read a similar situation with the same vacation story! Also this bank has law suits against them for discrimination in the past
0 votes Thank Flag Link Fri Aug 24, 2012
Hi Jennifer,

It's unclear if this is a case of discrimination of simply incompetence on the part of your mother bank. Unfortunately, this scenario in not all that unfamiliar and is fairly frequently seen.

Lenders seem to think, it's their game, their court, their ball, and their rules and place the public ina situation of either conforming or not. If your mother wants this transaction to close, it would be wise to either keep submitting what they request of tell them find the information previously submitted.

Good luck with your closing....let's hope that the lender will come through and locate all of the missing docs.

Good luck,

Bill
0 votes Thank Flag Link Fri Aug 24, 2012
Good morning Jennifer,

Keep a record of a ll the documents you have sent the bank. Where is your attorney during all this and what is he/she doing? Your attorney is your fron line with the bank at the closing. This is the person that should have all your documents prepared an ready for closing.
0 votes Thank Flag Link Fri Aug 24, 2012
Well, while it is possible that she may be a victim of some sort of discrimination, it might just be a case of people who don't know or do their jobs all that well. It sounds like your original banker left in such a hurry he/she didn't properly bring up to speed your second banker who took over the file. Also, often times banks and large institutions the such, lose paperwork all the time. Things go missing, get lost in faxes and mailboxes and sometimes never make it to the right hands.

What I would recommend is to always have some sort of receipt for documentation that you send out, whether via mail, email or fax, you should always have a way of proving that you sent whatever it was that was asked of you and who received it. If she's set to close tomorrow, have her bring every single little thing that she could possibly think she might need to close, just in case something is needed at the table but other than that, let the deal close and move on. In the future, choose your banking institution and who you use for such important things very wisely. Hope this helps!
0 votes Thank Flag Link Thu Aug 23, 2012
Thank you! btw, I read a complaint about the same bank and they mentioned that another banker did the same thing...went on vacation..paper work missing...not returning phone call. Its a total disgrace!
Flag Thu Aug 23, 2012
Search Advice
Ask our community a question
Email me when…

Learn more

Copyright © 2016 Trulia, Inc. All rights reserved.   |  
Have a question? Visit our Help Center to find the answer