Bank of the James

Review: We applied for a VA loan with BTJ Mortage in [redacted]. From the beginning this seemed amiss. I had to supply everything to [redacted] (loan originator) and his intake assistant not once but twice because no one could find my loan documents. During the entire loan process I had constantly call to get updates on my loan. The loan intake person blamed it on the originator and then the originator told me to copy him on everything I sent to her blah blah blah....this entire process was a train wreck from the get go. Eventually, we, our realtor, and the seller's realtor were informed that we had an automated underwriting approval and were scheduled to close by March 4, 2016. Then a few days later the processor called and needed a few more pieces of info which I had to finally go into their office and get on their personal laptop to print up because they claim the statements I had sent them were illegible. Then a few days before close, we were informed that they needed my first paystub to close. Closing was now going to be March 11,2018. Ok fine, we understand. During the whole process, we and the realtor had to call, email and text to get any information from [redacted] who is in charge of this loan. Long story short, now we had to wait until March 18, to close because the loan had gone into suspension. By this time, I have contacted [redacted] who is the VP of the Mortgage division. He assured me this is not the way Bank of the James operates and he would follow up. In the mean time we are living in the home we are supposed to already have closed on. The owners have agreed to let us stay in the home for 50.00 a day until closing. This started on March 18, 2016. I was informed by [redacted] that Bank of the James would cover the rent until closing. On March 16, 2016, two days before closing, I had to contact [redacted] and of course could not reach him so I had to send him an email. I was checking in to make sure we were good to close on the 18th. He calls back late in the evening on March 17 and says the loan has been denied. How convenient since BTJM was going to cover our rent. Needless to say, this has turned not only my family's life upside down, but the owner's of this home as well. If [redacted] could not process the loan, he should have told us in the beginning. He told us the loan was denied due to a bankruptcy in 2009 and a late payment on a credit card which was paid off. We have bought and sold two homes since the bankruptcy and have paid off all credit cards. I would not want ANYONE to go through what we went through. As of right now, we are in a month to month lease with the owner's and are trying to work this out. We are having to use all of our savings to rent this home for a much higher price than the mortgage would have been. We are also out 450.00 for the appraisal and 475.00 for the home inspection.Desired Settlement: Refund:

450.00-VA Appraisal Fee

275.00-Home Inspection Fee

3600.00-Three Months Rent

Business

Response:

Bank of the James is in receipt of the complaint filed with the Revdex.com of Western Virginia on March 20, 2016 by [redacted] This complaint is related to a mortgage loan application submitted to Bank of the James Mortgage Division in January 2016 through Mr. [redacted], a registered Mortgage Loan Originator.Mr. and Mrs. [redacted] have expressed their dissatisfaction with the mortgage loan process, and more specifically, the mortgage loan originator, Mr., [redacted]. Without disclosing personal and private customer information with a third party, Bank of the James informs you and confirms that it has responded to the customer’s concerns under separate written cover. In addition, Mr. [redacted], President of Bank of the James Mortgage Division, and Mr. [redacted]’ direct supervisor, has personally contacted the customers to discuss their complaint and to respond to their stated and desired settlement for a refund of $450.00 for the VA Appraisal Fee, $275.00 for the Home Inspection Fee, and $3,600.00 for three months’ rent. Bank of the James does agree that a better line of communication between the customers and [redacted], the mortgage loan originator should have occurred. But the Bank of the James denies that there were any improprieties or violations of applicable laws or regulations. In any event, Bank of the James has apologized to Mr. and Mrs. [redacted] for the lack of communication and apparent confusion, and the Bank of the James has agreed to pay a monetary settlement to Mr. and Mrs. [redacted] in acknowledgement of their inconvenience.This matter has been amicably settled between Bank of the James and Mr. and Mrs. [redacted] No further communications to The Revdex.com of Western Virginia is warranted at this time. Sincerely, [redacted] Compliance OfficerCc: [redacted]

Consumer

Response:

I have reviewed the response made by the business in reference to complaint ID [redacted], and find that this resolution would be satisfactory to me. I will wait for the business to perform this action and, if it does, will consider this complaint resolved.

Regards,