ComplaintsforBank of England Mortgage

• Initial Complaint

  08/03/2022

  Complaint Type:

  Customer Service Issues

  Status:

  Resolved

  More info

  I'm extremely unhappy with the loan application process and working with ********* ******. I was misled on several occasions as it pertains to my down payment and costs associated with this loan. On Monday, July 11, 2022 and via text, ********* said that he could get the loan approved with 20% down with a $275k purchase price (texts attached) and would see if he could get it approved for 15%. On Friday, July 15th, I was notified by my selling agent that the down payment had increased to 25% and I wasn't made aware of the change prior to ********* informing third parties instead of me, the consumer. On July 19, 2022, I was informed via text that the appraisal would cost approximately $650 but when I completed the form to order the appraisal, it said $485. In summary, this is the 2nd home that we tried to get while working with ********* and every time the price of the home changed, the down payment increased with excuses that he spoke with underwriting and they would only approve the loan with 25% down or more money down. I've now spent lots of money after being told that there would be no issues and to trust him, just to be informed that we've run into another roadblock. I feel like I'm being scammed out of money because I'm selling and buying a home at the same time. I'm scheduled to close on Thursday, August 11th and now need to come out of pocket with approximately $7,000 after being asked to put down 25%. Not fair after being told differently. I had my son put on the loan application to help make a positive difference and am still being shaded! This is unfair and unethical practices. Therefore, I'm giving you the opportunity to repair the damages that's been done before other avenues has to be taken. I recorded each telephone call with ********* and have a slew of text messages if you should need them to verify my allegations.

  Business response

  08/08/2022

  We at Bank of England Mortgage want each of our customers to have a positive experience while buying a home and we apologize that didn't happen in this case.

  The manager at the location where Mr. ****** was employed has spoken to the customer and reached a resolution on this matter. If there are any additional concerns or questions, please don't hesitate to contact us. 

  We hope that you'll consider Bank of England Mortgage for your future home loan needs. 

  Customer response

  08/13/2022

  
  Better Business Bureau:
  
  I have reviewed the response made by the business in reference to complaint ID ********, and find that this resolution is satisfactory to me.
  
  Sincerely,
  
  ***** *****

• Initial Complaint

  07/05/2022

  Complaint Type:

  Order Issues

  Status:

  Resolved

  More info

  I closed on my home 2/10/2022. Shortly after Bank of England sold my loan to Kentucky Housing corporation. They have yet to correct my credit report even though in their system they can see the account is inactive! Even after disputing it on all credit reports they still won’t remove it! I am showing I have two mortgages!

  Business response

  07/06/2022

  We at Bank of England Mortgage apologize for any inconvenience this credit reporting issue has caused. We strive to maintain accurate reporting on every account, but unfortunately sometimes problems arise.

  Our servicing department has looked into this and confirmed that the account is not active and submitted an update to reflect that. They advised that it could take a few days for that to process. If you have any other difficulties or questions, please reach out to [email protected] and we will gladly assist. Thank you for choosing Bank of England Mortgage to assist with financing your home purchase. 

  Customer response

  07/10/2022

  
  I have reviewed the response made by the business in reference to complaint ID ********, and find that this resolution is satisfactory to me.
  

• Initial Complaint

  06/06/2022

  Complaint Type:

  Service or Repair Issues

  Status:

  Answered

  More info

  It is a very long list, ***** ******* and ********* ******* refusing to communicate in a timely fashion, signing closing disclosures without having a final approval ultimately being told I was denied 36 hours before I was supposed to sign title papers, asking me to sign fraudulent paperwork, costing me thousands of dollars direct to the original home owner that didn’t count towards my mortgage. Forced to sell assets that didn’t need to be sold, to live in parking lots for two months because of pushed back dead lines. I have hundreds of emails and text messages between my realtor, *****, *********, and myself if more is required. I have attached one that shows they were pulling my credit even after my closing documents had been signed.

  Business response

  06/28/2022

  We regret that your experience was less than satisfactory, but after an investigation related to a similar complaint filed with the FDIC earlier in the year we did not find a lack of communication or negligence. The FDIC closed that complaint on 2/10/2022.

  Closing disclosures are issued in advance of a closing date as required by Federal law, but the issuance of those disclosures does not mean that a loan is fully approved as the lender continues to conduct verifications on your file. As part of those continued verifications and reviews, a secondary review by Underwriting and a loan committee indicated that an approval was not forthcoming due to several factors, including lack of stability with a new job. At that time, you were informed that we would not be able to provide the financing that was requested and it was indicated by you that you preferred to withdraw your application and proceed with a new lender. 

  At that point, our efforts to gain approval ceased and there was no additional activity related to your application. The area manager provided documentation from our loan file via email as requested and the FHA case information and appraisal were transferred to the new lender. 

  Ultimately, it is our goal to do our best to help consumers become homeowners in a professional and expedient manner. Some applications are more challenging than others, but we make every effort to make each one a success. While we were unable to assist you with the financing desired to purchase a home, we're glad that you found a lender who was able to make financing work for you. Again, we apologize that your experience with Bank of England Mortgage was not satisfactory. 

• Initial Complaint

  02/25/2022

  Complaint Type:

  Product Issues

  Status:

  Answered

  More info

  DO NOT do business with Bank of England BOEmortgage co. I was pre-approved for a purchase. first through Freedom mortgage, then again through Bank of England. both from loan originator ******* ********** I then was officially approved 2 months later Loan# XXXXXXXXXX. paid for the appraisal, appraisal came back with repairs needed. Paid for all the repairs, paid again and rec'd appraisal passed for FHA approval. paid and purchased the insurance with declaration pg good, under the impression from the underwriter that all stips were good and looking to close any day...all approved through the customer portal then no return phone calls, or emails. Talked to the head loan mngr ****** and still no definitive answer on what the hold up is. Had my credit pulled twice within a 20 day period which i thought only counts as 1 hard pull, clearly not... all I was told was ppl are getting fired, and or quitting. ppl are dropping the ball and I can only refer you to the supervisor. Over 6 months later, I rec'd an email out of the blue "congratulations, get started on my new loan" What is going on here? I would like the loan put through as formally approved that was guaranteed in the first place. Even the title company called them and myself to find out what is taking so long, papers have been drawn up for months now. all unnecessary and drawn out misery. time and money wasted!! for nothing

  Business response

  05/10/2022

  Business Response /* (1000, 12, 2022/05/02) */ After reviewing our records, the loan number that was provided doesn't match Bank of England (BOE) Mortgage conventions and we are unable to find a file with that number. BOE Mortgage doesn't have a preapproval program per Regulation C. We did find an application for Ms. *** that was taken 3/8/2020. It appears that the application was not going to be approved by BOE Mortgage and it was referred to Freedom Mortgage as part of a broker relationship that we have with them. Any approval that was granted on this application was by Freedom Mortgage. They are the ones who underwrote this file after it was brokered by us to them. Unfortunately, the employees that Ms. *** had spoken with are no longer employed by the bank. That location has closed. It is not our practice to require borrowers to pay for homeowner's insurance prior to closing nor to pay for repairs. We have no records of requiring Ms. *** to pay for either of these. As to removing the inquiries from credit, applying for a mortgage loan is a permissible purpose to pull credit and when we accessed your report, that will appear on your credit report. I apologize that your experience with the bank was not what you had expected, but based on our research, we don't see that any action is needed at this time.

• Initial Complaint

  01/19/2022

  Complaint Type:

  Service or Repair Issues

  Status:

  Answered

  More info

  I am trying to buy a house. I was assured by ****** my rep that this process can take as long as it needs to. Later they dropped the ball and took off the pre-approval against what they told me. I would like that pre-approval to be re-instated as your company made a mistake and I did let you know I would be actively searching for quite some time. Recently I replied letting them know they might have missed communications from me somewhere along the lines. Additionally, they would normally follow up with calls and emails if they needed input from me which they did not do. I have proof of my communications they say they did not receive. If this is not resolved I will push this further to the attorney general and dept of finance. It's only natural to expect a business to follow through with their commitments to their clients.

  Business response

  02/18/2022

  Business Response /* (1000, 8, 2022/02/10) */ We reached out to the branch that the customer has been working with and ****** advised that we did receive an application in April of 2021 and a preapproval was done at that time. The application was inadvertently closed due to incompleteness on December 22, 2021 and a notice was mailed to the customer advising of the action taken. The customer contacted ****** to ask about the notice and asked to have his application re-instated. We were unable to reopen the previous file so a new file was started for Mr. ********. At that time, we verified his information and pulled a new credit report since the old report had expired due to the length of time that had passed. We are able to provide an updated preapproval now. Based on what ****** indicated, she was in contact with Mr. ******** via email on January 28, 2022 and he was pleased to have his application re-instated and she assured him that she will make sure his application stays open as he continues to shop for a home. If there are any additional questions or concerns, please reach out to us at ******************@boemortgage.com so we can assist. We want to ensure that this has been fully resolved.

• Initial Complaint

  11/08/2021

  Complaint Type:

  Service or Repair Issues

  Status:

  Answered

  More info

  I am working with the bank of England to obtain a mortgage. I have been upfront and truthful about my situation from the start and I was told by the loan officer that everything looked good. I initially applied for an fha loan, but was then instructed to change to a conventional loan by said loan officer. I win a bid on a house and 2 days before closing, I am told that I do not qualify for a conventional loan. So we switched back to an FHA loan and waited/paid for a second appraisal. Our closing has now been pushed back for the 6th time because our loan officer keeps asking for more info and asking questions about other details that he has had access to for over a month. Each time, these "issues" come up 1 to 2 days before our set closing date.. We have left our jobs, transferred our children to different schools and currently paying $1000+ to live in hotels/airbnbs until we finally close. Everytime I tell the loan officer that I want to withdraw my loan request as this is getting ridiculous, I get told that I am going to close the following week and even sign documentation to state that, and always a day or two before closing, there is another issue that pops up. Again, this is all information that has been readily available to the lender since the beginning of this process almost 6 months ago! Finally, I get told that all they need is my last mortgage statement from the house I currently own and we are good to go. I send the statement. Now they are asking about deposits made into my account a month ago...they have had our bank statements with those same deposits for a month. Why is this just now being addressed the day before our closing? I am beyond frustrated the sellers are beyond frustrated. This has been one of the most stressful experiences of my life. As far as uploading documents there are so many supporting documents that it would take me ages to upload but can be provided when needed.

  Business response

  01/12/2022

  Business Response /* (1000, 10, 2022/01/05) */ Mrs. *********, please accept our sincere apologies for your frustration. There are many difficult pieces to this loan that unfortunately have to be resolved before a closing can take place. I have contacted your loan officer and his manager for further action. It is always our goal to get our borrowers to closing as quickly as possible and as required compliantly. Consumer Response /* (3000, 12, 2022/01/11) */ (The consumer indicated he/she DID NOT accept the response from the business.) I did finally close on my house. However the day of closing I am told that what is on the closing disclosure that I signed is different than what the actual monthly cost of the house would be, by $400 a month. We are told this as we are on our way to sign. And shockingly, our mortgage has been sold to another company before we could even make pur 1st payment. This business is shady and I would NEVER NEVER do business with them. Please read reviews before you decide on a mortgage company.

• Initial Complaint

  09/06/2021

  Complaint Type:

  Service or Repair Issues

  Status:

  Resolved

  More info

  Bank of England is my mortgage servicing company, and they've admitted to missing the initial tax payment on my property that was due at the time of closing. They told me they would correct this error months ago, but I am still receiving notices from the county that I have a delinquent tax balance. According to my phone records, I've tried to reach the company at least 4 times, and each time they assure me that it is taken care of. However, they have not taken care of it.

  Business response

  11/12/2021

  Business Response /* (1000, 14, 2021/11/10) */ Our servicing department has spoken to Mr *****. We also checked with the county and there's no outstanding delinquent taxes. Consumer Response /* (2000, 16, 2021/11/11) */ (The consumer indicated he/she ACCEPTED the response from the business.) This was handled after various attempts over a long period of time, but it was indeed handled eventually.

• Initial Complaint

  08/04/2021

  Complaint Type:

  Product Issues

  Status:

  Resolved

  More info

  Banks of England Mortgage and their representatives provided multiple approvals to our mortgage application and we were told that we would close on a loan well ahead of a contract deadline that would have dire financial consequences. Bank of England sent truth in lending and other legally required disclosures on three separate occasions indicating approved mortgage loan and providing for closing dates and related financial information however Bank of England never upheld the information sent via the disclosures. Bank of England misled us by holding themselves out as the direct lender of this mortgage when in truth Bank of England was acting as a middle man to another lender which was never disclosed to us. Bank of England overcharged us by thousands of dollars for appraisals that were never performed. Bank of England's lack of disclosure, consistently misleading business practices and statements has resulted in significant financial harm.

  Business response

  08/25/2021

  Consumer Response /* (2000, 8, 2021/08/24) */ Greetings. The business has rectified its issues with us and we can close this complaint. **** ******** XXX-XXX-XXXX Sent from my iPhone

• Initial Complaint

  07/20/2021

  Complaint Type:

  Service or Repair Issues

  Status:

  Answered

  More info

  I have been working with the BOE New York office for over 55 days now to close a mortgage application. We have had to push closing twice due to the closing disclosures and underwriting not being completed. We received conditional approval on June 18 and I received the first long list of underwriting conditions the first week of July 2021. We were to close originally on July 9th.I have had to reimburse the sellers for the extension and also had to put more funds in escrow. We are supposed to close this week but have yet to get clear to close. Everyday there are more requests from the underwriter and the communication is extremely poor between myself and the loan team. I check in in the morning to see if anything is needed and then at 5PM I will get an email asking for additional documentation. I need someone from the business to give me an answer on where we stand as I am currently living in a hotel waiting to close on this property. This entire experience has been a nightmare.

  Business response

  08/31/2021

  Business Response /* (1000, 12, 2021/08/23) */ Hello Mr. ********, A manager will be contacting you as soon as possible to address your concerns and needs. I apologize for your frustration and any inconvenience.

*Some consumers may elect to not publish the details of their complaints, some complaints may not meet BBB's standards for publication, or BBB may display a portion of complaints when a high volume is received for a particular business. ↩