Date Received: 2022-07-18
Issue: Applying for a mortgage or refinancing an existing mortgage
Subissue:
Consumer Complaint: I am XXXX XXXX, a member of XXXX XXXX XXXX About XXXX XXXX Program Loan number XXXX I purchased a building located at XXXX XXXX XXXX, XXXX XXXX, MD XXXXUmder M & T Bank control XXXX M & T made 50 % of bridge loan for temperally applying for XXXX XXXX loan XXXX M & T bank agent XXXX XXXX has selected the XXXX XXXX XXXX as a XXXX XXXX loan application agency. XXXX XXXX was in charge of applying for this loan from the XXXX XXXX XXXX responsible for this XXXX XXXX loan application. M & T agen XXXX XXXX say that the interest rate is 2.90 % and it will take about 60 days. At first, everything was goig smoothly. " From : XXXX XXXX Sent : Thursday, XX/XX/XXXX XXXX XXXX To : XXXX ; XXXX, XXXX XXXX Subject : RE : XXXX XXXX Closing Checklist Good Afternoon, I wanted to follow up on the checklist items below. Please forward them as soon as possible so we can make the next bond sale which is XX/XX/XXXX. IN order to make that we need these items as soon as possible because we would need to close by the first week or two of XXXX. The insurance will take time to get. Thank you, XXXX '' Suddenly XXXX asked M & T bank to cancel the additional collateral at that M & T bank has. Any it was repeately delayed and delayed. Everytime whenever I ask XXXX XXXX whwn I am closing, He tolad me not to worry that it will happenson and Interest rate is fixed he said I will never loose any money. XXXX XXXX from M & T Bank and XXXX XXXX, from both sides, there was no mention of financila damages of this loan procedure was delayed. Finally I received XXXX approval. " XXXX XXXX XXXX Attachments Tue, XXXX XXXX, XXXX XXXX to XXXX, me Good Afternoon, Attached are copies of the loan documents for your review. You do not need to sign these documents as we have sent signed documents to the title company for closing tomorrow. These are for review only. If you have any questions, please let me know. These documents can not be changed as they are XXXX approved loan documents. '' So asked for a three-way meeting. As a person who asks for a three-party meeting, I need a convincing explanation. The reason why the XXXX loan closing has been delayed for more than a year from M & T explanation is completely different from What XXXX explained below. XXXX 's explanation is what I've been constantly hearing. M & T kept insisting that an issue with the bank taking the additional collateral was not a reason why the XXXX loan closing has been delayed.until today. I checked all the emails I received from M & T over the past year and there was no mention of additional collateral. M & T keeps saying they don't know the reason why it has been delayed. XXXX doesn't even know the reason. He says He need to ask XXXX after closing why it takes so long. If I shorten a long story, M & T has been saying that the once signed interest rate never changes every time I say I'm worried that the interest rate rate will rise if it's delayed like this. Now they say I should get a new interest rate raised. I want to check if there was any messing during our conversation last year. '' XXXX XXXX explaination " We were not able to close until all due diligence items were received. There was an issue with the bank taking the additional collateral. We were waiting to see if they were going to release it when we pay them down. Once we were aware that they were not, we needed to take it as well. The bank can not have a preference. The XXXX turnaround times were running about 30 days for approvals. As soon as we got the approval we closed. The rates are determined on the bond sale date, which is usually 45-60 days following your closing. Once your loan documents are recorded, we will be able to submit the file to XXXX for their approval on the funding. I will let you know your rate and payment information once it becomes available. Thank you, XXXX '' Finally I was funded with with a loan of absured numbers. It's over {$100000.00} financial damage. What's even more amazing is that they got XXXX Approval without releasing additional {$100000.00} Collertial saving even though they keep inisting that The bank can not have a preference. How about a matter your client 's interest? From : XXXX XXXX XXXX Sent : Wednesday, XX/XX/XXXX XXXX XXXX To : XXXX, XXXX XXXX ; XXXX XXXX XXXX Cc : XXXX XXXX XXXX ; XXXX XXXX XXXX ; XXXX XXXX XXXX Subject : XXXX XXXX Loan Payment and Rate Information " Good Morning XXXX XXXX, Your XXXX loan funded in todays bond sale ( XX/XX/XXXX ), and Im sending you the rate and payment information. The effective full term rate is 5.299 %. Your monthly loan payment of {$5300.00}. Your loan will now become part of the CARES Act Debt Relief Program, in which the XXXX makes payments on your behalf for three months. From XX/XX/XXXX, to XX/XX/XXXX, you will not need to make a payment on the XXXX portion of the loan. Your automatic debit will be activated on XX/XX/XXXX, and your regular payments will be deducted in accordance with your Amortization Schedule. Payments to the XXXX XXXX XXXX XXXX M & T Bank, are not included in the Debt Relief Program so you will continue to make payments as usual, unless you have made other arrangements with the bank. A few additional items : You will soon receive a small refund check from XXXX XXXX, the XXXX XXXX XXXX, that represents the rounding dollars in the loan. Within the next few days, our Loan Closing Assistant, XXXX XXXX, will send the Conformed Note along with your regular Amortization and Prepayment Schedules. Your loan will now be managed by our Servicing Team. They will contact you directly for an introduction. If you have any questions, please feel free to contact me. Thank you for using the XXXX XXXX program. Its been our pleasure to assist you with your closing! " To be abusured, Additionally, At 50 % of XXXX XXXX for temporally 1 year waiting for XXXX XXXX. As of XX/XX/XXXX, M & T Charged {$38000.00} late charge. They blame each other for the reason why the loan was so abnormally delayed. XXXX blocks my mails and doesn't answer even if I leave return message. XXXX doesnt take my call. Her Boss says she quit the company this Friday. They have caused a huge loss to me. Nevertheless, they didnt give me a detailes explanation of reason for damage and no effort to recover my loss even though I asked many times. Whats more, these guys are trying to completely ignore and deceive your client. So I asked CFPB to investigate this total negligence and misrepresentation.
Company Response: Company has responded to the consumer and the CFPB and chooses not to provide a public response
State: MD
Zip: 20740
Submitted Via: Web
Date Sent: 2022-08-16
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2022-07-18
Issue: Opening an account
Subissue: Didn't receive terms that were advertised
Consumer Complaint: I created an M & T XXXX XXXX Checking with Interest Account online on XX/XX/2022, with a {$250.00} cash bonus code. Before the bonus was applied, the M & T website confirmed I was eligible for the zip code where I resided. The terms of the offer stipulated the {$250.00} bonus, would be paid out, within 90 days of a {$500.00} direct deposit posting to the account. A direct deposit over the {$500.00} requirement was posted on XX/XX/2022. I called M & T bank customer service on XX/XX/XXXX to confirm that I would receive the bonus and that the requirements had been met. The representative stated I had met the requirements and would receive the {$250.00} cash bonus within the stated 90 days, call reference number is XXXX. I called back today on XX/XX/2022, call reference number XXXX, and the customer service representative stated I would not be eligible for the bonus of {$250.00}, even though I had successfully opened my account with the bonus. In summary : In XXXX, I opened an M & T checking account with a {$250.00} cash bonus code. I verified the location I lived in was eligible for the bonus at the time of account opening. I fulfilled the direct deposit requirement on XX/XX/XXXX and confirmed with M & T of fulfilling the requirements on XX/XX/XXXX. Now on XX/XX/XXXX, M & T states I am no longer eligible for the bonus.
Company Response: Company has responded to the consumer and the CFPB and chooses not to provide a public response
State: NY
Zip: 11374
Submitted Via: Web
Date Sent: 2022-07-18
Company Response to Consumer: Closed with monetary relief
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2022-07-16
Issue: Closing on a mortgage
Subissue:
Consumer Complaint: I purchase a builing located at XXXX XXXX XXXX, XXXX XXXX, MD XXXX. There are Loans from M & T Bankfor Term Loan in the coverage amount {$760000.00} and XXXX XXXX in the principal amount of {$760000.00} dated feeective as of XX/XX/XXXX. At 50 % of XXXX XXXX for temperally for SBA LOan. Before the closing, Suddenly M & T asked me to {$100.00}, XXXX Saving as additional collateral. When I asked same additional collateral? XXXX XXXX who is M & T Vice president said No, it doesn't matter anything other than SBA Loan.. interest rate will be 2.9 %. " XXXX XXXX was a contact person For 504 SBA Loan. Marketing Officer & Assistant Vice President XXXX XXXX XXXX XXXX XXXX XXXX XXXX. Servicing businesses in Maryland, Virginia, Washington DC & West Virginia XXXX XXXX XXXX, XXXX XXXX, XXXX, VA XXXX XXXX XXXX Fax XXXX XXXX XXXX Click here to securely upload files. XXXX XXXX XXXX XX/XX/XXXX, XXXX XXXX to XXXX, XXXX Good Afternoon, I wanted to follow up on the checklist items below. Please forward them as soon as possible so we can make the next bond sale which is XX/XX/XXXX. IN order to make that we need these items as soon as possible because we would need to close by the first week or two of XXXX. The insurance will take time to get. Thank you, XXXX '' Suddenly She she took out problem with additional collateral and ask M & T to release the collateral ( {$100.00}, XXXX Saving. they were keep talking abou releasing the additional collatera, as a result of it, l We couldn't finsih it and time went by. Whenever I asked XXXX XXXX, M & T agent, he contionued to say that it had nothing to dowith the additional collateral. He doesn't know the reason, No reason to delay. XXXX XXXX XXXX XXXX " " On Tue, XX/XX/XXXX at XXXX XXXX XXXX XXXX XXXX wrote : XXXX XXXX, We were not able to close until all due diligence items were received. There was an issue with the bank taking the additional collateral. We were waiting to see if they were going to release it when we pay them down. Once we were aware that they were not, we needed to take it as well. The bank can not have a preference. The SBA turnaround times were running about 30 days for approvals. As soon as we got the approval we closed. The rates are determined on the bond sale date, which is usually 45-60 days following your closing. Once your loan documents are recorded, we will be able to submit the file to SBA for their approval on the funding. I will let you know your rate and payment information once it becomes available. Thank you, XXXX XXXX : XXXX XXXX XXXX Sent : Monday, XX/XX/XXXX XXXX XXXX To : XXXX XXXX XXXX Subject : Re : SBA loan This is XXXXXXXX XXXX XXXXXXXX XXXX. I ask a question because I'm really curious. About My SBA Loan processing, It has been taking almost 12 months. Maybe it will take more time.Please let me know why we couldn't finish for the last 12 months even though related documents were submitted quickly. Now Interest rates keep going up, Please also let me know how interest rate is decided, XXXX XXXX Wed, XX/XX/XXXX, XXXX XXXX ( 2 days ago ) to XXXX, me, XXXX, XXXX, XXXX Good Morning XXXX XXXX, Your SBA loan funded in todays bond sale ( XX/XX/XXXX ), and Im sending you the rate and payment information. The effective full term rate is 5.299 %. Your monthly loan payment of {$5300.00}. Your loan will now become part of the CARES Act Debt Relief Program, in which the SBA makes payments on your behalf for three months. From XX/XX/XXXX, to XX/XX/XXXX, you will not need to make a payment on the SBA portion of the loan. Your automatic debit will be activated on XX/XX/XXXX, and your regular payments will be deducted in accordance with your Amortization Schedule. Payments to the XXXX XXXX XXXX XXXX M & T Bank, are not included in the Debt Relief Program so you will continue to make payments as usual, unless you have made other arrangements with the bank. A few additional items : You will soon receive a small refund check from XXXX XXXX, the XXXX XXXX XXXX, that represents the rounding dollars in the loan. Within the next few days, our Loan Closing Assistant, XXXX XXXX, will send the Conformed Note along with your regular Amortization and Prepayment Schedules. Your loan will now be managed by our Servicing Team. They will contact you directly for an introduction. If you have any questions, please feel free to contact me. Thank you for using the SBA 504 program. Its been our pleasure to assist you with your closing! XXXX XXXX Marketing Officer & Assistant Vice President XXXX XXXX XXXX XXXX XXXX XXXX XXXX. Servicing businesses in Maryland, Virginia, Washington DC & West Virginia XXXX XXXX XXXX XXXX '' Finally I had closing after passing 14 months. without releasing {$100000.00} additional collerteral. They blame each other for the reason whythe loan was so abnormally delayed.XXXX blocks my mails and doesn't answe even if I leaves return message. XXXX doest n't take my my call. Her Boss says she quitthe company this friday.
Company Response: Company has responded to the consumer and the CFPB and chooses not to provide a public response
State: MD
Zip: 20740
Submitted Via: Web
Date Sent: 2022-07-16
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2022-07-13
Issue: Managing an account
Subissue: Deposits and withdrawals
Consumer Complaint: I did attempt to open a checking account with M & T bank. But I later cancelled it due to its terms. However, months later, I received scam text messages from XXXX with the following request : " [ M & T_XXXX ]. Your XXXX XXXX is currently overdraft - {$190.00}. To review and cancel debit request, visit XXXX XXXX XXXX immediately. '' I did not respond to the request for payment. I did not access the scam link.
Company Response: Company has responded to the consumer and the CFPB and chooses not to provide a public response
State: MD
Zip: XXXXX
Submitted Via: Web
Date Sent: 2022-07-13
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2022-07-12
Issue: Problem with a credit reporting company's investigation into an existing problem
Subissue: Their investigation did not fix an error on your report
Consumer Complaint: I discovered that some of the information on my credit report was incorrect when I reviewed it. Sections 609 ( a ) ( 1 ) ( A ) and 611 ( a ) ( 1 ) require the 3 credit bureaus to validate these accounts ( A ). It is not permissible to fail to validate this reporting account as unverified information without providing any proof within the time frame specified by law. My credit report includes the erroneous information that needs to be investigated and corrected : M & T BANK XXXX Late Dates XXXX
Company Response: Company has responded to the consumer and the CFPB and chooses not to provide a public response
State: CA
Zip: 90501
Submitted Via: Web
Date Sent: 2022-07-12
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2022-07-12
Issue: Problem with a credit reporting company's investigation into an existing problem
Subissue: Their investigation did not fix an error on your report
Consumer Complaint: Regardless of the previous written request, the unverified account listed below is still reporting on my credit report in violation of federal law. The XXXX Credit Bureau failed to comply with the Fair Credit Reporting Act, 15 USC sections 1681i within the time declared by law and continued reporting of unconfirmed information which now, given my attempt to address it directly with the creditor, as willful negligence and non-compliance with federal statutes. Please correct the account completely from my Credit Reports : M & T BANK XXXX Late Dates XXXX
Company Response: Company has responded to the consumer and the CFPB and chooses not to provide a public response
State: CA
Zip: 90501
Submitted Via: Web
Date Sent: 2022-07-12
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2022-07-10
Issue: Attempts to collect debt not owed
Subissue: Debt is not yours
Consumer Complaint: Dear CFPB, I really need help to address this inaccuracies on my credit report which is tarnishing my reputation and stopping me to establish a good credit. I have sent a dsipute to credit bureaus but I was not able to receive a good response. MTBANKES XXXX
Company Response: Company has responded to the consumer and the CFPB and chooses not to provide a public response
State: NJ
Zip: 07047
Submitted Via: Web
Date Sent: 2022-07-10
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2022-07-10
Issue: Other features, terms, or problems
Subissue: Problem with cash advances
Consumer Complaint: on XXXX XXXX Someone took cash advance off my credit card XXXX plus cash advance fees XXXX in XXXX XXXX XXXX XXXX XXXX XXXX I was not in XXXX XXXX on this date I live in XXXX and was home during this time. The next day on later on this day not sure I wanted to use my card and it was denied I called and ask why the credit card people said there was suspicious activity on card and we cut it off was it you I said no it was not me Im in XXXX They said we will send a new card out! Then I get the bill for these charges XXXX cash advance charges and fees I call I dispute these charges they said they investigate within 4 days they denied it said I had card still in my possession I said but I didnt do it they said a card with my pin was used I said I read in XXXX skimmers are being found with cameras on them that is how peoples pin stolen they still denied it. Now weeks before this happen I was in XXXX visited a friend used atm at a XXXX XXXXtore ATM outside to get cash but his was weeks before maybe a month no where near this XXXX XXXX area on this date. I am a honest man I would not say it was not me if it was What M & T credit is calling me is a XXXX and XXXX and I won ; t stand by for this I did not do this!!! Im so upset I dont know how this happen I would never go into this high crime area and withdraw cash I sent them police report # and my GPS info and still they denied said i have to pay I cant do this on fix income and I cant because i did not do this!!!
Company Response: Company has responded to the consumer and the CFPB and chooses not to provide a public response
State: PA
Zip: 173XX
Submitted Via: Web
Date Sent: 2022-07-22
Company Response to Consumer: Closed with monetary relief
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2022-07-11
Issue: Managing an account
Subissue: Problem using a debit or ATM card
Consumer Complaint: Please expedite, I possibly sent to wrong agency. Please investigate if possible scam/fraud. See below Thank you
Company Response: Company has responded to the consumer and the CFPB and chooses not to provide a public response
State: NY
Zip: 12203
Submitted Via: Web
Date Sent: 2022-07-11
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2022-07-08
Issue: Opening an account
Subissue: Account opened as a result of fraud
Consumer Complaint: Only XXXX XXXX I received two debit cards in my name to my home address which I didnt open myself. I went to the bank and see and it turned out to be a result of someone taking my SSN, address, birthday, and all other personal information. I filed a police report XX/XX/2022 and also submitted an Identity Theft Victims Complaint to the company. The company has since closed both of those accounts but I received a notification today on my security apart app that they were seeking more information about me today online.
Company Response: Company has responded to the consumer and the CFPB and chooses not to provide a public response
State: NY
Zip: 10956
Submitted Via: Web
Date Sent: 2022-07-08
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A