How to complain or hold a lender accountable?

Communication is paramount when trying to finance a new purchase... and it sounds like the lender is not relaying all the information.. But he also might not be able to because of disclosure laws... I will say that in this current lending environment, the lenders are very, very cautious about borrowers, and every scenario is different, which makes smooth transactions a thing of the past.. Although 30 day closings are still possible, it's only possible if there are no glitches... we ask our realtors to allow 45 days for closing, and we will most always meet this deadline, but we have had a few go over 45 days.. your scenario had 2 holidays in the middle of your closing, so that will put things back a bit.. my suggestion is to have your realtor contact the buyers lender and get a detailed report of where exactly in the underwriting process your buyers are in.. are they approved with conditions?? Have the conditions been submitted to the underwriter? what are the current turn times for the conditions to be reviewed and cleared?? etc.. It is a bit disheartening that the lender has scheduled closings 3 times and have yet to produce the loan doc's.. when a borrower is lining up movers and scheduling utilities, it's very inconvenient when the lender doesn't hold true to his dates.. however, I'm not sure there's anything that can be done.. you can complain to his manager, and it's possible they might issue an additional credit at closing, but no guarantees there... I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. 480-287-5714 WilliamAcres.com

I suspect your buyer's loan is in trouble, and the originator is dodging and weaving. You can try to contact the originator's supervisor, to find out exactly is delaying the loan, but he/she isn't under any obligation to speak with you in any detail about someone else's finances. In fact, they are precluded from speaking to you in any detail. But, the supervisor does need to know about these delays. I would also mention that if you, your Realtor, or the buyer's Realtor aren't provided an explanation within a couple of day, you are going to contact the Banking Commission. That will motivate them to take action. You don't have any recourse if the loan is denied. If the buyer of your home did NOT have a financing contingency, you may be entitled to keep the earnest money deposit. Good luck.

Call the office of the lender and ask to speak to a supervisor and see what is happening. There are a multitude of problems that can with all loans but it sounds like maybe the loan officer is not communicating enough. Also, keep in mind that until a loan funds don't schedule movers. Good Luck

You will have little leverage with the lender for your buyer, you are not their customer. You have to play hard-ball with the buyer but it sounds like the situation is out of the buyer's hands.There may be a problem, or it may be incompetence. Sorry you are dealling with it, hope it gets finalized for you soon.