Complaint Unable to deliver service as promised The basic issue here is that I went through the qualification process for a loan for a condo at the beach with Alpha only to receive a phone call the night before closing informing me they had overlooked an issue concerning flood insurance for the condo and would not be able to close on my loan. My finances were fine. Based on written assurances from Alpha that there were no issues weeks prior, I expended money on appraisals and inspections. After my closing was cancelled I was told that I would need to secure a GAP flood policy on my condo unit. I then started making calls as none of the insurance people could understand what I was asking them to quote. Through my research and speaking with certified experts from the property insurance carrier for the condo, and other mortgage lenders that I sought council from, that the insurance Alpha was asking me for to purchase was not only not required by ****** *** as stated by Alpha, it was also not even possible to get as flood insurance can only be purchased against a structure and not a specific unit. The effect of this is that I would essentially be insuring the other units in my building. It was also learned from consulting with experts that any policy that I purchased would be secondary to the primary condo flood policy unless my coverage actually exceeded that of the primary policy that was already in place. The effect of this is that my "GAP" policy would never even have provided me any coverage. All Alpha would do was to keep telling me that if I got the insurance they would close on the loan. No one from Alpha took the time to talk with experts, peers, or get to the bottom of the problem. This was left to me. I was told a person in the approval chain in operations at Alpha required it, and that was that. This person was not available or accessible to explain what I was learning or to try to find an alternative. The next effect for me is that I was unable to close on the loan as planned causing me to lose all of the money I spent on my appraisal of the condo which was done after they told me everything was fine. I also lost the money I had spent on renting a truck to move our things as were not told about the issue until the night before closing and already had a truck rented. I also lost a day of work to attend the closing. I further had to pay the expenses to get the loan with a new lender. I sent emails and left messages with Alpha that were not responded too. At this time I have no idea if they even plan to refund monies that I provided that were in excess of what they spent on my process. They admitted in writing that they made a mistake and overlooked the insurance matter when it should have been discovered. Even though they were wrong about it being required had they at least discovered it when they were supposed to we would not have moved forward with the other expenses and scheduled the closing. I would have just gone to another lender. I have high 700 credit scores, super high ratios, and an excellent credit history. My application sailed through another lender without any of the insurance issues that Alpha claimed were present. I just seems the loan officers do not understand insurance and when a problem comes up they simply do not care enough to really try to get to the bottom of the problem. They wanted me to buy expensive insurance that I did not need and that would not have even provided any actual protection. When I refused to do this, they claimed I abandoned the loan. After they screwed up my loan it was pretty obvious that they just wanted me to go away.
Desired Settlement Just something fair. Refund my appraisal cost or something. This is not about the money as much as it is that they simply screwed up and then pretty much left me hanging out to dry. In today's digital age thee is a cost for that.
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