Pentagon FCU Mortgage Complaint

Pentagon FCU Mortgage department,

Conventional adjustable mortgage (ARM) Credit decision / Underwriting Virginia

I am writing this to you to file a formal complaint about one of Pentagon Federal Credit Union 's Loan Officers, - -, - - -. I filed a previous complaint, - in which none of my issues were addressed because it was thought that I am a third party. I am in the process of selling my house. The prospective buyer was using - - to purchase my property. - - improperly issued a loan pre-qualification for loan # - on -/-/15 with out asking the proper questions on the -. He allowed this process to go for over two weeks before turning down the borrower. - - could have easily prevented this entire disaster by asking what number appeared on line - and line - of her - tax return. This should have taken no more than 5 minutes to clarify the borrower 's income situation. Instead of - - acting in a professional manner, he allowed this loan to proceed for over two weeks. Due to - - 's incorrect pre-qualification, the loan that we used to accept the contract was un-able to be approved. This in turn caused me to not be able to settle on


start the process all over. As a member of Pen Fed I find it very troubling that Pen Fed allows Mortgage Loan Officers to act with such disregard for the general public. His action are very troubling, as is Pen Fed 's policy to allow Mortgage Loan Officers to issue pre-qualification letters when they can not follow them up with approved loans. His mistakes have ruined my home purchase process, costs me thousands of dollars and destroyed my belief in our lending laws. I look forward to your response in this matter. I would like Pen Fed to answer the following questions : What is required from a borrower to issue a pre-qualification letter? Will you provide your guidelines for issuing a pre-qualification letter, a pre-approval letter and a commitment letter? Do you ask what numbers appear on line - and line - of the borrower 's - during the application process? Did Pen Fed review the phone call to determine if the Mortgage Loan Officer asked the proper questions prior to issuing a pre-qualification letter? Did the Mortgage Loan Officer 's documentation in the loan file match what was on the recorded phone call? When Pen Fed improperly issues pre-qualification letters, are they responsible for the damage they cause as a result of those letters? Is it Pen Fed 's policy to turn over loan applications with false statements to the proper authorities to determine if a crime has been committed? If so, was that done in this case?