Bank of the West Mortgage Complaint

Bank of the West Mortgage department,

Conventional adjustable mortgage (ARM) Application, originator, mortgage broker Colorado

My husband and I applied for a jumbo mortgage with Bank of the West. We worked closely with the mortgage loan officer over a period of five months ( -/-/- - -/-/2016 ) discussing our options. After Bank of the West reviewed our file, the mortgage loan officer told us that we were not approved for a jumbo mortgage, but that we would be able to procure a smaller ( $470000.00 ) mortgage AND an additional $300000.00 line of credit in lieu of the jumbo mortgage. She reassured us over and over that this product combination would work for us and that we would close on the line of credit within a few days of closing on the mortgage ; however, she was insistent that we had to close on the mortgage first. After we closed on the mortgage with Bank of the West, the line of credit stalled. We asked for answers on its progress for over a month before ultimately being denied the line of credit. We feel that we were misled into purchasing Bank of the West 's mortgage loan product under the assumption that approval for a line of credit was imminent. Had we known before


to secure our mortgage and once that was done, the door was slammed in our face. Very, very misleading and frustrating. Now we are stuck with a mortgage that is only one part of what we were promised. We also feel that the underwriters at Bank of the West have differing and waivering standards among themselves that are not consistently applied or communicated with the mortgage loan officers and the customers. In the underwriter 's explanation for declining the line of credit, not all of the reasons given were sound and logical, and the explanation added layers of risk that were based on assumptions that could have been addressed if the underwriters had asked for clarification.