The mortgage division of this company provided a pre-approval letter, spent 60 days qualifying a young family to purchase a home, required they spend over $3000 to clear up some past credit issues, pay application fees and appraisal fees, sent 10-15 emails confirming that the loan was set to go and ready to close. Less than 48 hours before the closing; after the family had packed their current residence, given notice to their landlord, north american savings bank sent them an email stating they were declining the loan. The reason? Credit history. The same credit history they had on the original application and approval. This young couple, with 2 small children, are now homeless. Their existing residence has already been rented out. They must vacate before the end of march. Are there no penalties for the behavior of these banks? Do they not realize these are real lives they are messing with.
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