Bank Of Holland

The Bank of Holland is in receipt of your September 9, letter, which is in reference to Revdex.com Complaint ID ***Please consider this letter our response to that complaintThe Bank of Holland followed all proper procedures in denying Mrand Mrs***'s application for a
mortgage loan, and because of the reasons for the denial, it would not be productive for the bank to reconsider its decisionAs the bank advised Mrand Mrs*** in its July 14, letter to them (a copy of which is attached), the bank denied the application because of: 1) delinquent past or present credit obligations with others; 2) a prior bankruptcy; and 3) the fact that the proposed mortgaged premises was outside of the bank's CRA (Community Reinvestment Act) designated areaA reconsideration of Mrand Mrs***'s application would present all of these same factors, and would warrant a second denial of the applicationIt appears that Mrand Mrs*** did not understand the purpose of the bank's June 2, letter (a copy of which is attached)That letter, which is a prequalification letter, advised them that they had been prequalified for a mortgage with certain termsThe letter further advised them that the prequalification was contingent on certain factorsThose factors included, among others: 1) satisfactory credit history verification; 2) property type and location; and 3) final approvalMrand Mrs*** appear to have believed that this letter represented an approval of their prequalification applicationIt did notThe bank could not make a decision on their loan request until it had obtained credit reports, which it could not do until Mrand Mrs*** had submitted a loan applicationThe bank also could not make a decision on a loan request until it knew the location of the property being purchased, which it could not know until a signed sale contract is presentedAt the time the bank issued its prequalification letter, the bank had not obtained credit reports or had knowledge of the property being purchasedJune 23, 2015, Mrand Mrs*** completed and submitted their application, which enabled us to obtain credit reports on themThe credit reports showed that Mrand Mrs*** had delinquent past or present credit obligations with others and that they had filed for bankruptcyAlso with the completed application Mrand Mrs*** presented a contract to purchase property located at *** *** Road, *** *** (Town of ***), New YorkThe property location is located outside of the bank's designated Community Reinvestment Act AreaThese factors provided the basis for the bank's denial of Mrand Mrs***'s loan applicationThe Bank of Holland conducted itself properly throughout the application processThe loan officer with whom Mrand Mrs*** dealt may have had a positive attitude and a willingness to assist Mrand Mrs*** with their application, but that loan officer did not have the authority to approve or deny the applicationThat authority rested with bank's board of directorsOn behalf of the Bank of Holland, we apologize if Mrand Mrs*** felt misled in any way, but there is nothing more that the bank can do with respect to their applicationBased on their credit history and the property that they wish to have purchased, Mrand Mrs*** do not qualify for a mortgage loan from the Bank of HollandI trust that this letter provides you with all of the information that you need in response to this complaint, but if you need anything further, please do not hesitate to contact meVery truly yours, Tim DVP/Senior Operations Officer