Any details you can get into? Interested in how they ****ed up this badly.
Story isn't too complicated - we bought a house, got a mortgage with them, and they pulled the mortgage out from us 2 days before closing (we close on the house
TOMORROW) not because we no longer qualified, but through sheer negligence and incompetence on their part - they
forgot to follow up with the underwriters, and the mortgage was refused because the bank hadn't provided the correct details.
We are fine, luckily because we are anal about over-preparing for these things and we had prior approval from a mortgage broker who stepped in with the financing we needed (which was actually very small - we're buying a house well within our means and we have a huge downpayment). It was 100% the bank literally not processing the mortgage until it was too late, and then submitting the wrong documents even.
Can you imagine that? We got official approval from the bank almost two months ago. TWO MONTHS. And they wait until two days before closing to tell us they were cancelling the mortgage, and on top of that it's entirely due to their own incompetence? The Broker we ended up going with was ready to give us TWICE the amount we needed, and basically said she'd never seen such a clusterf**k of epic proportions on a simple, small mortgage before.
If we weren't in as good a shape financially as we are, this would have 100% screwed us. If this had happened to a first time home buyer with a minimum deposit and a less-than-perfect credit history, this would have ruined them - they would have lost the house, lost thousands of dollars on the deposit we paid, lawyer's fees, and possibly would have been faced with a lawsuit from the house seller.
And on top of all of this, nobody at CIBC even had the balls to apologize to us. I actually think they realized how ridiculously they F-ed up, and figured they knew an apology wasn't going to fix the issue, so they didn't even bother with it.
We pulled every penny we had with CIBC yesterday and are now with another bank for everything. When we told the new bank about what happened, the manager was almost in tears over how badly it could have turned out.