Only 15% of Manhattan apartments are condominiums, but the market was loaded with properties that languished for months while lenders were reluctant to offer mortgages. Even before we started our search, I contacted our friendly mortgage broker to start an application. We began with a mid-range price but no specific property, understanding that the loan might be for somewhat more. Because we had all the required documentation at hand, a good faith estimate was soon followed by a mortgage commitment. This enabled us to approach the sellers with some leverage. And, when we found an apartment, we were able to plan a closing date that satisfied everyone’s timeframe. That is, until we were actually going to close.

I received repeated reassurances that everything was on track, when in fact nothing was. I had been able to put my hands on every piece of data and documentation as it was requested: 1040, 1099, tax bills, investments, properties, bank statements. Nonetheless, when I called a week before the closing a new list of required documentation appeared: global insurance for the condominium itself; verification of employment, again; bank statements showing the source of deposits, and confirmation of the source of the 5% down payment, again. An updated statement of all investments was needed, again, even though it was only 3 weeks since the last one. My mortgage consultant was as confused and frustrated as we were. She stated she felt like she was in a foreign country. No one was allowed to speak to VOE; no one was allowed to speak to Underwriting. And nothing would move until the never-ending list of documents was accumulated.

It wasn’t just frustrating; it was unfathomable and inexorable. The bank treated me like a convict instead of a customer, even though I had longstanding and large accounts in a bank they had purchased. My wife and I have credit scores over 800. I own my house, my office, my business, and have more than enough income and investments. Not enough. My daughter had scheduled the movers, had to vacate her apartment, and there were onerous penalties from the sponsor if the closing was delayed. Not enough. My attorneys, the title insurance attorney, and my mortgage broker were all long-time clients. Not enough. Nothing was enough to make this happen. Just the bank, and they weren’t going to move, so neither were we.

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