Total incompetence! Was provided with a strong pre...

Total incompetence! Was provided with a strong pre-approval for their buyer with a 60 day close. Received written notice of buyer's approval in 40 days and then 8 days before closing was notified that the Buyer was denied because the Condo Association did not qualify for the type of loan. Mortgage 101 requires a loan officer to verify the community meets the loan requirements before proceeding with the formal loan application; the loan officer never did his job in verifying the property. It was found out the particular Condo Assoc had not be approved over 2 years. Not only did he damage the buyer by wasting time and money, but damaged the seller with the sale being canceled 8 days before closing. Corporate should look into this and provide better training before turning over files for processing by unqualified loan officers.