Jacques v. First National Bank

The Jacques applied for a loan of $112,000 with First National and paid the processing fee of $144. Shortly thereafter, they submitted a copy of the contract of sale for the home for which they sought the mortgage loan. Information required by the bank concerning their income, credit history, and financial status, was then supplied. They were first told that the maximum loan for which they qualified *68was $74,000, an amount Mr. Jacques indicated he would accept1 and subsequently, that the amount was $41,400.

The Jacques sought alternative financing. They obtained a commitment from another bank…