| 10/27/2022 |
Yes |
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- Trouble during payment process
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Web |
Servicemember |
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We applied for a home loan using agent XXXX XXXX ( license # XXXX ) and were pre-approved. We had a meeting with XXXX and expressed concern that another mortgage lender had denied our loan. He said he personally reviewed our file and there were no concerns. On the day we were supposed to close, XXXX said there were delays due to the other parties involved. We responded promptly to every request from his team in an effort to expedite. During this time XXXX was difficult to reach. Finally 2 days after we were supposed to close, XXXX sent a text at XXXX saying the loan had fallen through because my job was temporary. I had provided a letter from my job from the beginning stating it was temporary employment and nothing had changed. We later learned that this is a common reason people dont get approval for their home loans and likely why we were not approved by the other lender. Meanwhile, we were 2 days past when we were supposed to close on our new house. We had sold our home in XXXX that we had been living in on the basis of being approved for this loan for our new home in XXXX. We were staying with our toddler and XXXX XXXX at friends house with past due XXXX carrying all of our possessions in their driveway. When we tried to contact XXXX, he was unreachable. Our realtor and the title company could not get ahold of him either. I scrambled to borrow money from family because we were literally homeless. As I arranged a cash deal with the title company on my own, the title agent said that XXXX was the worst loan agent that she had ever worked with in all her years due to lack of communication throughout the whole process. A full day later, after we had figured out everything on our own, XXXX left a voicemail on my cell phone that he had been away from his desk during this time and his team, not him, made mistakes and that this was an opportunity for growth. The term opportunity for growth is not a term you should use when describing a situation in which you did not do the XXXX job you were supposed to do leaving a family literally homeless. When a home loan that you are responsible for is past closing date due to you not doing your job, the last place you should be is away from your desk. XXXX XXXX should be ashamed of himself and should not have a mortgage license.
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| 08/30/2023 |
Yes |
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- Trouble during payment process
- Trying to communicate with the company to fix an issue while managing or servicing your loan
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Web |
Servicemember |
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We closed on our loan on XXXX XX/XX/2023.
On XXXX XX/XX/2023 the company reached out stating they made an error calculating my VA entitlement and that we owed an additional {$15000.00} to reduce the principal. They claimed this was a VA requirement and that the VA would not " insure '' ( they mean guarantee ) our loan due to not having 25 % of the value covered by the VA, equity, and/or a down payment.
After researching and speaking directly with the VA we found out this was completely false. The VA already guaranteed our loan and the company continued to insist that I was mistaken. In fact, the VA does not require any down payment even when a veteran/servicemember does not have enough entitlement.
Finally, on XXXX XX/XX/2023, the VA responded directly to the lender ( the CEO ) and informed them that they were wrong.
The lender then claimed that it was a XXXX XXXX requirement and again tried to convince us to pay for their mistake. The company was unable to pool and sell our loan because they did not have the 25 % of the value covered.
On XXXX XXXX the lender offered to forgive part of our debt to meet the requirements, which would force us to incur an unnecessary tax burden. We accepted the offer on XXXX XX/XX/2023.
On XXXX XX/XX/2023 we receive an email stating that I have a new loan servicer. We reached out to the lender and they stated that it was true and the loan was sold on XXXX XX/XX/2023, the day before we agreed to the debt reduction. They also stated that they reduced our debt on XXXX XXXX, XXXX days after the loan was sold. This indicates that they likely violated XXXX XXXX requirements and somehow made changes to a loan they no longer owned.
Overall, this lender was extremely difficult to work with and caused significant stress and work that should have never occurred. What should have been a happy time in a new home was spent fighting to keep our hard earned money and we are afraid that others might have been taken for $ XXXX that they did not budget or plan for and end up in difficult financial positions.
We also requested our interest rate capped at 6 % in accordance with the XXXX XXXX XXXX XXXX ( XXXX ). However, we were denied even though my military orders began after closing on the home.
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| 11/23/2020 |
Yes |
- Mortgage
- Conventional home mortgage
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Web |
Servicemember |
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I signed an initial LE that was correct except for it had me paying 25 % down instead of 20 %. The LE had a rate if 3.625 % with 200 in points. Lender and I discussed this change and he asked me to sign and he would fix later. It was communicated to the lender that the closing date would be XX/XX/XXXX. It is in writing at least 3 times. I followed up with the lender multiple times up until closing and was told everything was OK. Less than 24 hours before closing I was told I would not be closing and they needed more documents. New closing date is XX/XX/XXXX. On XX/XX/XXXX I received the LE in preparation for closing. It was 20 % down, 3.625 % rate and points was now XXXX. I went back to the lender on XX/XX/XXXX to discuss this discrepancy and no response that day. I was never informed of the change. The next day I contacted the lender again. I was told either I needed to pay that or to make the points better pay 25 % down. He was supposed to talk to his leadership and stopped responding to me, so I asked my husband to call him from an XXXX XXXX. During that call he tried to convince my husband to sign the LE. Loan officers actions were DECEPTIVE. I cancelled the loan due to the lenders deceptive practices. Because i did not sign the LE, i was gauranteed to again miss my closing date. I repeatedly and through many channels asked for help from leadership and never received help.
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| 11/02/2023 |
Yes |
- Credit reporting or other personal consumer reports
- Credit reporting
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- Improper use of your report
- Credit inquiries on your report that you don't recognize
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Web |
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| 09/21/2023 |
Yes |
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- Applying for a mortgage or refinancing an existing mortgage
- Confusing or misleading advertising or marketing
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Web |
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| 10/03/2022 |
Yes |
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- Applying for a mortgage or refinancing an existing mortgage
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Web |
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| 07/30/2020 |
Yes |
- Mortgage
- Conventional home mortgage
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- Struggling to pay mortgage
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Referral |
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