| 06/08/2021 |
Yes |
- Mortgage
- Conventional home mortgage
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- Trouble during payment process
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Web |
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I recently refinanced my loan and the new loan closed on XX/XX/2021. In my closing documents, it is clearly identified that the lender ( Aurora Financial LLC ) is going to sell my new loan to a servicer ( XXXX XXXX ). In addition, my closing document also provided me with my first mortgage payment coupon and wanted me to send the first payment ( due XX/XX/2021 ) to the lender ( Aurora Financial LLC ).
I reached out to Aurora Financial on XX/XX/XXXX via email to clarify where to make the first payment and was told again that I should make the first payment to Aurora. On XX/XX/XXXX I reached out to Aurora again to see if I can submit my first mortgage payment to Aurora through the online payment system that I used before. I was told ( XX/XX/XXXX ) again that I should use the payment coupon for the 1st mortgage payment that came with the closing package therefore, I can not submit the first mortgage payment online.
On XX/XX/XXXX I received another email from Aurora Financial indicating that I should not submit the first payment to Aurora as I was initially told rather, I should wait to receive new payment and servicing information that I should be receiving via email from XXXX XXXX Since then, I tried to reach out to Aurora Financial multiple times for information on the first payment and servicer but I have not received any first payment or servicer information from them.
I filed a complaint with CFPB on XX/XX/2021.The next day, I received an email from Aurora Financial letting me know that my loan has been transferred to the new servicer ( XXXX XXXX XXXX XXXX XXXX XXXX ) , however I should make my first mortgage payment for XX/XX/2021 to Aurora Financial through their online payment system ( XXXX ) which I did as soon as I received Aurora Financials online payment link via email on XX/XX/2021. In addition, the same email I received from Aurora Financial on XX/XX/2021 indicated that beginning in XXXX, my mortgage payments will go to the new servicer ( XXXX XXXX XXXX XXXX XXXX XXXX ).
In the following few days, I received a phone call from Aurora Financial about my complaint and I asked to talk to a compliance officer about the matter. I received a call from Aurora Financials compliance officer/supervisor which wasnt productive because the supervisor did not know the specifics about my loan and kept giving me generic information and I finally asked her to send me an email after she figured out exactly what my loan details are and to let me know specifically who my new mortgage servicer is, when I should start paying them instead of Aurora and when my outstanding real estate tax ( due on XX/XX/2021 ) will be paid and by whom. Following that call I received an email on XX/XX/XXXX from the compliance officer and she told me in writing the same thing as before that my new servicer is XXXX XXXX XXXX XXXX XXXX XXXX, that I would receive a welcome letter from them in the mail, that my payments will go to XXXX beginning in XXXX, and she also wrote that Aurora Financial contacted XXXX XXXX XXXX XXXX XXXX XXXX about my real estate taxes due on XX/XX/2021 and verified that XXXX will send the check for my real estate taxes the following week.
Today, XX/XX/2021, I received a Mortgage Payment Letter from XXXX XXXX XXXX XXXX XXXX XXXX indicating that I should submit my XXXX payment ( due XX/XX/2021 ) to them ( XXXX ). As soon as I received the letter, I called the number provided on the letter and spoke with a representative of XXXX and she told me that I do not owe them the XXXX payment, that the letter is a mistake and should not send XXXX the payment for XXXX. Instead, she told me that my XXXX payment ( second payment ) should go to my loan originator ( XXXX XXXX ). She also told me that my XXXX payment should be submitted to XXXX. Following this call, I made a second call to XXXX to find out about the real estate tax payment. However, the new representative was not able to locate my loan with the loan number given to me in their Mortgage Payment Letter nor with my social security number.
At this point, I am extremely frustrated to have to babysit all of these financial companies and hope that they will correct this situation right away and will take responsibility for any potential fees and charges for their mistakes.
Overall, I am not pleased with Aurora Financials business or with XXXX XXXX XXXX XXXX and I am very displeased with their communications and I hope your agency will follow up on this matter as soon as possible to correct the problem. As a consumer, I should not have to babysit a lender or servicer in order to ensure that they are fulfilling their legal and fiduciary obligations. I provided them with everything they asked for and, they asked for a lot of personal information as part of my closing, but they are not doing their part as the law requires.
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| 11/06/2018 |
Yes |
- Mortgage
- Conventional home mortgage
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- Applying for a mortgage or refinancing an existing mortgage
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Web |
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We contacted Aurora Financial, XXXX XXXX XXXX # XXXX, XXXX, VA XXXX early in the home purchase process and Mr. XXXX XXXX was assigned as our loan officer. We submitted all our documents in XXXX, XXXX. Mr. XXXX reviewed our documents and repeatedly assured as that he went to his underwriters multiple times that he got approval from his underwriters.
On XX/XX/XXXX, we signed a purchase contract and after consulting Mr. XXXX, he said, after reviewing all documents we submitted, underwriter approved our loan application. We locked our rate for a plain vanilla 30-year conventional loan with 21 % down and Mr. XXXX provided us with a loan estimation.
From XX/XX/XXXX to XX/XX/XXXX, market rates went up at least 25 basis points.
On XX/XX/XXXX, Mr. XXXX told us that he can no longer honor the loan estimation he provided on XX/XX/XXXX because of our DTI. He provided a new loan worksheet which asked for more than {$100000.00} downpay ( close to 40 % ) He picked out a home office deduction on our tax return ( we submitted our XXXX, XXXX, XXXX in XXXX, XXXX. ) And he informed us that it was calculated based on XXXX guidelines. We provided him with ( real ) XXXX guidelines showing that it does not need to be counted in DTI calculation. See attached XXXX Selling Guide Announcement XXXX.
Mr. XXXX, having no XXXX guidelines to use as an excuse this time, did not provide a legitimate reason as to why they are coming out of this novel way of calculating DTI after sitting on our tax returns for four months.
We are very concerned about 3 points : 1 ) Bait-and-Switch : Aurora had more than 4 months to review and raise an issue of our DTI and it provided us with great rates and repeated assurance. But as soon as we are under contract and under time crunch, Aurora chose to change our loan estimates and significantly increase our costs. We did a quick search and it turned out and it is not the first time that Aurora, specifically Mr. XXXX, bait-and-switched consumers and gave a different DTI calculation after sitting on documents for weeks and months to corner consumers.
2 ) Contract and Fair Dealing with Consumers : after market rates went up 25 basis points in a week, Aurora chose to invalidate our loan estimates by imposing rules not required by XXXX guidelines. Aurora did not lock in good faith if it can arbitrarily choose different rules to re-calculate DTI once market rate goes up. Aurora was never transparent in their DTI calculation. Instead, it chose to manipulate DTI by ignoring income sources such as investment income and income from contract works from the other spouse and adding in debts that XXXX specifically instructed not to be included in DTI calculation. Aurora made the DTI cut off at 47 % while all other lenders and XXXX made the cut off percentage at 50 %. Aurora informed us that they do a risk-based calculation ( i.e. charge us more ) if the percentage goes over 47 %. So it had every incentive to manipulate the DTI to be over 47 % to simply charge more money. This, to us, is plain and simple consumer fraud.
3 ) Targeting Minority Applicants : imposing on the fly, none-XXXX rules leads to questions as to whether these rules have been applied uniformly. We have a strong suspicion that the out-of-blue, none XXXX way of calculate DTI is used to screen out minority applicants like us. Also during our conversation with Aurora, Mr. XXXX informed us that Aurora does not like working with applicants who has multiple jobs and give a significant higher rate for those with multiple XXXX, who again, tend to be minority applicants like us, even if the person had been in the same line of trade for the past 6 years.
We would like to CFPB to investigate Aurora 's bait-and-switch technique, contract and fair dealing practices, and targeting minority applicants with arbitrary rules.
We attached 3 documents below. We are happy to provide more.
- 1 ) Contact with Aurora in XXXX, XXXX : " it sounds like you will qualify ''. And we can make sure after you complete the application ( which we did XXXX.
- 2 ) Loan estimate XX/XX/XXXX.
- 3 ) XXXX Selling Guide Announcement XXXX. Pg 2 Unreimbursed Employee Business Expenses.
-- -- The Loan Officer 's contact information : XXXX XXXX XXXX XXXX Loan Officer Vice President NMLS # XXXX Aurora Financial - Direct Lender XXXX XXXX XXXX XXXX XXXX XXXX XXXX VA XXXX Direct XXXX Office XXXX ext. XXXX Fax XXXX XXXX www.auroraf.com
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| 06/27/2015 |
Yes |
- Mortgage
- Conventional fixed mortgage
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- Application, originator, mortgage broker
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Web |
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On XXXX/XXXX/15 spoke with XXXX XXXX, an agent for XXXX XXXX XXXX XXXX, XXXX, requesting information regarding mortgages. To refinance my mortgage with some cash out, XXXX quoted 3.75 % w/no points. On that same day my spouse and I electronically approved credit check as requested by XXXX 's supervisor XXXX XXXX. By XX/XX/XXXX we had electronically submitted the application and the required information. On XX/XX/XXXX, I spoke with XXXX and asked advice regarding XXXX XXXX outstanding balance. We agreed on a course of action. All specified information was electronically submitted between XX/XX/XXXX-XX/XX/XXXX. As specified, our home appraisal was done XX/XX/XXXX to which I notified XXXX. On XX/XX/XXXX, I was notified of approval on XX/XX/XXXX from XXXX XXXX who requested XXXX additional items. See attached exhibit A. All items were submitted immediately via fax except employment verification which was received by XXXX on XX/XX/XXXX. See exhibit B. Also, letter was sent to XXXX restating the advice given by XXXX XXXX and XXXX XXXX regarding the payoff of the XXXX XXXX account. Not included due to sensitive information. After submission of that letter, I received an e-mail from XXXX XXXX stating she will forward my information to her supervisor, XXXX XXXX, requesting we try to have closing " this week. '' Exhibit C. Since there was no response, I requested an update on XX/XX/XXXX. There was no additional information requested. On XX/XX/XXXX, I sent an e-mail with loan processing department head, XXXX XXXX asking for an update. On Saturday, XX/XX/XXXX she replied she will get with XXXX on Monday and review everything with her. See Exhibit D. No additional information was requested. Up until this point and including this call, all information that was requested by XXXX, XXXX, and the underwriter had been provided. On XXXX/XXXX/15, I spoke with XXXX late in the day asking about the delay as it relates to the payoff of the XXXX XXXX account. She had all the requested information. She replied, " ok, I understand about the checks. It will take XXXX days for her to get with my bank ( XXXX ) to check balances in both accounts over the last XXXX months to make sure there were no major swings. '' I asked why she could n't use the bank statements she had in her possession Her reply was a repeat that " it will take 10 days for me to get with my bank to check balances to make sure there were no major swings in my accounts. '' According to her this was requested by underwriter. After hanging up with her, I called the original originator, XXXX XXXX, and reiterated that this process was taking long and what would the rates be if I was to re-apply especially if this process takes longer. He said he would get back to me. On XX/XX/XXXX, XXXX XXXX sent an e-mail stating the new rates of 4 % with .XXXX points or 4.125 % with XXXX. See exhibit E. At the time, XXXX XXXX was advertising in the real estate section of the XXXX XXXX as low as 3.625 % for a jumbo. See exhibit F dated XXXX XXXX, 2015. On XXXX XXXX, I received the attached e-mail from XXXX XXXX. According to the denial, the credit application was denied because the application was incomplete. See exhibit G. Subsequent to that I requested a copy of the credit report Credit Plus which was cited by XXXX XXXX in their denial letter. There was nothing in the report to indicate poor, inaccurate, or incomplete information. Copy not sent due to the confidential information contained in the report.
Subsequently I started new process with another company and was approved within XXXX days. Rate was higher than 3.75, but lower than 4.0 %. XXXX obviously used bait and switch, purposely delayed approval costing my wife and I an additional appraisal fee and additional closing and mortgage rate fees.
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| 11/20/2018 |
Yes |
- Mortgage
- Conventional home mortgage
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- Applying for a mortgage or refinancing an existing mortgage
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Web |
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On XX/XX/2018 ; I applied for a mortgage loan with Aurora Financial at XXXX XXXX XXXX, XXXX XXXX XXXX, VA XXXX.
My credit score is XXXX and my debt to income ratio was very low so I was immediately prequalified.
An appraisal was ordered by Aurora Financial on XX/XX/2018 and the Appraisal report was received on XX/XX/2018, showing the home value to be {$300000.00}.
On XX/XX/2018, XXXX XXXX at Aurora Financial provided a commitment letter stating that I was approved for the appraised loan amount and closing was set for XX/XX/2018.
I was assured by Mr. XXXX that underwriting has approved me, no further documentation was needed, and I was cleared to close. The only thing they needed was proof that I gave notice to my current landlord and that I would have no further financial obligations as of XXXX XXXX.
I provided the requested notice, and made Mr. XXXX aware that I will have no place to live if this loan gets denied last min. He assured me that wouldnt happen and everything was set for closing on XXXX XXXX.
On XX/XX/2018, I received an phone call from XXXX XXXX stating that his Auditor, XXXX XXXX, needed to see proof that my XXXX Income would continue for at least 3 years.
I immediately sent him a copy of my Benefits Award letter which indicated that my XXXX would continue and also outlined the nature of my XXXX in detail.
I followed up with a phone call, and he said that Miss XXXX needed more explanation regarding the nature of my XXXX and the associated codes.
On XX/XX/2018, I received a follow up email from XXXX XXXX, asking for copies of my Physician reports.
That night I sent a detailed reply stating that I believed Aurora Financial is discriminating against me based on my XXXX status since the loan was pre-approved and the loan was cleared to close until the moment Miss XXXX received my XXXX Award Letter outlining the Nature of my XXXX.
On XX/XX/2018, I received an email from Miss XXXX, stating that she believed the house is only worth {$220000.00} despite the fact that the official appraisal came in at {$300000.00}.
I replied via email that same day, and offered hard proof of the homes worth. I also mentioned that she had a copy of the appraisal before my commitment letter was issued and didnt have a problem with the appraised value until after receiving my XXXX Award Letter.
On, XX/XX/2018, the day of closing, I contacted the closing attorney and found out through them that my loan was denied.
I followed up several times with Aurora Financial requesting that they confirm the denial and the reason for the denial.
I finally received a denial letter stating my loan was denied based on value. I challenged this with no further reply from Aurora Financial.
I had excellent credit ( Score XXXX ) and a debt to income ratio well below the acceptable limits. I was forced to give up my apartment with the promise that the loan was fully approved. The value of the home was well established via an official appraisal before my commitment letter was issued. I was asked to provide detailed information regarding the nature of my XXXX and to surrender confidential physician reports. The loan was fully approved and cleared to close until I provided my XXXX Award Letter. It is blatantly clear that I was denied based on illegal discrimination.
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| 05/26/2021 |
Yes |
- Mortgage
- Conventional home mortgage
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- Trouble during payment process
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Web |
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I recently refinanced my loan and the new loan closed on XX/XX/2021. In my closing documents, it is clearly identified that the lender ( Aurora Financial LLC ) is going to sell my new loan to a servicer ( XXXX XXXX XXXX. In addition, my closing document also provided me with my first mortgage payment coupon and wanted me to send the first payment ( due XX/XX/2021 ) to the lender ( Aurora Financial LLC ).
I reached out to Aurora Financial on XX/XX/XXXX via email to clarify where to make the first payment and was told again that I should make the first payment to Aurora. On XX/XX/XXXX I reached out to Aurora again to see if I can submit my first mortgage payment to Aurora through the online payment system that I used before. I was told XXXX XX/XX/XXXX ) again that I should use the payment coupon for the 1st mortgage payment that came with the closing package therefore, I can not submit the first mortgage payment online.
On XX/XX/XXXX I received another email from Aurora Financial indicating that I should not submit the first payment to Aurora as I was initially told rather, I should wait to receive new payment and servicing information that I should be receiving via email from Post Closing. Since then, I tried to reach out to Aurora Financial multiple times for information on the first payment and servicer but I have not received any first payment or servicer information from them and the XX/XX/XXXX payment is due 6 days from today. Lastly, I have an upcoming state tax payment on XX/XX/2021 and Aurora Financial already collected this amount as part of my closing.
Overall, I am not pleased with Aurora Financials business and communications and I hope your agency will follow up on this matter as soon as possible to correct the problem. As a consumer, I should not have to babysit a lender in order to ensure that they are fulfilling their legal and fiduciary obligations. I provided them with everything they asked for and, they asked for a lot of personal information as part of my closing, but they are not doing their part as the law requires.
I hope to hear from you soon Sincerely,
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| 06/14/2018 |
Yes |
- Mortgage
- Conventional home mortgage
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- Applying for a mortgage or refinancing an existing mortgage
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Web |
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I left a review of what I felt was a true and accurate statement of the sequence of events that led me to dissatisfied with their service. The company then posts a reply ( retaliates ) on XXXX that shares my personal financial information about my DTI, the fact that I have a car debt and says that my review is dishonest.
My review : I hate writing bad reviews, but integrity means doing what you say you will do. This lender has given me concern about theirs. I was given a proposal in the middle of the day for 15 % down. All the details were provided on the property and income. I rushed to get the contract signed in order to lock in the rate because of the downward trend in rates of late. After submitting the contract, they found they made a calculation error on the ratios and removed a {$500.00} credit for 15 % down with evidence of mitigating factors. I pushed back and when they came back, they took away the 15 % option altogether and offered to only lock a 10 % or 20 % down. I asked, so you're taking the 15 % off the table? Naturally, the agent was embarrassed by what he was told and said he would call me back when he got it figured out. I again expressed my concern about rates and NOT waiting until the next business day. I was polite the whole time and after all that, he had the nerve to email me the bad news, saying that the 15 % option was off the table. He went dark and has been unavailable by email or phone. It's now almost XXXX ET and he still hasn't followed-up.
Their followup : Aurora Financial Loan Denied : Client wanted a 15 % down payment loan. His Debt to Income ratio was 48 %. DTIs must stay under 45 %. Client was advised 2 days ago to pay off a car loan and we could proceed at 10 % down. His DTI would be under 42 %. Client didn't like that option. Our Compliance Department has verified emails and phone records to prove client was fully engaged and was presented this option. This review is dishonest.
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| 08/19/2019 |
Yes |
- Mortgage
- Conventional home mortgage
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- Applying for a mortgage or refinancing an existing mortgage
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Web |
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On Wednesday XX/XX/2019, I had an exchange with a representative from Aurora Financial - NMLS#XXXX, XXXX XXXX XXXX. My original mortgage was with this company and they offer and advertised a no cost refinance solution (attached a screen shot of the page on XX/XX/2019). The rep refused to offer this program to me which would have brought a refinance 15 year rate to 3% based on what was advertised. He claimed that the offer was only valid for customers who had created a loan in the last 6 months. This was not indicated anywhere. The rate was supposed to be based on the 15 year 30-day RNY + 0.5% margin (which was at 02.52571 on XX/XX/19). The loan officer told me they would not offer the advertised program to me. I believe it could have possibly been discrimination and/or false advertisement of a program. I mentioned to the rep that I would be filing a complaint, and since then they have updated the terms of the program online and raised the margin spread. I have attached a PDF of the original page, and I have an email exchange with the representative from XX/XX/19.
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| 03/28/2019 |
Yes |
- Credit reporting, credit repair services, or other personal consumer reports
- Credit reporting
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- Problem with a credit reporting company's investigation into an existing problem
- Investigation took more than 30 days
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Web |
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We bought our house in XX/XX/2018 loan from Aurora finance, We never got any mortgage payment information. On XX/XX/XXXX they emailed us saying the mortgage interest statement was not delivered. they asked as the right address, so we though ok from now we might get all the mails, They still did not let us know the loan was sold to another company, we did not gt any good bye letter from Aurora.
On XX/XX/XXXX night we get a CREDIT alert for mortgage being added to our credit and late payment. From which we come to know the loan has been sold to XXXX, we call XXXX the very next day and pay the whole amount which was pending.
Our credit is down by 280 points because of this.
We have this complaint against Aurora finance for 1> not letting us know the company they sold our loan 2> after learning they had the wrong address they did not let XXXX know about this.
3> affected our credit score and not taking any action to let us know or clear this.
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| 12/11/2019 |
Yes |
- Mortgage
- Conventional home mortgage
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- Applying for a mortgage or refinancing an existing mortgage
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Web |
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I submitted a mortgage refinance application on XX/XX/2019. I signed a lock agreement that with a fee of $XXXX for cancellation "Once loan is approved with Conditions and client(s) wish to withdraw". On XX/XX/2019 I asked for withdrawal of my application as I found a better product. I was then notified that the loan was approved on XX/XX/2019 and that I needed to pay a XXXX$ cancellation fee. I am told that the status could be tracked on the loan application portal. However, I have not received any notification of the approval nor have I accepted the "loan approval with conditions". I believe the charges are unfair and I should not be responsible for the failure of the lender to notify me.I look forward to hearing from you. Thank you!
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| 05/12/2021 |
Yes |
- Mortgage
- Conventional home mortgage
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- Applying for a mortgage or refinancing an existing mortgage
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Web |
Older American, Servicemember |
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Amazing how XXXX these people are. Started off with XXXX XXXX as loan processor, supplied every item of paperwork they asked for, immediately, paid for appraisal ( which came in over sales price ). As soon as I pressed them for a clear to close, they wrote that XXXX was away and another person, XXXX, was taking over. More paperwork requested and supplied by me, closing is next week and they now say they need paperwork from the IRS, whom they say is " backed up '', so don't know if they can do " clear to close ''.
Our credit is stellar, all paperwork asked for supplied, including filed tax returns.
I should lose sleep over these people because they are incompetent 's, lazy, lack the funds to close or a combination of all 3??
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| 07/13/2021 |
Yes |
- Mortgage
- Conventional home mortgage
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- Applying for a mortgage or refinancing an existing mortgage
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Web |
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Aurora Financial advertised a mortgage rate via XXXX that they did not honor in practice. The XXXX data and the Aurora Financial quote were on the same day and based on identical qualifying criteria.
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| 09/27/2018 |
Yes |
- Mortgage
- Other type of mortgage
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- Trouble during payment process
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Referral |
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| 01/24/2017 |
No |
- Mortgage
- Conventional fixed mortgage
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- Settlement process and costs
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Web |
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