| 09/28/2017 |
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 approximately XX/XX/XXXX I contacted First Commonwealth Mortgage Corp. out of Kentucky to assist me with a home purchase. I worked with gentleman by the name of XXXX XXXX XXXX # XXXX. Between the dates of XX/XX/XXXX and XX/XX/XXXX all the appropriate paper work was submitted to to get me " Pre-Approved ''. Based on my income, taxes, and rental income I was almost instantly pre-approved.
( Keep in mind pre-approved is different then pre-qualified ). I found a house and went under contract. XXXX told me " we 're gon na push this thing through as fast as we can '' asking me to forgive him if he seemed pushy and demanded documents be signed and financial documents be sent of as fast as possible upon request. Im fairly organized and prompt and felt nothing out of he ordinary hopeful that we can close fairly quickly.
Between XX/XX/XXXX and XX/XX/XXXX all documents were in and the inspection was ordered, the appraisal was ordered and the earnest money was withdrawn and delivered.
Contracts were drafted and signed at the negotiated asking price, and we were scheduled to close on XX/XX/XXXX. With a deadline to withdraw, decline or contest anything in the reports, and or contract by the XX/XX/XXXX. XXXX knew 100 % about this deadline.
On XX/XX/XXXX. XXXX called and emailed me that the deal was dead and that I did n't get approved for the purchase.
He stated it was a XXXX XXXX guideline at which I needed " 5 years self employment income. '' ( Fannie Mae has no such guideline ). After that I had my Financial and Real-Estate professional reach out to XXXX, at that point he said it was my " Debt to Income Ratio '' ... So which one was it?
Either way, at the point of my application submittal XXXX XXXX should have noticed the " 5 year income rule ''. Or, based on my financial records seen that my " Debt to Income Ratio '' was to high. Either way he should have noticed INSTANTLY!. Also, a person can not use rental income for the purchase of a new home unless they have claimed rental income for 2 years on they 're taxes. Or have moved 50 miles away from primary residence. In any case I did n't meet either criteria.
I believe XXXX XXXX was lying to me from the very beginning and was trying to get this loan approved by any means necessary. I believe shady practices were involved and calculations were grossly neglected. Whether its intentional mal-practice, laziness, or greed. I am now out {$2500.00} Earnest Monies {$1500.00} Appraisal Monies {$620.00} Inspection Fees {$420.00} XXXX XXXX knew instantly I did not qualify for this loan. Now XXXX families immediate futures are in shambles because of his, neglect and very un-proffessional ethics.
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| 06/11/2019 |
No |
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Web |
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I took loan for mortgage from First Commonwealth mortgage and I got different closing process than the rest of mortgage borrowers and when I went for closing day they told me that this lender put all restrictions about the loan and repayment which is any borrowers have to repay the loan after certain grace period which is 45 days normally but for me the first payment have to be paid less than 3 weeks of closing day which will be more difficult to start paying back after all closing cost and down payment and its is really hard for us to restart payment within 3 weeks. closing lawyers they said this not normal way of closing the house but they can not change because lender set their own repayment and I got treated differently than the rest of mortgage buyers customer because of my Origin and race.
Lender never told us what options we have for repayment and never ask or discuss with us about repayment plan everything we saw at closing day by lawyers paperwork to sign and he told us if we dont sign or closed the house that day we will lose all our down payment so they force us to sign paperwork and I got treated differently than other borrowers If you close early in the month, youll pay many more days of prepaid interest at closing but your first mortgage payment wont be due for about two months, as our scenario above illustrates.
For example, I close on the XX/XX/XXXX, ill pay about three weeks of interest at closing, but ill have nearly two months to make my very first mortgage payment.
In fact, because lenders typically provide a grace period to pay up until the XXXX of the month, i could actually have more than two full months before the first payment is due.
But clearly lender did wrong by made us to restart payment after 3 weeks of closing This bad practice and we got discriminated because our origin and race.
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| 08/30/2023 |
No |
- Mortgage
- Conventional home mortgage
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- Applying for a mortgage or refinancing an existing mortgage
- Loan estimate or other related disclosures
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Web |
Servicemember |
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I was approved by one lender but same issue, cost of loan was not disclosed during initial conversations so I went shopping for an option. I specifically said at the start that my maximum down payment was 25 % and any additional fees would need to be rolled into the loan. After a week of them continuing to request more information, they now refuse to roll in the additional fees into the loan, and of course deny the initial conversation.
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| 11/22/2023 |
Yes |
- Mortgage
- Conventional home mortgage
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- Closing on a mortgage
- Closing disclosure or other related disclosures
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Web |
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| 10/27/2023 |
Yes |
- Mortgage
- Conventional home mortgage
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- Closing on a mortgage
- Closing disclosure or other related disclosures
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Web |
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| 02/17/2015 |
Yes |
- Mortgage
- Conventional fixed mortgage
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- Application, originator, mortgage broker
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Web |
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