| 07/29/2016 |
No |
|
- Application, originator, mortgage broker
|
|
Web |
|
|
XXXX 2016, we submitted a loan application and the required docs and received a Pre-Approval letter by Insight Loans so we placed a contract on a home based on the amount of the Pre-Approval.
Awaiting closing, we packed up our entire household items, informed our landlord that we were moving out so he arranged showings on the house, and many other time consuming and/or costly changes. A few days before closing, we had n't received any updates except a few text messages stating that underwriting was very busy but rest assured everything will be fine. Closing day came and went without any return calls/emails that we made as well as requests from our realtor and the seller 's realtor. We also emailed XXXX XXXX ( lender ), to no avail.
A day after expected close date, we were asked for an extension from Insight. The sellers did not give us an extension because they were very frustrated and had already moved out ( expecting to close ) and paying XXXX mortgages. We never received an update from Insight Loans that day and the home was put back on the market.
Later that week, we were informed that the Senior Underwriter did n't approve our loan! We were in shock! NOTHING had changed on our end - everything remained the same. The final excuse we received as to why our loan was declined was because the Loan Officer calculated the income incorrectly.
We understand that closings fall through all of the time due to changes that occur on the buyer 's end. However, there were NO changes on our end and the loan officer agreed. We met every condition the underwriter had sent. We are devastated that we lost the home and how this affected many families. The after-the-fact apology that was received by the loan officer does not begin to make up for what we are going through.
How could this process go this far and then only receive an excuse of " the income was calculated incorrectly ''?? We have it all documented in an email.
We are living in a house that is all packed up with nowhere to go. Also, the sellers are now refusing to give us our earnest money back and we have paid money towards inspections, etc. that we have not received back.
|
| 04/11/2019 |
Yes |
- Mortgage
- Conventional home mortgage
|
|
|
Web |
|
|
On XX/XX/2018, my husband and I closed on a refinance loan with XXXX XXXX, from Insight Loans. The objective was to get the PMI off and get some money back for home improvements.
The understanding and agreement that I had with the broker was that I would get {$8500.00} cash back at closing and my interest rate would be similar. The closing documents were sent but the broker never mentioned that it would cost us more than {$5900.00} to get the interest rate that he had indicated that we would get. He even admitted to me that he wasnt feeling well and did not even look at them before sending them. The closing document fees indicated TO SELLER but in two different boxes.The broker never mentioned a {$6000.00} fee, or that my cash back would change. When I questioned him about the interest, he said that it would be lower. I did not know that I had to paid this fee until the check came, and I was no longer able to rescind the loan. When I contacted the broker about the discrepancy, he ignored me for over a week. He also offered to pay me off until I was happy to avoid a complaint. He also sent me a {$50.00} gift card the last time I closed on a loan with him, for a five star review. During this issue, he also indicated that he had contacted the mortgage company to try and get me a lender credit but when I contacted them, they didnt know what I was talking about. The fee was indicated in the documents but it was never mentioned to me until afterwards. My understanding was that o was getting the {$8500.00} we agreed upon.
|