JMAC LENDING INCORPORATED CFPB Complaints

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2000 Latest Complaints
Date Received Timely Response Product Issue State / Zip Submitted Via Tags
12/30/2018 Yes
  • Mortgage
  • Conventional home mortgage
  • Applying for a mortgage or refinancing an existing mortgage
  • TX
  • 78212
Web Older American
I applied for loan with JMAC Lending on XX/XX/2018 My initial loan officer was XXXX XXXX. We talked on the phone on XXXX XXXX and discussed my lending needs and tight time frame for closing. We discussed several loan options and locked a rate of 3.375 % for 7 Year ARM. An appraisal was ordered and I submitted 100 pages of documentation. It seemed that I was submitting documentation every single day. We waited for what seemed an eternity and the loan was finally approved on XXXX XXXX. Since the closing date was supposed to be on XXXX XXXX, my realtor after conferring with JMAC drafted an a contract amendment for the seller to extend the closing date. The seller signed the extension, but I had to pay an option fee to get the contract extended and put up additional earnest money. The seller was not happy, as I was purchasing the property significantly less than his asking price and the house was appraised at {>= $1,000,000} and I was purchasing the house for {>= $1,000,000}. In addition, according to my agent, he had lost two other offers because of California Loan Companies. Thinks now looked good to close until I was notified about a week later that JMAC would most likely not be able to make the new closing date that was signed in the extension and I would have to ask for another extension. At this point, I decided to cash in investments and close with cash or risk losing the deal. I discussed this with my loan officer, and he said we could close with a different type of loan after I had a closed with cash to get my money back out. He said the new process would be very fast since I was already approved, they had all of my papers, and hopefully we could use the appraisal that was just completed. Shortly after that, we agreed upon a new rate of 3.875 % and moved forward I good faith to close on a new loan. Loan disclosure statements were sent to me to sign which I promptly signed electronically A new appraisal was ordered and charged to my credit card, after being told that the first appraisal would work. In the second appraisal, the house was appraised at {$1.00} million ; I was only financing {$750000.00}. After several weeks passed, I sent an email requesting the stratus of loan. I was told that my loan officer and loan processor were no longer with JMAC and that my loan had been reassigned. The new loan officer and processor requested numerous other documents. In addition, they sent me a new loan disclosure for 4.875 % a full 1 percent higher that my approved loan disclosure and 1.5 % higher than the original rate of 3.375. % Thinking this was an error, I sent an email back to loan processor of why the rate was higher. I later received notice that a notice that they could not honor the first loan disclosure because that loan is not available in Texas. I said the new rate was unacceptable. I was told that they would check with the manager. I was asked for more papers which was submitted but never contacted by the new manager. After sending several emails, I decided to apply for a loan wit the mortgage company. My loan went very fast and now have my mortgage and at higher rate.
05/09/2021 Yes
  • Mortgage
  • Conventional home mortgage
  • Closing on a mortgage
  • CA
  • 92585
Web
On XX/XX/XXXX, I purchased a property for {$490000.00}, using lender JMAC Lending Inc. The monthly payment was {$2500.00}. The payment included the principal, interest, PMI, and escrow account. The escrow account included annual property taxes calculated at {$6100.00}. All this information is included in the Closing Statement. I was informed that my loan was sold to XXXX XXXX. I received a letter from XXXX XXXX dated XX/XX/XXXX reporting that there was an escrow shortage of {$2600.00} because of the annual property taxes increasing. The monthly payment would increase to {$3000.00}. I spoke with XXXX, XXXX XXXX, XXXX XXXX, XXXX XXXX as well as the Real Estate Agent to address this matter. A mediation letter was sent on XX/XX/XXXX requesting a settlement to address the matter that would affect me in perpetuity. I received a letter from XXXX XXXX dated XX/XX/XXXX that acknowledged that the annual property taxes were calculated incorrectly and should have been calculated at {$8800.00}, not {$6100.00}. The letter also reported that XXXX paid {$3100.00} to cover the escrow shortage for XXXX. XXXX sent a letter dated XX/XX/XXXX, that does not agree to a settlement. Another mediation letter was sent on XX/XX/XXXX reporting the failure to disclose the payment accurately and the hardship. I also explained that I did not accept the {$3100.00} as a settlement. The monthly payment increased to {$2800.00} because of the property taxes being documented incorrectly at closing. I sent a letter to XXXX XXXX on XX/XX/XXXX asking for the PMI to be removed and the escrow account to be removed to assist with reducing the monthly payment. I informed XXXX XXXX that I was still looking into other options to address the matter of the annual property taxes.
05/21/2020 Yes
  • Mortgage
  • Conventional home mortgage
  • Applying for a mortgage or refinancing an existing mortgage
  • WA
  • 98208
Web
We were working with a JMAC Lending loan processer, XXXX XXXX, on two mortgage refis. She lied to me, claiming XXXX XXXX had requirements for me to supply additional documents. I looked up the XXXX XXXX Selling Guide, sent it to her proving her wrong. She called me up, started an argument, yelling at me, then hung up. Then she sent the mortgage broker an email, lying about our phone call. Since then, XXXX keeps coming back, claiming the underwriter needs more info on both of our loands. For instance, we provide 12 months of bank statements, now she wants 13. How is that relevant. She is interfering in our loan process, intentionally causing unecessary delays, along with making false statements about us. Our loan was supposed to close this week, but that looks unlikely. In fact, XXXX is interfering so badly, it does not appear as though we will even close, ever. Now, no matter what we do, with each new " request '' from underwritting, I send in the information and we're met with yet another new request. 4 times now. Friday, Tuesday, Wednesday morning, and AGAIN Wednesday evening. Extraneous requests for absurd information. Even the loan officer, who normally doesn't interact with underwritting, has lodged a complaint. Our loan lock will likely expire before the laon closes, due to XXXX 's unethical behavior. Rates have gone up and it will cost us more money because XXXX is retaliating, sabotaging our loan approval. If we have to abandon this lender due to XXXX sabataging our loans, the rates have changed, they have gone up since we started this proces. That will cost us even more money.
11/20/2017 Yes
  • Mortgage
  • FHA mortgage
  • Trouble during payment process
  • CO
  • 80129
Web
We had some financial troubles back in XX/XX/XXXX. I called our mortgage company and they allowed me to enter a repayment plan so that we could get back on track financially. We signed a repayment plan outlining the repayment terms. The repayment plan was outlined as follows : No payment in XX/XX/XXXX ; regular payment of {$2100.00} due XX/XX/XXXX ; {$3000.00} due on XX/XX/XXXX, XX/XX/XXXX and XX/XX/XXXX. All payments were made according to the plan. In XX/XX/XXXX, my wife called to make our normal payment ( {$2100.00} ) and was told another payment of {$3000.00} was needed to make our loan current, which I do n't believe is correct. The only reason she paid the incorrect amount is because XXXX was adamant this is what was due to make the loan current. Nowhere in the payment plan I signed did it mention another increased payment for XXXX. I was told by the mortgage company that we paid a total of around {$680.00} in fees for the repayment plan. When I do the math, we paid about {$1200.00} in fees due to the XXXX payment not going back to our normal mortgage amount. Either the repayment plan was misleading or the mortgage company was mistaken in taking the amount they did for the XXXX payment. Either way I have a big issue with the way this was handled. I have called and talked to a couple different people and they can not explain the discrepancy, only " that was the amount due to make you current. '' with no explanation of why the repayment plan did not outline anything for XXXX.
05/16/2022 Yes
  • Mortgage
  • Conventional home mortgage
  • Trouble during payment process
  • CA
  • 91766
Web Older American, Servicemember
I received notification that my Mortgage payment would increase because of taxes and speculated insurance premiums. I was given the amount of {$180.00} to pay to escrow to keep my payment the same. The additional escrow payment was received by JMAC Lending on XXXX My payment did not return to the previous monthly installment. I called on XX/XX/16 to find out why and I was told that they projected that my insurance will increase so they could not return my monthly payment to the previous amount. They calculated the XXXX I sent the XXXX in good faith and fair dealing to keep my monthly mortgage payment at the lower amount. They neglected their responsibility to return my payment to the lower amount and did not have a decent explanation of why they quoted an amount and I sent the amount but they still did not lower the payment. XXXX XXXX XXXX : The lender does not provide you with accurate or complete account statements for escrow. That makes it almost impossible for you to determine how much you have paid or how much you owe. You may pay more than you owe. Over-collecting through accounts designed for taxes and insurance
03/26/2020 Yes
  • Mortgage
  • Conventional home mortgage
  • Closing on a mortgage
  • AZ
  • 85260
Web Servicemember
We had been approved for a 30 year jumbo mortgage with XXXX XXXX. XXXX XXXX from XXXX XXXX ordered an appraisal and an appraisal was done. Before the appraisal was submitted, after all the work on it was completed, XXXX XXXX cancelled the appraisal. The appraisal company charged us {$750.00} for the appraisal and said we can get a refund of only {$150.00} because the appraisal was done. XXXX XXXX stopped the appraisal because they decided after lock and approval, even after ordering the appraisal that they were temporarily suspending Jumbo mortgages. They then indicated we could start again and accept a higher rate if we would like. Choosing not to honor the 3.375 rate and switch us to a 4.25 rate is wrong as we had a lock and there was still 2 weeks left on it at the time. This disposition is simply fraud and proven by the fact that we can continue with them right now at a new higher rate. We are out {$600.00} and feel violated. This is unethical! We have proof and a paper trail for all of this. XXXX XXXX XXXX XXXX XXXX XXXX
10/01/2020 Yes
  • Mortgage
  • Conventional home mortgage
  • Applying for a mortgage or refinancing an existing mortgage
  • CA
  • 91739
Web
The date of signing our loan through XXXX XXXX, we felt rushed and the loan amount and extra cost we were told we needed to pay were not what we had talked about. My wife and I did not sign the documents. We declined the loan. We went with a new company the following week. Two months later we received a denial letter from JMAC Lending, the company we cancelled with. The letter stated we had Inadequate Collateral and Insufficient Data-Property. We have plenty of Equity in our home {$450000.00} ( {$870000.00} plus ). We recently had a home sell for {$900000.00}, a smaller version. Our credit scores dropped 35 points for the each of us after this letter went out. We are very upset how this company JMAC can spread false information when we decided not to use them.
05/01/2018 Yes
  • Credit reporting, credit repair services, or other personal consumer reports
  • Other personal consumer report
  • Incorrect information on your report
  • Information is incorrect
  • CO
  • XXXXX
Web
JMAC Lending contacted the mortgage broker I used and stated we provided information that was " not factual '' and they were starting proceeding against XXXX XXXX and XXXX XXXX and reported it to the FHA. I called them and told them it was factual and I could provide proof. I sent them a signed statement from the person that was my immediate supervisor and it stated I was still an employee at that time in question and they have apparently decided to ignore me because I ask to be informed about the process and I have not heard from them since. I would like to clear this issue up as soon as possible. Thank You XXXX XXXX
10/03/2017 Yes
  • Mortgage
  • VA mortgage
  • Trouble during payment process
  • GA
  • 30606
Web Older American, Servicemember
My name is XXXX XXXX, JMAClending is my loan company. I have been having trouble with my mortgage payment getting higher every month without explanation .My mortgage payment for XX/XX/XXXX was XXXX Payment due on XX/XX/XXXX. XX/XX/XXXX XXXX payment due on XX/XX/XXXX.statement dated XX/XX/XXXX XXXX Due date XX/XX/XXXX. I do not understand why my payments are so XXXX up. My phone # is XXXX or XXXX If you need copies of statements I can send them. Address XXXX XXXX XXXX XXXX XXXX, Georgia XXXX
02/18/2022 Yes
  • Mortgage
  • Conventional home mortgage
  • Trouble during payment process
  • CA
  • 90277
Web
10/07/2019 Yes
  • Mortgage
  • Conventional home mortgage
  • Applying for a mortgage or refinancing an existing mortgage
  • NV
  • 89002
Web
07/09/2019 Yes
  • Mortgage
  • Conventional home mortgage
  • Closing on a mortgage
  • FL
  • 33322
Phone Older American
06/21/2019 Yes
  • Mortgage
  • Conventional home mortgage
  • Closing on a mortgage
  • CA
  • 92869
Web
04/29/2019 Yes
  • Mortgage
  • Conventional home mortgage
  • Trouble during payment process
  • CA
  • 92071
Referral
03/21/2018 Yes
  • Mortgage
  • VA mortgage
  • Trouble during payment process
  • TX
  • 75044
Web Servicemember
11/20/2017 Yes
  • Mortgage
  • FHA mortgage
  • Incorrect information on your report
  • Account status incorrect
  • CO
  • 80129
Web
12/02/2016 No
  • Mortgage
  • Conventional fixed mortgage
  • Loan servicing, payments, escrow account
  • CA
  • 91745
Web
06/22/2016 Yes
  • Mortgage
  • Other mortgage
  • Credit decision / Underwriting
  • FL
  • 32569
Web Older American