| 09/19/2015 |
No |
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- Credit decision / Underwriting
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Web |
Servicemember |
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After not qualifying for a VA loan due to debt-to-income ( which was odd ). Our lender ( XXXX at Open Mortgage ) asked the Underwriter ( XXXX XXXX ) if we could repackage as a USDA loan and the underwriter said to do so : '' Good Morning XXXXAs per my previous email yes you can go USDA - you will need to get usda docs and resubmit file with everything as USDA and I will re underwrite for you. Thanks. " To move forward with the house, XXXX repackaged us USDA - we received desktop approval. The seller requested an additional {$500.00} in earnest money ( in total {$1000.00} ). In addition to going with an USDA loan, I had to agree to give the seller the earnest money ( {$1000.00} ), even if the loan was not approved.
After paying for the USDA appraisal ( {$450.00} ), the appraisal came back great. The UW approved our loan. Next, the file was submitted USDA. The USDA reviewer denied us, because my student loans were not fixed payments through the term of the XXXX yr mortgage loan.
The problem I have is the UW did not know the stipulation effective XXXX 2014 regarding student loans : Student loans. Lenders must include the greater of XXXX percent of the outstandingloan balance or the verified fixed payment as reflected on the credit report.
Exception : Monthly payment amounts listed on the credit report, which are less thanone percent of the outstanding balance may be used when evidence from the loanservicer is obtained indicating ; 1 ) the applicant is on a fixed repayment plan notsubject to change under the terms of the current agreement and XXXX ) and the monthlypayment amount due. Fixed payments have a monthly amount that is not subject tochange through the fixed repayment time frame. Income Based Repayment ( IBR ) plans, graduated plans, adjustable rates, interest only and deferred plans are examplesof repayment plans that are subject to change and do not qualify for the exception.
No additional documentation is required if a credit report is obtained and the lendercan confirm the payment represented is a fixed payment as noted in this paragraph.
The above stipulation applies to VA and USDA loans ; therefore, if we can not qualify VA due to not have fixed student loan payments, then WHY did the XXXX say to repackage me as USDA. We lost {$1400.00} due to her negligence. Even the USDA reviewer - XXXX XXXX ( Georgia XXXX XXXX XXXX at USDA, XXXX XXXX ) stated the UW - XXXX XXXX was grossly negligent on our file. She is required to know the stipulations to inform the lender what was wrong with the file.
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| 08/10/2020 |
Yes |
- Mortgage
- Reverse mortgage
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Web |
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In XX/XX/2019 my sister, XXXX, started thinking about a Reverse Mortgage on her house that was paid off.
From a friends referral, she had contacted a mortgage agent, XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX NMLS # XXXX XXXX had contacted Ms. XXXX and made and appointment to meet.
During the meeting, XXXX had stated to Ms. XXXX what she needed and MsXXXX XXXX said there would be no problem and it would be an easy process. XXXX is distraught from a close family members death and can not think straight. She does not understand business. Ms. XXXX should have noticed XXXX behavior and ceased the transaction without taking advantage of an elderly in this condition. Unfortunately, she proceeded to let XXXX know the procedure. XXXX was overwhelmed and told MsXXXX XXXX several times that she didnt understand. Ms. XXXX told XXXX it was easy. XXXX signs documents and thats about all.
Ms. XXXX had the documents ready for XXXX to sign. Ms. XXXX sat with XXXX and kept turning documents over for XXXX signature. When XXXX had asked what one document meant, Ms. XXXX stated it doesnt matter. XXXX continued to sign without understanding.
Now, because of Ms. XXXX actions, XXXX is in a Reverse Mortgage that she doesnt understand. She received {$5.00}, XXXX and was told that would be all the monies XXXX was to receive. She is also paying {$8200.00} and in an Adjustable Rate Mortgage that she did not understand.
I went through the documents with XXXX, after I found out what she did, and asked her if she understood them. She said no. She said she felt bad after she signed and wished it hadnt have happened. I pulled out the three day right to recession and asked if she knew she had three days to cancel. She stated she had no idea what that was or she would have cancelled.
I believe Ms. XXXX unprofessionally coerced XXXX into a situation that she was not capable of handling.
Ms. XXXX 's profile page states : " Helping seniors understand and evaluate Reverse Mortgage products for a more secure retirement, can be both challenging and rewarding. But finding the right program may bring a wealth of opportunity and financial independence that might otherwise be impossible. '' Of which she did neither for XXXX.
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| 06/16/2015 |
Yes |
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- Application, originator, mortgage broker
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Web |
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Back on XXXX/XXXX/15 we received a full price offer on a home I am selling for my clients. The Buyers Agent submitted to her lender of choice, XXXX Mortgage of XXXX Texas, and we completed all steps to close the loan on XXXX/XXXX/2015. As, of today we have heard multiple lies and received multiple emails confirming the lies they have told both the Buyers Agent and I, XXXX. Today on XXXX/XXXX/2015 we heard the truth. XXXX Mortgage and her team have not submitted to USDA for approval nor received any reason this file would not be accepted. The XXXX team is very unproffessional and has done the same thing regarding another file last year. However, last year they stated the reason the file was not completed in time was because the processor committed suicide. I did end up closing that file three months later with XXXX. XXXX herself called me on this file I am speaking about and said this was a clean file and the actions last year are resolved and she has a whole new team and that I should not worry. Well two months later we are not closed and do not have a close date in sight. I want to make sure she is reprimanded fully.
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| 12/09/2021 |
No |
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- Applying for a mortgage or refinancing an existing mortgage
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Web |
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Started to buy a house in XX/XX/2021 I was leasing home when owner offered it to me to buy it. Well I said yes I wanted to. Went to XXXX XXXX to get my loan. I got stuff turned in they kept saying I needed this or that. Well it took to long to get the loan so owner backed out. They allow him to and give him everything back. I had to move and so they ask me to look for another house I did found one and now Im going through the same thing. XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX was suppose to close on XXXX of XXXX then again on XX/XX/XXXX again. I told them my loan hasnt even gone through yet I cant wait any longer to buy. So now they are asking me to pay fees for the house I lost because of them and then fees now just random gear say stuff. Some things yes I agree to. The 2nd house they did nothing Ive only done application part but of course they are trying to XXXX me over even more. I need some help with this these people have ruined my life and my buying experience for a home. Thanks I can get more info if needed .... Company is XXXX XXXX XXXX. XXXX ok & open mortgage XXXX, tx
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| 08/09/2021 |
Yes |
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- Applying for a mortgage or refinancing an existing mortgage
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Web |
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XX/XX/XXXX XXXX XXXX XXXX ( XXXX XXXX XXXX XXXX ) stated that if I pay on my lease vehicle with XXXX and I pay {$4800.00} on it then that would bring my dti down and I would be able to get financed for the mortgage loan.. he had already told me my down payment which would have been XXXX down. On XX/XX/XXXX he pulled my credit again to see if the XXXX financial payment had been posted on my account. When he saw that it was he said we are good to go to closing ... closing was supposed to be on XX/XX/2021 he then told my realtor that my down payment had changed to XXXX when I found out I agreed to it and said lets move forward .. Mr XXXX calls my realtor back and says the down payment is XXXX and now I need to show proof that I am turning my XXXX lease vehicle in to XXXX XXXX I told XXXX this is not what he told me and he said it was a simple mistake. I told him this was not a simple mistake that open mortgage lending did ... if they are underwriting the loan how is it that the approval changes everyday ...
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| 08/12/2019 |
Yes |
- Mortgage
- Reverse mortgage
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- Applying for a mortgage or refinancing an existing mortgage
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Web |
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I got a letter from Open Mortgage dated XX/XX/XXXX saying I was not approved for a reverse mortgage. however, I never applied for a loan!
the loan number is XXXX, the address for them is XXXX XXXX XXXX XXXX, # XXXX, XXXX Tx XXXX by XXXX I tried calling but couldnt get through. I dont know these folks, but I want to make an official complaint.
Thanks for your help
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| 03/30/2023 |
Yes |
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Web |
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| 09/08/2022 |
Yes |
- Mortgage
- Reverse mortgage
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Phone |
Older American, Servicemember |
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| 07/09/2021 |
Yes |
- Mortgage
- Reverse mortgage
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- Applying for a mortgage or refinancing an existing mortgage
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Phone |
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| 06/14/2017 |
Yes |
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- Applying for a mortgage or refinancing an existing mortgage
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Web |
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| 01/12/2016 |
No |
- Mortgage
- Reverse mortgage
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- Application, originator, mortgage broker
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Referral |
Older American |
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| 07/06/2015 |
Yes |
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- Application, originator, mortgage broker
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Referral |
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