Mortgage -- Closing on a mortgage -- Complaint #4736537
Complaint Overview
Complaint ID: 4736537
Company: Sml Capital, INC.
Product: Mortgage
Sub-Product: Conventional home mortgage
Issue: Closing on a mortgage
State: Florida
ZIP Code: 34786
Date Received: 2021-09-20T12:00:00-05:00
Date Sent to Company: 2021-09-21T12:00:00-05:00
Company Response: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Submitted Via: Web
Consumer Narrative
1. Offer received with a Pre Approval letter. Outstanding Conditions Escrow, Appraisal, Purchase Agreement. Documents reviewed and verified : Income, Credit , Employment & Assets Verified. Timeline : Contract signed XX/XX/XXXX, Final Loan Approval XX/XX/XXXX, Close date XX/XX/XXXX XX/XX/XXXX Lender required adding wife to the purchase with no explanation. Florida is a homestead state. We did not know there was a wife.Wife was added XX/XX/XXXX by addendum. Seller 's already signed their closing documents. XX/XX/XXXX Buyer 's Agent requested a closing extension with no explanation. He reports there is a XXXXaud Protection on the buyer and the IRS documents are on their way. Still no loan approval provided. Loan App due XXXX. When we pressured for more information buyers agent sent a lender document detailing the following Credit Score dated XX/XX/XXXX Score XXXX to XXXX, 39 Serious Delinquency, 14 Length of time accounts have been established,18 number of accounts with delinquency, 08 too man inquiries last 12 months. They knew there were issues and still provided a pre approval letter. Seller then requested a loan commitment. Commitment sent without any loan terms or signature from the lender. Wife included with new additional terms and conditions 1.Tax Transcripts from IRS ( mailed directly to buyer ) 2. Spouse on title only. XXXX Received a signed commitment with the lenders signature that doesn't appear to match pre approval letter. No signatures from borrowers. How can you issue a commitment with serious items dating back to XXXX. Why are they just now asking for tax returns three days before closing? They would not explain or clarify. They then sent a 30 day extension request. Seller requests a portion of the escrow be non refundable. Seller did not sign either of the extensions without a better understanding. I sent requests for clarification to both the buyers agent and the lender trying to understand the true nature of the deceit. XX/XX/XXXX Lender sends Notice Of Action with new conditions Insufficient funds.Unable to get IRS transcripts. Agent sends a release and cancellation and wife is now on it. She was to be on title only!
Frequently Asked Questions
What is Complaint #4736537 about?
Complaint #4736537 was filed against Sml Capital, INC. regarding Mortgage specifically about Closing on a mortgage. It was received by the CFPB on 2021-09-20T12:00:00-05:00.
How did Sml Capital, INC. respond to this complaint?
The company responded with: "Closed with explanation". The response was timely.
What is the risk level of this complaint?
See the risk assessment section for details on this complaint's risk profile.
How do I file a similar complaint?
You can file a complaint with the CFPB at consumerfinance.gov/complaint. Select the appropriate product category (Mortgage) and describe your issue in detail.
Can I see other complaints against Sml Capital, INC.?
Yes, visit the Sml Capital, INC. company profile at readthecomplaint.com/company/sml-capital-inc to see all complaints, risk scores, and analysis.
Disclaimer
This analysis is AI-generated based on publicly available CFPB complaint data. It does not constitute financial or legal advice.