Mortgage -- Applying for a mortgage or refinancing an existing mortgage -- Complaint #5997104

Complaint Overview

Complaint ID: 5997104

Company: Broker Solutions, INC.

Product: Mortgage

Sub-Product: Conventional home mortgage

Issue: Applying for a mortgage or refinancing an existing mortgage

State: Washington

ZIP Code: 981XX

Date Received: 2022-09-19T12:00:00-05:00

Date Sent to Company: 2022-09-19T12:00:00-05:00

Company Response: Closed with explanation

Timely Response: Yes

Consumer Disputed: N/A

Submitted Via: Web

Consumer Narrative

Working with New American to purchase my first home put me at risk of both losing my desired home and {$17000.00} ( earnest money + gains on the stock I sold for closing costs in good faith this would be done XXXX + inspection ). Below is a recap of miscommunication and negligence to date by the company. Contacts I have worked with are XXXX XXXX, XXXX XXXX XXXX XXXX and XXXX XXXX. XXXX pre-approved me for a loan at 10 % down with a rate match of 5.85 % with manager approval XXXX. My formal mortgage application then kicked off XX/XX/22 and XXXX advised me she had all the documents needed to move forward with underwriting. My appraisal was completed XX/XX/22 and came in slightly above my offer- all good news. On XXXX ( Monday the week of closing ) I received an email from XXXX that my loan was at risk of denial but there was a solution where I would put 15 % down with 4.99 % interest rate. This was the first of 3 incorrect quotes for a path forward I would get from XXXX in 48 hours. I received a follow up email XXXX that I had 2 path forwards to avoid my loan being denied : 15 % with a higher rate than initially quoted or 20 % down. I decided I wanted to move forward with 20 % down to avoid paying upfront MI. On XXXX I was told the 20 % down path previously quoted as an option would be denied due to impact on my reserves. The only path forward that would be approved was 15 % down. I asked to speak with a manager however they did not call me before leaving on vacation/OOTO XXXX. Beginning The afternoon of XXXX I began working exclusively with XXXX because I could not trust any of the loan terms XXXX was quoting me. I raised concerns that XXXX XXXX the escrow agent and the seller agent were saying XXXX was unresponsive to all attempts to contact her for updates to XXXX for loan docs ahead of signing. I signed closing disclosure agreements for the path forward to complete my loan with 15 % down the evening of XXXX, keeping us on track to close XXXX sold stock and compiled the updated closing costs needed into my XXXX account, sending the updated documentation to XXXX first thing in the morning XXXX. I was told it was all hands on deck to get my contract paperwork out by XXXX XXXX. I had to reach out at XXXX after no one heard any updates. I was then told XXXX - on my planned closing date - that there is not a path forward for New American to honor my signed closing disclosure terms. It is clear XXXX made numerous mistakes on my loan application - including not including my buyer rebate previously communicated to the title agency and across stakeholders. Not accurately quoting me terms impacted my ability as a buyer to shop my rate and lost my trust in the process. I attempted to resolve my issues directly with the company but after saying they would review my file I have not heard back in over 1 month.

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This analysis is AI-generated based on publicly available CFPB complaint data. It does not constitute financial or legal advice.

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