Mortgage -- Applying for a mortgage or refinancing an existing mortgage -- Complaint #6422455
Complaint Overview
Complaint ID: 6422455
Company: New York Community Bancorp INC
Product: Mortgage
Sub-Product: Conventional home mortgage
Issue: Applying for a mortgage or refinancing an existing mortgage
State: New Jersey
ZIP Code: 070XX
Date Received: 2023-01-10T12:00:00-05:00
Date Sent to Company: 2023-01-10T12:00:00-05:00
Company Response: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Submitted Via: Web
Consumer Narrative
Mortgage issuer : Flagstar Date : XX/XX/XXXX- XX/XX/XXXX I am a higher savings, lower income individual ( due to the pandemic related job changes and layoffs ). Me and my wife at the time bought a place in XXXX NJ in XXXX and financed XXXX. We have never missed a single payment on this loan in the past 5 years. I currently run my own online business. The original loan had both me and my ex-wife as borrowers listed on the loan. Following my divorce and per our divorce agreement, I issued a loan assumption request ( to only have my name on the loan ) for our 15 year conventional mortgage, which had about XXXX remaining. The link to initiate this request was hidden on the website and took some time to find it. Then I was referred to a loan assumption XXXX ( XXXX XXXX ). After being referred to the credit decision team ( XXXX XXXX and XXXX XXXX XXXX ) and completing the documentation request in XX/XX/XXXX, I received a decision on XX/XX/XXXX that I was denied my assumption request. This letter stated that I had a XXXX XXXX of XXXX and cited the following for the adverse action : - Excessive obligations in relation to income - Insufficient income for mortgage payment The credit score metric they used was not found " high enough '' for the following reasons : - Too many inquiries last 12 months - Length of time accounts have been established - Amount owned on revolving accounts is too high - Length of time revolving accounts have been established I literally have had the same XXXX credit cards for 15 years where I revolve a balance of {$1500.00} per month with no missed payments. My requests to appeal and have them communicate & revise their logic in making this decision have not been answered. As I have a friend who got approved for a XXXX loan with less income and smaller credit score, I find this predatory. It doesn't take a genius to see that the company is trying to refuse, with no ground, an assumption request for a loan with 3.25 % in interest rate and twisting my arm to refinance at the rate of 6 % instead. I am hopeful there are legal protections for consumers on this matter. I need your support and guidance on this. Thank you
Frequently Asked Questions
What is Complaint #6422455 about?
Complaint #6422455 was filed against New York Community Bancorp INC regarding Mortgage specifically about Applying for a mortgage or refinancing an existing mortgage. It was received by the CFPB on 2023-01-10T12:00:00-05:00.
How did New York Community Bancorp 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 New York Community Bancorp INC?
Yes, visit the New York Community Bancorp INC company profile at readthecomplaint.com/company/new-york-community-bancorp-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.