Mortgage -- Applying for a mortgage or refinancing an existing mortgage -- Complaint #7552747
Complaint Overview
Complaint ID: 7552747
Company: Cmg Financial Services, INC.
Product: Mortgage
Sub-Product: VA mortgage
Issue: Applying for a mortgage or refinancing an existing mortgage
Sub-Issue: Trying to communicate with the company to fix an issue with the application process
State: Virginia
ZIP Code: 20111
Date Received: 2023-09-14T12:00:00-05:00
Date Sent to Company: 2023-09-14T12:00:00-05:00
Company Response: Closed with explanation
Timely Response: No
Consumer Disputed: N/A
Submitted Via: Web
Tags: Older American, Servicemember
Consumer Narrative
Issue : CMG Financials is intentionally delaying assumption of a 2.75 % VA home loan. Their delay tactics are in the 3rd month, impacting three military veterans : the one who wants to purchase and the military veteran homeowners ' ability to sell our home, one of whom is a XXXX XXXX XXXXXXXX veteran. There is no reason CMG should not be able to move faster with the loan assumption process - this is standard practice for financial institutions holding VA home loans. At this point, we can not proceed with the prospective buyer to even complete his part of the paperwork because CMG Financial first needs to render the ( very simple ) decision that our VA loan is assumable. While we understand it may not be in their financial interest to have someone assume a 2.75 % home loan given today 's mortgage rates, it is the veterans ' right to be able to do so - CMG 's delay tactics may be imperiling the financial situation of other veterans as well, which is why we are seeking help now to move this along. Below is a general timeline of our highly bureaucratic interactions with CMG Financial to date : XX/XX/2023 - submitted required documentation ( " Preliminary Request for Assumption/Release of Liability '' form ) to CMG Financial 's `` Assumptions Department '' at XXXX ) and via certified mail to XXXX XXXX XXXXXXXX XXXX, NJ XXXX. The reason for my request is that we have a buyer for our property. As a military veteran, he wants to assume our 2.75 % VA loan. XX/XX/2023- I heard nothing back from CMG Financial, so I called in XXXX to follow up. I requested to speak to one of their mortgage managers and was able to do so. The mortgage manager advised that she would contact the Assumptions Department for status and stated that I am not allowed to do so, even as the homeowner with the mortgage needing quick resolution to sell my home. XX/XX/2023. I received no status update until I called the CMG mortgage manager back on XXXX XXXX for status. Surprisingly she called me back the same day. However, she then stated that I must re-send via email the same documents I originally sent ( via email and certified copy ) in XX/XX/2023. She also stated CMG Financial will not respond to my email and that I can not call them. The waiting game continues...
Frequently Asked Questions
What is Complaint #7552747 about?
Complaint #7552747 was filed against Cmg Financial Services, INC. regarding Mortgage specifically about Applying for a mortgage or refinancing an existing mortgage. It was received by the CFPB on 2023-09-14T12:00:00-05:00.
How did Cmg Financial Services, INC. respond to this complaint?
The company responded with: "Closed with explanation". The response was not 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 Cmg Financial Services, INC.?
Yes, visit the Cmg Financial Services, INC. company profile at readthecomplaint.com/company/cmg-financial-services-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.