Consumer complaint received 2023-09-11
Company: LD Holdings Group, LLC
State: NC
Product: Mortgage
Sub-product: FHA mortgage
Issue: Applying for a mortgage or refinancing an existing mortgage
Sub-issue: Loan estimate or other related disclosures

Complaint:
I currently have a pending loan application # XXXX with MTH mortgage for a home with XXXX XXXX am currently working with XXXX XXXX XXXX. I have several issues I would like to address throughout the process. 

Before completing my application I met with XXXX, the sales manager at XXXX XXXX location. After meeting with her I was interested in moving forward with the XXXX floor plan after seeing all four, this one would accommodate me best if I could make it work within my budget. 

At the time I was given monthly estimates and under the impression that the figures I was provided with along with the XXXX incentive for using their preferred lender towards closing cost and prepays such as PMI and HOA would put my payments in the lower XXXX range. 

After speaking with my agent XXXX, I was informed they could offer a sales price of XXXX and now a XXXX incentive. I was then ready to move forward with signing the contract and sending the XXXX earnest deposit taking place on XX/XX/XXXX and XX/XX/XXXX. 

It was not until requesting actual worksheets that they were sent a couple days later but not before my deposit. When receiving the worksheets from XXXX figures were completely different then my initial discussion with XXXX. Closing cost ; monthly payments and loan amount were all higher. Loan amount higher due to XXXX for FHA PMI that was also never disclosed prior to the contract or my deposit. And majority of incentive would be used to points to bring the rate down leaving less than XXXX left towards closing cost and nothing for prepays. 

I expressed at that time I could not afford this loan. XXXX did draw up new worksheets where he was able to at least get the cash I would need to close back down near the original amount discussed. He sent disclosures as well and after reviewing I noticed my income being listed as approximately {$500.00} more monthly. I immediately brought this to XXXX attention and stated I would not be signing the disclosures until they reflected my accurate income as stated on the paystubs he had been provided with or for my earnest money deposit of XXXX to be refunded. To date neither has taken place. 

During a conversation with XXXX, he stated he was unable to update the disclosures as I requested and that he was going be the income provided by my employer and not of my actual paystubs. He also stated in doing so it brings my DTI to 60 % and asked if I would possibly be interested in another floor plan.I feel as though this was an attempt to inflate my income for the purpose of qualifying me for a loan I can not afford. 

He also suggested the DTI could be reduced by me paying off over XXXX in debt that belongs to my co-borrower, whom has no assets and would not be residing in the home or state. Pretty much depleting my entire savings between that and closing cost. 

I believe this entire transaction was structured for the benefit of the sale and at no point the best interest of me as the consumer. Which I have documentation of the details I have stated. Not only is this unethical but after seeking legal advice I was told it is also illegal to inflate a persons income with the deliberate attempt to qualify them for a loan they can not afford. 

So for all these reasons I no longer wish to conduct any business with this lending company of MTH.

Company response to consumer: Closed with explanation