Consumer complaint received 2021-12-07
Company: AMA Advisors, LLC.
State: GA
Product: Mortgage
Sub-product: Other type of mortgage
Issue: Applying for a mortgage or refinancing an existing mortgage

Complaint:
My original complaint : I did business with this company 's wholesale division from XX/XX/XXXX to XX/XX/XXXX. The loan program was a NON-QM bank Statement. My file was submitted to underwriting on XX/XX/XXXX and received conditional approval on XX/XX/XXXX. The list of conditions was extensive, but my broker turned in everything we could. The underwriter asked for new documents each time, with some requests sounding like they were made up along the way. After weeks of back and forth, we were told that the loan cant be cleared to close because the fees were too high and that they needed to see 18 months of reserves. The max fees for the loan were around XXXX  and my fees were XXXX+. My broker asked what could be done and if some fees could be waived. My broker was told, Keep in mind this loan hasnt passed non-QM since day 1. We are not able to do this loan for free If that was the case, why would you conditionally approve me?! Even if I supplied the documents and got exceptions, I would still take pricing hits that would affect the fees. The company offered no insight except having XXXX reserves, which still wouldnt fix the fee situation. The other solution was for my parents to cosign as they said, They seemed to be willing to give me money After zero information on how to actually fix the situation, the seller was extremely frustrated and backed out. This all could have been avoided if the company was transparent from the very beginning. My file was complicated, but I would rather have been turned away upfront instead of being dragged along for a month. This company was extremely disingenuous and frankly unethical _______________________________________________________________ XX/XX/2021 : This complaint is a response to Case # XXXX, in which Homebridge failed to provide an acceptable resolution to their negligence. 

I want to first say that this loan was NOT handled in an appropriate and professional manner. 

Number 1 : Homebridge states that my file showed the Debt-to-Income ratio exceeded 43 % - without {$1500.00} of residual income, no history of a housing payment, therefore, the maximum Loan-to-Value ratio would be 75 %. The minimum loan amount for the program is {$100000.00} and the borrower did not have 18 months reserves to compensate for the high ratio, so an exception had to be obtained. 

RESPONSE : I submitted MULTIPLE LOEs that their representative asked for to gain exceptions. However, if each exception entailed pricing hits, why would you continue to keep processing the loan? Would that not disqualify the loan from the jump? Their representative stated that the loan never qualified from the beginning, but they conveniently could not read my upload.

Number 2 : I did in fact have both 12 and 18 months in reserves. I have attached my bank statement as well. It was properly sourced with bank deposit slips. Based on your calculations, I needed XXXX for 90 % LTV loan. However, your underwriter refused to look at that sighting that the fees were too high. Once again, out of my control. You refused to waive any, even the fee for my broker which she asked you to do. 

RESPONSE : I even had a CPA letter and profit/loss to help with the residual income and debt/ratio issue. According to Homebridges site, Requires a XXXX XXXX XXXX provided by a CPA, EA or licensed tax preparer for the most recent 12 or 24 months as applicable. If the deposits on the business statements support a minimum of 75 % of the gross receipts listed on the XXXX  XXXX XXXX the XXXX XXXX XXXX  may be used for qualifying based on the borrowers pro-rata share of ownership. The resulting income should be reasonable for the borrowers line of work. Homebridge refused to accept it ; because my CPA was foreign. I had my XXXX XXXX XXXX reviewed AGAIN by a XXXX XXXX and Homebridge acted like it didnt exist.

It is extremely lazy to insist that I did not include attachments that could be retrieved. These documents were given to me by Homebridge. Its interesting how a PDF cant be read. Dont worry, I converted them to XXXX. Perhaps, an update of software is required on your part.

Company public response: Company believes it acted appropriately as authorized by contract or law
Company response to consumer: Closed with explanation