Consumer complaint received 2022-04-26
Company: United Shore Financial Services, LLC
State: CA
Product: Mortgage
Sub-product: Conventional home mortgage
Issue: Closing on a mortgage

Complaint:
United Wholesale Mortgage ( UWM ) engaged in fraudulent practice with us by prevarication and deception during the closing of a proposed loan with them. 
Timeline of events is below : 1. Submitted loan application which was accepted, assigned a loan number, and provided a XXXX on XX/XX/22 with an anticipated closing date of XX/XX/22. The rate was locked. 
2. It should be noted that we, as borrowers, responded to each of UWMs request within one business day. Thus, UWM had a clear picture of our income as compared to debt, from day 1. 
3. Upon acceptance of the XXXX and an agreement by the underwriter to fold the closing costs of the loan on the back end, we moved forward with their request of a property appraisal. The appraisal was scheduled and paid for on XX/XX/22. 
4. Over the next 2-week period, UWM requested numerous materials including copies of our lease agreements with our tenants ( the refi was for an investment property ), copies of bank statements and the like. We responded timely to each request. 
5. We signed documents for the loan on XX/XX/22 to keep the process moving forward. At this point UWM had several financial documents from us. 
6. On XX/XX/22 we received an approval letter from UWM. 
7. On XX/XX/22 UWM suddenly changed course and stated that we would have to come to closing with {$40000.00} cash, rather than fold the closing costs back into the loan, as had been discussed previously. At this time, we decided not to continue with the loan as we did not want to pay this amount. UWM knew that we had the money available - we contend that they either wanted us to pay all along and had been intentionally misleading or they came up with a XXXX problem at the last minute. There was no new information for them to suddenly change course. This prevarication came from XXXX XXXX at UWM. 
8. Our loan officer notified UWM that we were withdrawing our loan application on XX/XX/22. 
9. On XX/XX/22 UWM sent a derogatory letter, a " credit denial '' letter stating that we had excessive obligations in relation to income. To be clear, we had already withdrawn our application- there was nothing to " deny '' at this point. Further, our debt-to-income ratio is 38 % which is far below the XXXX requirements for just about any loan. The income exceeds {$13000.00} monthly while our debt, which consists of JUST XXXX LOANS, is less than {$5000.00} monthly. This refinance was to replace one of the XXXX loans. The adverse action letter came from XXXX XXXX of UWM at XXXXXXXX XXXX  Monday XX/XX/22. 
10. At XXXXXXXX XXXX Monday XX/XX/22 we received an automated message to log in to the UWM platform to sign the documents to move towards closing the loan. 
HOW CAN BOTH OF THESE THINGS BE TRUE AT THE SAME TIME - a loan denial and a request to sign documents to close said loan in the same day just hours apart? 

There is either gross incompetence or nefarious intent regarding this process. UWM should be thoroughly investigated. We want ALL of our personal documents destroyed, confirmation that this has been done, and an apology from UWM for wasting our time. They knew from the very beginning of the process what our income and debt profile looked like. They had " proof '' of our income as provided by the numerous financial documents and " proof '' of our debt as provided by the credit report and the mortgage statements that we provided to them. Our only debt is from XXXX mortgages that encompass 38 % of our income. There is no way that one can interpret that our debt obligations are excessive compared to the income. There is something else going on with them. Discrimination perhaps? Please investigate.

Company response to consumer: Closed with explanation