Consumer complaint received 2021-07-30
Company: Synergy One Lending, Inc.
State: TX
Product: Mortgage
Sub-product: Conventional home mortgage
Issue: Applying for a mortgage or refinancing an existing mortgage

Complaint:
This CFPB complaint is regarding Synergy One Lending ( the Lender ) for their hostile and unfair treatment towards XXXX  ( the Borrower/Consumer ) and their continued ineptitude and misrepresentation of her home mortgage loan process and status on not one, but two separate loan process. The Lender has this loan application ( attached ) for more than 30-day period from loan date XX/XX/XXXX, through loan date XXXX XX/XX/XXXX. 

Synergy One Lending gave XXXX  the impression that her second loan would be fine based on the first loan being in good-standing, with the Lender suggesting a pre-approved status, due to the Borrower meeting industry accepted guidelines, such as FICO Score threshold, Debt-to-Income ( DTI ) and Loan-to-Value ( LTV ) Ratios, as well as other industry standards put forth XXXX XXXX and XXXX XXXX and accepted by the Mortgage Lending Industry. XXXX completed a 1003 loan application ( attached ) and provided, paystubs, W2 for XXXX and XXXX, bank statements along with brokage account statements to validate down payment and earnest money funds.

Step 2 : What type of problem are you having?

Unfair lending practices and Discriminatory Lending ( XXXX ).

Step 3 : What happened? 
The first property, my realtor referred me to Synergy One Lending, who put all the numbers together and said that everything looked great and that there were seemingly no problems. The only thing left to do, was just wait on the appraisal to come in. With the amount of time that had lapsed, XXXX and her Realtor assumed that the application was not an issue. On Friday, XX/XX/XXXX, in the middle of the afternoon prior to my ( XXXX  ) closing on Monday, XX/XX/XXXX, the Lender sent an email ( unofficial and outside the actual loan process ) stating that after reviewing my ( XXXX  ) job history, information that the Lender ( Synergy One Lending ) had in their possession for more than a month, that due to the number of jobs I ( XXXX  ) had had ( most of which in the mortgage industry ), the Lender ( Synergy One Lending ) had chosen not to approve my loan suggesting I could look into a co-signer the next time. 

We ( XXXX  and her realtor ) were not able to move forward on the property, because after a lengthy period waiting for the appraisal to come in, when it did, it was way too low. The property was selling {$230000.00} and the appraisal came in at {$200000.00}. Therefore, with the appraisal coming in so low, it was no longer worth pursuing. Again, no concerns regarding the loan application, no issues with LTV, DTI or FIFO score and certainly, there was no mention of my employment history. 

As a result, we moved on to the next property. The Lender told my realtor that we ( XXXX  and the Realtor ) were still good standing, that the information from the first loan application would be transferred to the second application ( attached ) and new property. Again, there were no concerns with the application, including financial, work history and current mortgage information. Still with no written preapproval letter ( which a lender typically provides a customer ) was ever provided to me. Again, I was assured that everything was in order and there were no concerns. The inspection and appraisal were completed and literally came back in one day, on Thursday, XX/XX/XXXX, which was the day before the original closing date of Friday, XX/XX/XXXX, which the Lender had communicated to my realtor.

That Friday afternoon, while trying to confirm the time for the closing, I was called by the Lender and told that the loan was not going to be approved. The reason I was given and the first time I had heard anything like this from the Lender in the two months we had been working together, was that I had too many job changes in my work history, including a change within the past year.

The Lender, who had never expressed a concern around my work history, suggested that I might want to find a co-signer the next time she wanted to try and get a mortgage. Instead, the Lender emailed me a website URL, where I could see a loan breakdown for P & I insurance and taxes for escrow and then private mortgage insurance and then what my total payment would be, as if I had gotten the loan. Shortly thereafter, the Lender emailed me a copy of a decline letter. 

That was my experience with Synergy One Lending ( the Lender ). No concern for the predicament that their loan process had cause me.

Synergy One gave me ( XXXX  ) the impression that I was going to be moving into a new home, when in fact, they were simply looking for a reason to pull the rug out from under me. They ( the Lender Synergy One Lending ) may have thought that was the only consequence they were hanging me withwhen in fact it was so much more, including the following items : ITEMS 1. Several conversations with CEO, who suggested he would investigate this mess and towards, a potential NEW closing date of Monday, XX/XX/XXXX ( leaving me in mortgage limbo for four more days ) ; 2. Cost of getting a Tenant into my ( XXXX  ) condo, not wanting to contend with two mortgage payments ( this included prep and an AC unit, which went out the Sunday before her scheduled closing with Synergy One Lending ) ; 3. Cost of XXXX  packing, moving and ( six months of ) self-storage ; 4. Funds not reimbursed for the fees associated with the first property that didnt transfer and all the fees and time associated with trying to find an apartment, application fees and a second move.

FAIR RESOLUTION - TIME SPENT and REQUESTED REIMBURSEMENT ( FOR ACTUAL COST and TIME @ $ XXXX/HOUR ) : 1. {$3200.00} ( 32 hours ) 2. {$1700.00} ( 172 hours - 21.5 days ) 3. {$3500.00} 4. {$1500.00} {$9900.00} Step 4 : What company is this complaint about?

Synergy One Lending, Inc. NMLS # XXXX CORPORATE HQ : XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX , CA XXXX ( XXXX ) XXXX Step 5 : Who are you submitting this complaint for? 
XXXX

Company response to consumer: Closed with explanation