Consumer complaint received 2018-06-15
Company: Credit Union Mortgage Association, Inc.
State: NC
Product: Mortgage
Sub-product: Conventional home mortgage
Issue: Closing on a mortgage

Complaint:
Discrimination occurs when people are treated on the bases of factors other than their individual merits, such as race, gender, age, nationality, and religion. In the case of mortgage markets, discrimination takes place when people are, for example, denied a mortgage because of factors not related 1 the data used in this study were collected as part of official OCC fair lending exams. They are therefore strictly confidential and can not be released to the public or shared with other researchers. 1 to their ability to repay the loan, but rather on some personal characteristics, such as age and gender. Regulation B, the regulation implementing ECOA in 1974, clearly states that people may not be denied a loan on the basis of their age or gender.2 T On XX/XX/XXXX I applied for a mortgage loan on line at Credit Union Mortgage Association . I am a XXXX year old retired XXXX XXXX   XXXX ( XXXX ) and XXXX XXXX  XXXX ( State of XXXX ). I have attached a copy of my XXXX for your review. When contacted by a XXXX XXXX, loan officer, I explained to him that I was looking for conventional financing. The home I was purchasing was {$320000.00}. From the sale of two properties I would net about {$150000.00} and planned to put down {$100000.00} and wanted to finance {$220000.00}. I wanted to know if I qualified for conventional financing. My credit scores XXXX XXXX, XXXX  XXXXand XXXX  XXXX. I have owned seven homes and have never been late or had any derogatory information reported. My negative information came from three medical bills which I disputed and they were removed. A copy of the Credit report used is also included. I submitted on the same day I contacted XXXX XXXX copies of my Retirement letters showing they are lifetime benefits and my social security letter. I submitted two years of tax returns, two months of bank statements and a letter from my daughter ( XXXX XXXX XXXX ) stating the car shown ( XXXX XXXX ) she is co borrower and completely responsible for the payments. She also submitted bank statements to collaborate this. I was given preliminary approval and told that I would need to close on both the homes I was selling ( XXXX XXXX XXXX XXXX, XXXX, XXXX, closed, XX/XX/XXXX and XXXX XXXX  XXXX XXXX, closed XX/XX/XXXX ) and payoff a {$13000.00} XXXX Equity loan on the home I am retaining for. I have also attached copies of the Closing Disclosure ( CD ) to this complaint. 

During this entire time I was lead to believe that I did qualify to the loan I had applied for. I informed XXXX XXXX of some of the challenges I had in losing contracts on both homes and having to find new buyers, the builder charging me {$1700.00} for breach of contract when I changed lenders and having to increase my earnest money deposit to {$6000.00} in order to extend to contract until XX/XX/XXXX. I was told by XXXX XXXX that I would be fine for a XX/XX/XXXX closing. Based on this, I paid the {$1700.00} breach of contract and the additional {$3000.00}, XXXX. 

On XX/XX/XXXX when all the conditions I had been told were satisfied I contacted XXXX XXXX regarding closing the loan. I had been in contact with him and never did he tell me I didn't qualify for the loan until two weeks before closing. I never understood exactly why. First he said it was three XXXX derogatory entries on my credit report which I told him and produced evidence that they had been removed but would pay them, then he talked about losses on my tax return but never fully explained, then he said I needed to pay off all my debt. 


I asked him if adding a co-borrower would help the loan. At first he said he didn't need it and two days later said he did. I proceeded to contact my nephew, XXXX XXXX who agreed to be co-borrower on the loan. XXXX talked to them and requested to documents needed. XXXX sent everything required of him to the lender. On XX/XX/XXXX at XXXX XXXX  I received the attached from XXXX XXXX requesting information that had been previously submitted and additional information from both myself and XXXX that I had never had requested before. 

My nephew is an XXXX XXXX providing substantial weight to this loan ( as shown on the XXXX ) I believe I am the victim of both age and race discrimination and would like to have this loan reviewed. 

I contacted both the XXXX and the XXXX  State Commission ( Financial Institutions )

Company public response: Company has responded to the consumer and the CFPB and chooses not to provide a public response
Company response to consumer: Closed with explanation