Consumer complaint received 2021-06-02
Company: Angel Oak Home Loans LLC
State: NC
Product: Mortgage
Sub-product: Conventional home mortgage
Issue: Applying for a mortgage or refinancing an existing mortgage

Complaint:
Refinance process began with Angel Oaks Mortgage on XX/XX/ ( credit pulled on XX/XX/ ) with applications submitted for my primary residence and two investment properties. All properties were held in an LLC at the time of application as I was advised by Angel Oak Mortgage employee XXXX XXXX that the LLC status would not hinder loan approval. 
Applications were submitted/accepted and I received a targeted closing/signing date of XX/XX/2021from my assigned Loan Officer, XXXX XXXX. Understanding the importance of quick turn times [ I too am a successful business owner ], all documents needed for initial credit approval were provided within a 24-48 hours timeframe. I was expeditious in my response to the teams request and XXXX assured me that the same level of service would be rendered with application review and issuance of initial credit decisions. This was absolutely not the service delivered by employees of Angel Oak Mortgage. XXXX XXXX was my single point of contact at Angel Oak Mortgage. Months into the process I contended with : Sluggish communication regarding the status of my loan applications. XXXX rarely initiated contact with me and would allow days to pass before responding to my messages ; Numerous requests to provide the same documentations ; Long cycle time causing documents to expire ; hence, a need to provide updated documents ; Requests for documents that were irrelevant to my loan application ; Request to pay off liabilities for qualification purposes, and to make matters worse months into the process, I was advised by XXXX XXXX that her manager XXXX ( last name never disclosed to me ) stated that the company could not move forward with refinancing my two investment properties due to the fact that the properties were housed in an LLC. It was at this point I knew that I was beingXX/XX/XXXX against by XXXX and XXXX. 
I spoke to XXXX on several occasions and he was extremely rude with his tone and projected limited patience in assisting me with understanding how I ended up months into this process with their company and neither XXXX XXXX nor XXXX XXXX knew their companys supposed underwriting guidelines regarding investment properties housed in an LLC. XXXX also stated that the investment properties must be held outside of an LLC for six months before I could resume the refinance process with Angel Oak Mortgage. It was apparent during my conversations with XXXX that he harbored a resent towards me as an XXXXXX/XX/XXXXmale with an impeccable final profile who had the ability to obtain large sums of cash from real estate owned. XXXX acted as if the cash received from refinancing properties I owned were generated directly from his wallet. I requested further escalation, because I felt disrespected by XXXX as well as names and contact information forXX/XX/XXXX manager and other executives in the company to include the CEO. Neither XXXX nor XXXX would supply me with this information or return my calls. 

I eventually had to threatened a lawsuit against Angel Oak Mortgage in order for the refinance process to resume on my primary residence. In XX/XX/2021, I closed on my primary residence and I received a denial letter from Angel Oak Mortgage regarding the refinance application for my investment properties. Per the denial letter, my income was insufficient for amount required. Never was this mentioned during our discussion, which further supports my claim of XXXX XX/XX/XXXX 

The resolution I am seeking : Refinance completion on both investment properties within a 30-day period ; Honor interest rates discussed during the onset of my refinance process unless rates are more favorable at this time, Use of appraisal inspections reports completed with initial applications ; and Only work with upper-level management throughout this process. 


Angel Oaks sold my loan to XXXX XXXX and the loan number is XXXX. The number to XXXX XXXX is XXXX. Address to property is XXXX XXXX XXXX XXXX, XXXX NC, XXXX.

Company response to consumer: Closed with explanation