Consumer complaint received 2020-11-30
Company: Angel Oak Home Loans LLC
State: VA
Product: Mortgage
Sub-product: Conventional home mortgage
Issue: Applying for a mortgage or refinancing an existing mortgage

Complaint:
1. Providing me false statements about Angel Oaks requirements and ability to offer a loan and breach of agreement to provide mortgage refinance. 
2. Denying loan for not signing unethical and illegal document for loan approval On XXXX XXXX, 2020 XXXX XXXX ( Loan Officer ) from Angel Oak Home Loan Loans contacted me to apply for Refinancing our primary home loan. After providing detailed personal financial information Loan Officer provided an approval by email on XXXX XXXX, 2020 for XXXX. 
Angel Oak also took the application for refinancing our rental property mortgage. Most of the information was provided or uploaded to Angel Oaks secure email, and that email system did not allow to send copies of what we sent to Angel Oak. 
More than 30 pieces of documents were provided such as Tax returns, W2s business profit and loss etc. We did not sign a document deceptively titled Income COVID-19 /Continuity of Income which was in fact requiring us to sign a document that surrenders our rights as borrowers, as this was unethical and illegal. 
Only XXXX XXXX, 2020 Loan Officer provided an updated Loan estimate, and on XXXX/XXXX/2020 got an email from Loan officer, stating that all documents were perfect and Angel Oak is waiting for the appraisal, which convinced us that all other factors for receiving the loan were cleared, because there is already an approval made on XXXX/XXXX/2020. 
On XX/XX/XXXX, Loan Officer provided proof that loan was locked at 3.125 % for XXXX. 
On XX/XX/XXXX, we got an email from Loan Officer that Angel Oak dropped the ball to complete processing, and was trying to get it for closing next week for the rental property. 
On XXXX XXXX, 2020 Angel Oak send an email stating that the interest rate is extended for the Rental Property refinance, and the closing date will be not later that XXXX XXXX, 2020 ; and the closing will be no later than XXXX/XXXX/2020. 
On XXXX XXXX, 2020, Loan Officer confirmed that the loan to value and debt to income ratios are all ok, and there was nothing contrary to that. 
On XX/XX/XXXX, closing disclosure package was sent to us and the Settlement company XXXX XXXX XXXX XXXX in VA. for the rental property refinance for {$240000.00} at 3.375 % Fixed refinance On XXXX XXXX, 2020, XXXX  XXXX on behalf of Angel Oak requested us to get the Loan pay off statement for our primary home refinance from our current lender, which we provided to her. 
Since XXXX/XXXX/2020 until XXXX/XXXX/2020, no one from Angel Oak contacted us, inspite of regular emails to both Ms. XXXX and XXXX XXXX to give us an update. 
Very frustrated, I call the general number for Angel Oak and after several tries, I got to speak with Mr. XXXX XXXX responded and stated that our loans were rejected because of lack of income. 
When I stated that our income levels were found to be good, he said that it was denied because my XXXX XXXX  had a loss. I explained that the XXXX  had positive incomes and they are distributed into my personal tax return and that we have paid all federal income taxes regularly since more than 20 years. 
I asked Mr. XXXXXXXX whether if I worked for a large company such as XXXX and if they posted loss, would mortgages get denied for their employees? He did not provide a clear response. 
This was an excuse because they did not want to give us a loan to refinance because we did not sigh the illegal letter requiring us to surrender our rights as borrowers provided by law. 
All along they confirmed in writing that we will get the loan and held us for 6 months until date of not having to apply to another mortgage lender. As of today we have lost about {$7000.00} in believing Angel Oak through their written assurances.

Company response to consumer: Closed with explanation