Consumer complaint received 2020-02-23
Company: BROKER SOLUTIONS, INC.
State: NC
Product: Mortgage
Sub-product: FHA mortgage
Issue: Applying for a mortgage or refinancing an existing mortgage

Complaint:
In XX/XX/XXXX, I was pre-qualified for a mortgage with New American Funding, and I was informed of the amount and I worked with my realtor in searching for a home. M realtor came across a newly constructed townhome in which I liked. The community opened for purchase in XX/XX/XXXX. I decided at the time to seek their lending company because of the perks of no closing cost, however they put me through it and didn't approve me. I returned to New American Funding because I was approved already and the team that I was working with, couldn't close the deal in time, so my realtor knew of a company ( XXXX XXXX ) that will buy the house with cash and I will lease it ( $ XXXX monthly ) and within 120 days I will have to repurchase it back from them or forfeit losing the home. New American assured me that the time was adequate enough to close and also it will allow me time to go through a home buyer workshop for down payment assistance. I expressed that because I was 5 months pregnant at the time, I wanted to get everything done before the arrival of my baby. I was assured that it will be done. XXXX XXXX purchased the home on XX/XX/XXXX, I had until XX/XX/XXXX to re-purchase the home. I attended the home buyer workshop in XX/XX/XXXX, I contact the New American Funding team to let the know I completed the class. I did not receive no response to them until XX/XX/XXXX, they was advised of the deadline of XX/XX/XXXX. They assured me again that we will be able to close by the date. Dealing with this team at New American they were constantly dropping the ball and there was always miscommunicate through the whole process. They informed XXXX of a closing date but never notified me, I found out through XXXX. They never gave a clear estimate of my closing cost up until the day before closing in XX/XX/XXXX. New American notified me in XXXX that I would have to return to work before I close and so that they can have at least 2 weeks of pay. I informed them that this was why I wanted to get closed before I go on XXXX XXXX. Even when I returned back to work, I still had to ask XXXX for additional time because the lender seem to not be able to get their duck in a row, they granted me of XX/XX/XXXX. XXXX understood because they saw that New American Funding was not organized and they had horrible communication. When XX/XX/XXXX came, New American wasn't able to get me closed on that date because they weren't proactive with getting in touch with the home appraisal company, I had to call myself and get some traction with them.Mind you they told me last minute that I had to pay for an appraisal myself. At this time, my expenses are increasing and losing on not getting credit while in the home. I gave XXXX XXXX $ XXXX for down payment plus {$1300.00} for 7 months. Then, when I finally received a closing date of XX/XX/XXXX, I was initially told that I would have to pay {$3500.00} in closing cost but the date before closing I was then notified that I would have to pay {$4900.00} in closing cost. Because New American Funding cause majority of delaying the closing date, I had to pay more out of pocket. My total expenses was {$19000.00} in the matter of 8 months. This experience as a first time home buyer caused me to have XXXX, I am completely traumatized by this experience and I have told my realtor that I probably won't buy another house because of this matter.

Company public response: Company believes it acted appropriately as authorized by contract or law
Company response to consumer: Closed with explanation