Consumer complaint received 2023-04-02
Company: MORTGAGE INVESTORS GROUP
State: TN
Product: Mortgage
Sub-product: FHA mortgage
Issue: Applying for a mortgage or refinancing an existing mortgage

Complaint:
I applied for a mortgage with MIG on XX/XX/2022. All throughout the process, I was taxed with additional requirements not required by the other lender I was working with for the same loan type ; FHA. I am a licensed real estate professional who once was a licensed loan originator ; therefore, I am very familiar with the process and their requirements. I submitted all documents to include an appraisal with a promise to close within 10 days. 
They questioned my income. As a W-2 employee who is the majority shareholder of my company, I supplied them both tax returns. The income from the business was deducted from my monthly salary lowering my income. I questioned that and received no real answer. I was told to pay off a revolving credit that was only a XXXX XXXX monthly payment with the same balance as the $ XXXX {$280.00} payment. And when I chose the larger debt monthly payment, there were more requirements to prove I paid off the loan beyond providing the payoff, the receipt from the my HELOC evidencing where the funds came from. I continued to ask about my DTI and no one would provide the numbers to let me know what it was. I was never told when I would close nor the amount of money needed to close. I have numerous emails. Each time I called the LO she would either not answer, send me to her processor, or an assistant. I reached out to the owner of the company via email about my concerns of discrimination, and she never responded. I called HUD for assistance with the rules and presented to MIG. They simply disregard, and sent a copy of an older ruling. I was threatened by the processor with not closing my loan at all on the day it was rescheduled to close XX/XX/XXXX, if I did send my check stubs for 30 days I would not close. The file was sent to THDA on the scheduled day of closing after been told by THDA  that the file could be submitted while in U/W with lender since they are only looking to ensure the file is in compliance with their rules as long as there was a preapproval. I was never told after multiple request when will I close, no one ever told me. The title company, XXXX XXXX who closes on a regular basis with MIG was told they needed to be approved and it would take several days to do so, which ultimately would have caused me to lose the house through an expired contract. When I questioned the sender of the email she just replied she wasn't the right person to reply. Again, another tactic to delay the loan. They even called the loan a difficult one since I owned a home in the same zip code, and was purchasing another one as my primary when I provided a lease agreement for the other home. They refused to use the lease income to offset the property and insurance cost for which FHA has rules for. And I didn't close until the end of the day XX/XX/2022 with the documents being dated for XX/XX/2022. With the title company even questioning what was going on with the file since they know me from transacting other closings

Company public response: Company disputes the facts presented in the complaint
Company response to consumer: Closed with explanation