Consumer complaint received 2020-12-31
Company: Caliber Home Loans, Inc.
State: SC
Product: Mortgage
Sub-product: FHA mortgage
Issue: Closing on a mortgage

Complaint:
Caliber Home Loans , Inc . 
XXXX XXXXLoan Officer XXXX XXXX Loan Processor Realtor XXXX XXXX XXXX XXXX Agent XX/XX/XXXXI applied for a home loan with Caliber Home Loans for a property on XX/XX/XXXX, located in XXXX XXXX, SC XXXX, after receiving a preapproval on XX/XX/XXXX with a list of documents to be reviewed. One of the conditions was to provide documentation that my son made payments on his automobile for the past 12 months which I had co-signed for. I complied by submitting all the documents that were requested with payment statements for each month that were paid with cash, as well as his bank statements for those payments that were made thru his bank account. 
On XX/XX/XXXX, the Loan Officer requested car payment receipts for my sons car for the months of XXXX, XX/XX/XXXX, XX/XX/XXXX and XX/XX/XXXX which I submitted. A revised mortgage disclosure was sent to me on XX/XX/XXXX and an email to pay for the appraisal on XX/XX/XXXX which I paid. Shortly before closing it was discovered through the inspection that there had been water damage in the walls that was not disclosed on the disclosure statement, so I chose to terminate the contract for that reason. 
Shortly after that I located another property in XXXX, SC XXXX for approximately the same amount and put in an offer on XX/XX/XXXX which was accepted on XX/XX/XXXX. My Realtor and I were under the impression that there would be no problems since the underwriting was already underway for the XXXX XXXX property and there did not appear to be any red flags at this point of the process. 
I received and signed the early disclosure form from XXXX XXXX and XXXX XXXX on XX/XX/XXXX. On XX/XX/XXXX I received an email for the appraisal payment ( the monies were transferred from the first property to cover this cost. The 2nd property was inspected on XX/XX/XXXX. I received a conditional approval email for the mortgage on XX/XX/XXXX and the appraisal report on XX/XX/XXXX as well as the conditional approval on XX/XX/XXXX from XXXX XXXX ( Senior Loan Processor ). All documents were submitted to her in a timely manner, except for the IRS tax payment agreement and proof of the last 3 months payments toward the payment agreement. I had difficulty accessing my information on the website, but I was finally able to get into my account and submit the requested information on XXXX was emailed the closing disclosure on XX/XX/XXXX as well as a closing disclosure receipt notice. I then received an email from XXXX XXXX XXXX Real Estate Paralegal ) on XX/XX/XXXX that the closing was scheduled for XXXX XXXX on XX/XX/XXXX. 
Everything appeared to be going rather smoothly up to this point and then the problems began. 
First, I was relocating from XXXXXX/XX/XXXXto XXXXXX/XX/XXXXso I had to coordinate everything pertaining to the move based on the closing date, which ended up entailing numerous scheduling changes, cancellations and additional expenses. I had discussed my concerns and anxieties with XXXX XXXX ( Loan Officer ) several times, as I wanted to be comfortably certain that everything would be a smooth transition, especially during these times of Covid-19 and the possibility of ending up with nowhere to live in a new state. 
I had received a conditional approval letter from XXXX XXXX ( Senior Loan Processor ) letting me know that she would be working with me through the rest of the process and requesting I submit certain documents for review by XX/XX/XXXX. As I stated previously, everything was submitted on time, except for the IRS Tax payment information which was submitted on XX/XX/XXXX. 
There was some confusion on my part as I had requested for the contract had been ratified to close on or before XX/XX/XXXX, so I assume the XXXX was the day the loan company was looking to close the loan and since I had scheduled movers, etc. I asked if we could close sooner. I then received an email from XXXX XXXX about scheduling the closing for XX/XX/XXXX and an email from XXXX XXXX ( Real Estate Paralegal ) on XX/XX/XXXX stating that we were scheduled to close on XX/XX/XXXX. We left XX/XX/XXXX on XX/XX/XXXX with a 26 ft truck containing all our household items and a flatbed tow with my sons car on it. I drove my car. Our intention was to be present for the closing on XX/XX/XXXX at XXXXXX/XX/XXXX but we were informed that they were not ready to close at that time, so XXXX scheduled the closing for later in the day at XXXXXX/XX/XXXX. Also, on XX/XX/XXXX I received an email from XXXX XXXX about her preparation for the gift letter for my niece and I to sign, as she was gifting me the down payment. She stated the amount would be {$5300.00} which was not the correct amount, but we signed it. I later discussed the closing amount with XXXX XXXX, and she noted a discrepancy in the amount as well. My niece ended up sending XXXX her bank statement 3 different times as XXXX said she did not receive all the pages, furthermore, she never received the exact amount needed for wiring. My niece has confirmation that all pages were sent each time. I also want to mention that as I was driving to XX/XX/XXXX, I received a call from someone at XXXX who conducted conference calls to verify 3 accounts, one of which was my sons car account at XXXX. 
The closing did not take place on XX/XX/XXXX, so we checked into a hotel. I also received a Mortgage loan disclosure document on XX/XX/XXXX to sign. On XX/XX/XXXX I received another email from XXXX XXXX stating that she emailed the lender, and the closing was to be scheduled for XX/XX/XXXX at XXXX XX/XX/XXXX XXXX XXXX, XXXX XXXX XXXX XXXX XXXX sent me an email on XX/XX/XXXX about closing as she sent the contact person for my mortgage an email but did not receive a response about the change to the XXXX. On the XXXX I received an email from XXXX XXXX stating that there were missing pages from the bank information from my niece. Furthermore, during this period, XXXX and XXXX were not answering emails or phone calls from me, XXXX XXXX, my Realtor and XXXX XXXX XXXX home insurance person from XXXX XXXX XXXX. Today XX/XX/XXXX as I am writing this complaint, I received an email XXXX XXXX at XXXX XXXX informing me that Caliber Home Loans has not paid for the homeowners insurance in the amount of {$1500.00} and that it is past due. I spoke with XXXX XXXX from XXXX XXXX XXXX on XX/XX/XXXX to resolve this. She stated that she was told by the underwriter that the closing would take place on XX/XX/XXXX, so she wrote the policy. She was never informed that the loan was denied and that the closing would not occur. She was not able to contact XXXX XXXX so I gave her the name and phone number of the loan officer. She contacted XXXX XXXX and he was to email me the denial information which I was to forward to XXXX. I never heard from XXXX XXXX, so I just sent her copies of the denial letter that was mailed to me. 
On XX/XX/XXXX XXXX XXXX requested car payment documentation for the months of XXXX and XXXX of XXXX and I think XX/XX/XXXX. XXXX responded that she received all the receipts except XX/XX/XXXX. She also inquired about a cash withdrawal from my son account on XX/XX/XXXX and wanted to know if I had a cash receipt from my account for XX/XX/XXXX-I do not know what that was about, other than an attempt to show that I am giving my son money to make his car payments, which I was not. She did not follow-up on this request. 
Each day from XX/XX/XXXX thru XX/XX/XXXX I submitted paperwork, both by fax and email pertaining to my son 's car loan, and this is while I was traveling and staying at a hotel. We submitted statements for each month, the total payment ledger and XXXX bank account. Many of these multiple times. No payment was ever missed or late in the 3 years that he has owned the car and his bank account shows that his income was sufficient to cover the car payments. 
On XX/XX/XXXX XXXX XXXX sent me an email stating that the lender informed her that they are still working on my file and that she thought maybe we should hold off on sending the gift money wire until we received a definite closing date. On XX/XX/XXXX, I also received an email from XXXX XXXX about printing IRS pages with my name on it, which I did. Finally, on XX/XX/XXXX, I received a phone call from XXXX XXXX to inform me that the loan would not be approved until I refinanced the car and removed my name as it proved to be a liability for me, even though all the payments have been made on time for 3 years and the documentation was submitted showing that my son made all the payments. Nothing negatively changed on my credit report ; and as a matter of fact, I paid off 3 accounts during that time. So that was pretty much how the loan process ended. 
How this experience affected me I was already taking XX/XX/XXXX XXXX XX/XX/XXXX and XXXX  XX/XX/XXXX for XX/XX/XXXX and XXXX  XX/XX/XXXX, so during this time of Covid-19 and the treatment from Caliber Home Loans really exasperated my condition. I had XXXX  XXXX, almost ran off the road with my car and broke down crying. The week before I left XX/XX/XXXX and the week after I arrived in XX/XX/XXXX XX/XX/XXXX was one of the most stressful times I have ever experienced in my life, as I was receiving emails and text messages several times a day to respond immediately to the underwriter before I could be cleared to close. Once we arrived and discovered that we would not be able to close, we had to find a place to stay immediately, which was a daunting experience. The first hotel we went to was having the XXXX and XXXX floor closed off for sanitizing for Covid-19. We finally ended up at a motel, where we stayed for the next week until ( the day we were told that the loan was not approved ). From there we immediately went in search of an apartment, which we were able to find a place, but it would not be ready for several days. The woman in charge of the complex allowed us to stay over the office for about half the amount we were paying at the hotel until the apartment was ready, which was approximately 5 days later. 
Financially I was stretched to the limit and fearful that I would not have the funds to find a place to live if we did not close on the house. The expenses I incurred are as follows : Hotel/ housing until I secured an apartment {$560.00} Apartment deposit/rental expense {$2500.00} + pet fee {$320.00} Appraisal {$500.00} Inspection/re-inspection {$450.00} Title Search {$250.00} I would also like to discuss the fact that many people were inconvenienced as they put a great deal of time and work into this sale. My Realtor made several trips to the house to provide me with a virtual walk-thru, as well as following up with the inspection and final walk-thru, along with the documents that she prepared and shared with everyone. Furthermore, the sellers were also inconvenienced, as they relocated to another state and left a few days before the closing after turning off all their utilities. The home was appraised for {$10000.00} more than I was paying and is now sold I believe for approximately {$15000.00} less than my offer. The Law office personnel rescheduled the closing multiple times and were unable to coordinate anything as the underwriter and Loan officer were not always returning their calls or responding to their emails. As you can see from the expenses that I have incurred, I have pretty much exhausted any monies that I had to purchase a home, therefore, I believe that Caliber Home Loans Inc. should reimburse all the money that was needlessly spent because they led me to believe that I would be able to close on the loan, only to deny it at the last minute, leaving me with no place to live. I also believe that I should be compensated for the stress and undue hardship that I endured through this process. I would still like to pursue purchasing a home, but this setback has made it impossible for that to happen for long time to come. I have emails, text and voice messages along with hard copies of paperwork to document all of the events above. there are so many that I chose not to attach them. 

Thank You

Company response to consumer: Closed with explanation