Consumer complaint received 2019-07-29
Company: All Credit Considered Mortgage, Inc.
State: FL
Product: Mortgage
Sub-product: Other type of mortgage
Issue: Closing on a mortgage

Complaint:
I received a considerable amount of advertising material from ACC Mortgage ( ALL CREDIT CONSIDERED MORTGAGE, INC ) via email, promoting mortgage products that exactly match my situation. I am not a permanent resident but have lived and worked in the USA for some 18 years. I am a very active, licensed XXXX   XXXX XXXX and reside in the US under an XXXX visa status which is renewed every 2 years. 

As I am not a permanent resident, conventional financing is not available to me, however I have excellent credit, a thriving business, and healthy cash flow. 

XX/XX/2019 After speaking with ACC, I was requested by XXXX XXXX to send an email detailing our situation and providing copies of my personal and federal tax returns. 

XX/XX/2019 XXXX replied the same day, requesting that I complete and send various documents and stating Our prequals usually come back within 4-6 hours I was then asked to send additional information directly to XXXX, which I provided in a timely manner, ensuring all the requested information was included. 

XXXX informed me that I was an ideal fit for their business and asked that I continue the formal application process via a broker. I worked with XXXX XXXX at XXXX XXXX to complete & submit my XXXX application and provide all supporting documentation. 

During this period, I spent a great deal of time identifying and negotiating a property, and on the basis of assurances from XXXX, I entered into a purchase contract with a closing date of the XXXX XX/XX/2019 which was subsequently changed to the XXXX. Both ACC mortgage and XXXX were fully aware of the contract dates having been provided with a copy of the contract and addendum. XXXX informed me that the company would love to provide me with a mortgage and was completely confident that I would be provided with the loan in a speedy and efficient manner. At no time was I informed there was any issue with my application or that the contract closing date would be missed. 

XX/XX/2019 By this date I had given notice to my landlord and was due to vacate by the end of the month, however, it became clear that the lender was intentionally delaying the completion of the mortgage. I emailed XXXX directly as I had just seen statements in an email, stating that they now require 72 hours to review any conditions and further, that they required 10 days with conditions satisfied before closing! This information was a footnote on an email to XXXX and had never been disclosed to me before. 

Having received no reply to my urgent message I called XXXX to find out what was happening, she then informed me that she was unable to talk to me as it was a RESPA violation for her to talk directly to a customer, and that she would lose her licence if she continued ( I believe this is a blatant lie ), she then hung up on me and refused any further calls. 

During the entire process, I provided every item of information requested in a timely manner however, it became clear after the contractual closing date had passed, that ACC were intentionally stalling by requesting un-specific changes to a P & L statement, often contradicting their own requests. 

Unless I am much mistaken, I believe that the company may have been waiting for additional funding before proceeding with further loans and were stalling until such time as they had received them, or they were completely incompetent which I find just as likely. 

Despite issuing all of the documents listed below, the company continually requested changes to the format and signatories to the P & L account. Eventually, and some TWO WEEKS AFTER CONTRACT CLOSING DATE, a new underwriter was appointed and suggested we MAY be able to close very soon, however they required an extension from the seller. It should be noted that this person ( I believe she is the senior VP of the company ) stated that the broker should ignore everything that the previous underwriters had told him as it was completely wrong and simply to follow her instructions. I also believe that the previous underwriter was subsequently fired from the company but can not confirm this ( XXXX XXXX was told this ). 

On numerous occasions, both the broker and I requested ACC to provide us with the format or a template of EXACTLY what they required for the P & L ( also requested from the CEO ) so that we could bypass the continual back and forth process of rejecting them. This was never forthcoming and we continued to receive vague and inaccurate instructions ( see example provided to XXXX XXXX the CEO of ACC mortgage ). 

It should be noted here, that ACC finally required a P & L prepared by our CPA, which is identical to the document we provided several weeks earlier and which was rejected by the ACC underwriter as too complicated! The rejection of this original document was followed by demands for several iterations of a P & L signed by me, by my CPA, prepared by me, include or relocate additional data etc. 

At this stage, the seller and their attorneys were unable to accept anything that ACC had to say after we were informed the file was in final underwriting. The closer called the underwriter directly and was told that he had not even seen or heard of my application! As a result the seller refused to extend the contract which they then cancelled. This left me with the loss of my escrow deposit of {$20000.00} which is directly attributable to the unprofessional conduct of ACC.

It should be noted that during this process I first appealed to the CEO of XXXX XXXXXXXX, XXXX XXXX to escalate the situation to management at ACC which he refused to do, stating that such action would cause even further delays ( not possible! ). He then agreed to escalate the issue if we did not have a clear to close on the following Monday, however, after Monday he still refused to attempt to escalate this case with his counterpart at ACC.

As a last resort I attempted to contact the management of ACC directly however the CEO has  elected to hide his contact information from customers, nor would he return phone calls. I eventually made contact with him via his XXXX messaging account and have attached a copy of the transcript. He was either incapable or unwilling to help resolve this matter and in my opinion had absolutely no interest in assisting me, despite the horrendous position his company had put me in. 

Aside from the loss of the property ( with at least {$100000.00} equity ) my {$20000.00} deposit, inspection fees, time wasted, etc., this situation has caused unbelievable distress to my wife and I, leaving us very stressed and without so much as an apology! 

As a XXXX XXXX XXXX, I have a great deal of direct experience working with mortgage lenders and clients and have NEVER experienced anything even close to the chaos this company have caused. Further, I should disclose that I am a licensed Loan Originator, although I do not transact loans at this stage in my career, however I my training ensures some insight into the processes that lenders and borrowers typically follow and this certainly does not comply with any normal process. 

Document dates : XX/XX/2019 Executed contract provided XX/XX/2019 XXXX Loan application XX/XX/2019 Loan proposal provided XX/XX/2019 Summary document issued XX/XX/2019 Appraisal report from ACC ( Result is {$100000.00} over purchase price ) XX/XX/2019 Loan estimate XX/XX/2019 Closing Disclosure XX/XX/2019 Contract Closing Date XX/XX/2019 Mortgage loan commitment XX/XX/2019 Seller officially cancels contract STILL WAITING FOR CLEAR TO CLOSE TRANSCRIPT OF CONVERSATION WITH CEO OF ACC MORTGAGE ATTACHED

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