Consumer complaint received 2019-10-02
Company: SUMMIT FUNDING, INC.
State: AR
Product: Mortgage
Sub-product: Other type of mortgage
Issue: Closing on a mortgage

Complaint:
Summit Funding Inc, is an unethical and corrupt company that engages in fraudulent business practices. I am the Seller, Summit Funding Inc, submitted to my Realtor a fraudulent Pre-Approval letter for their Buyer that was depended on to put my house under contract for a pending sale. The basis of accepting the offer from the Buyer was the Buyers Pre-Approval.

The Pre-Approval letter was defined as the Buyer had submitted the financial documentation for income, tax returns, and expense verification, and the Buyer has been pre-approved by Underwriting. Underwriting validated that the Buyers income, expense, and XXXX qualified for approval of the purchase of my home. On the good faith that Summit provided the pre-approval letter with integrity, my house was placed under contract and pending status for the Buyer. After 30 days, it turns out that Summit never had the Buyer pre-approved by Underwriting, and the Buyer 's case was never submitted for review to Underwriting period. Yet a pre-approval letter was provided to the Buyer and my Realtor. After Summit was notified of their failures and lies, Summit requested another seven days stating the Buyer was pre-approved for a different funding program, and Summits VP of Sales agreed to properly manage the Buyer 's case file step-by-step to avoid any further mistakes and misrepresentations if I would agree to a 7-day extension of time for closing. They further assured my Realtor the Buyer 's case was on track for closing ; the inspection and appraisal stage was completed. Summit failed to meet the extended close date again! They failed to communicate to their and Buyer or my Realtor. They just ghosted!!!!!

Moreover, they did not and could not approve the Buyer from initiation. Both the Buyer and I lost 37 days due to the fraudulent and corrupt practices of Summit Funding Inc. It turns out the Buyer 's one year of self-employment income was insufficient for the vast majority of general market home loan programs. The Buyer was never qualified from day one to buy my home. Summit Funding Inc., is a corrupt company that engages in fraudulent  business practices by lying and providing fake pre-approval letters to Buyers & Sellers during the contract and closing stage of the loan. Summit continued to lie about the Buyer 's case file progress to my Realtor for the entire 37 days.

The Buyer believed Summits lies too and gave his landlord notice he was moving. When Summit failed to fund the loan at the last minute, the Buyer and his family were required to move out of his apartment into a hotel. The Seller ( me ) lost the first valuable 37 days of marketing the house by taking it off the market for an unqualified Buyer. Summit knew from the beginning the Buyer 's income rendered the Buyer unqualified for any general market f
irst-time homebuyer loan programs, or any standard industry home loan programs. Summit Funding Inc., has many, many lender complaints about their unethical and corrupt home loan lender closing practices. Summit 's Home Lenders License should be revoked, and they should be investigated and fined significantly for violating RESPA, Truth & Lending, and Real Estate Settlement regulations. Summit Funding Inc., is an unethical company engaged in repeated unfair, corrupt and unethical business practices. Stay away! 
I communicated with the Executive Offices of Summit Funding, Inc. All they would do is apologize for their fraudulent, corrupt and egregiously neglectful practices for their contract-lending officers out of the XXXX , OK offices. Be aware Home Sellers and Buyers DO NOT do business with Summit Funding Inc. they can not be trusted to conduct ethical business.

Company response to consumer: Closed with explanation