Consumer complaint received 2021-05-24
Company: NQM Funding, LLC
State: FL
Product: Mortgage
Sub-product: Conventional home mortgage
Issue: Closing on a mortgage

Complaint:
I was pre-approved for a $ XXXX loan through NP, Inc on XX/XX/XXXX. On XXXX XXXX I signed a contract for the purchase of the property @ XXXX XXXX XXXX, the seller XXXX XXXX, the listing agent XXXX XXXX, The buyers Agent XXXXXXXX XXXX XXXXXXXX, the brokerage agent XXXX XXXX. On XX/XX/XXXX wire transaction for escrow in the amount of {$5000.00} was sent to XXXX XXXX and XXXX XXXX. On XXXX my realtor requested the property inspection through XXXX XXXX XXXX XXXX, for which I paid {$550.00} for the completion of the inspection. On XX/XX/XXXX NP, Inc requested a property appraisal for XXXX XXXX XXXX, for which I paid {$470.00}. On XXXX XXXX NP, Inc also requested a property appraisal for my current property at XXXX XXXX XXXX XXXX, for which I paid {$150.00}. On XX/XX/XXXX when we should be closing NP, Inc is now trying to verify employment. On XXXX XXXX I received and signed the initial CD sent from NP , Inc . On late afternoon of XXXX XXXX I received a group email that originated from NP, Inc assuring that closing is certain, just waiting on XXXX to sign off and also requesting closing extended to XXXX XXXX. On XXXX XXXX approximately 2 hours after my run in with Mr. XXXX XXXX received a call from the Loan Officer stating the loan had been denied by Mr. XXXX. The reason stated in the denial letter is that I had a previous foreclosure? The alleged foreclosure was in XXXX, I purchased a home brokered by NP, Inc in XXXX of XXXX, since that same alleged foreclosure, the alleged foreclosure is not on any credit report of mines based on the statue timeframe. If this alleged foreclosure excludes me from purchase 8 years later why did it take NP, Ince greater that 60 days to conclude this? Why was I pre-approved initially? Why was I sent a CD 59 days later? 
There had been numerous request made on the part of NP, Inc, and each request was fulfilled. Some of these requests were repeated requests from weeks past. This left me asking what was happening to the information I was providing, who was responsible for logging that information into my loan file once I provided it. It had become evident that my file was being mishandled and I could not get a straight forward answer about the closing, or whether I needed to just quit and get a refund. 
A real estate contract is not written in lay terms and a consumer like myself rely on the experts in the business to guide their decisions, actions, and progress. We need very clear and transparent communication to make the best decisions in a timely manner. Being that in all my correspondences I do not have a lay term timetable, including any necessary adjustments in dates based on contract extensions, it is safe to say I as a consumer was failed by multiple individuals. 
On XX/XX/XXXX I decided to get more involved and seek alternate help outside of the parties named above so I turned to the XXXX. Unfortunately, I filed a complaint against the wrong entity of US Mortgage, however this entity was responsible enough to follow up with me immediately for their investigation and we quickly realized I had filed against a NY Branch and not the Florida Branch in XXXX XXXX. 
On XX/XX/XXXX after contacting the corporate office for NP, Inc and left a SOS message requesting to speak to the CEO I finally got a call back from XXXX XXXX who informed me that he had received my email expressing my concern with the handling of my case. This email was sent before XXXX but I only got a call in the afternoon after leaving a frantic message with the corporate secretary. Mr. XXXX told me he would review my file and get back to me with his findings by the end of the day. 
On XX/XX/XXXX at approximately 1000 I placed a follow up call to Mr. XXXX phone number from my caller ID, his secretary answered the phone and then Mr. XXXX came on. I explained who I was and that I was calling to follow up since he did not follow up with me as promised. I began to explain that I was seeking help from alternate agencies to resolve my grievance as no one in NP, Inc was showing any urgency and my {$5000.00} escrow deposit was at risk. Mr. XXXX immediately became defensive and so I pointed out that his response was indicative of the type of service I had received from his company. Well, those words seemed very painful to Mr. XXXX because his next action was not to apologize or take ownership as a long-term business professional would be expected to do, his next action was to threaten me the consumer. If you are going to threaten me how about I deny your loan right now? I attempted to clarify that my goal is to close the loan or be refunded and I will do whatever on my own behalf, I also reminded him that I was the customer but that meant nothing to a big shot CCO with the power to deny in his hands. Forget that his organization pre-approved me since XX/XX/XXXX, forget that they had my life for over 2 months, forget that less that a week prior they had me sign a closing disclosure. This was BLATANT NEGLIGENCE on the part of NP, Inc and even MORE BLATANT RETALIATION by the CCO XXXX XXXX. His organization cost me {$5000.00} in escrow deposit lost, {$550.00} in inspection lost, {$600.00} in appraisal lost, hours or tears lost, days of living in hotels based on their request for me to lease out my existing property before closing, work income lost from uprooting my job prematurely to relocate to facility in Texas to one in XXXX despite explain that it is the same company and I will transfer once I complete my assignment at the time ( XXXX ). NP, Inc also requested that I un-list the current property from sale and instead lease it for 12 months. 
If NP, Inc and it CCO Mr. XXXX are not held accountable by the governing bodies who is to stop this from happening to another consumer? How can such BLATANT NEGLIGENCE and DISREGARD FOR CONSUMER RIGHTS be tolerated? It has taken me hours of my time to draft this letter, this outcome was unnecessary, one way or another. Either NP, Inc should have determined a long time ago that they could not approve the loan to close or Mr. XXXX should have used my feedback as an opportunity to review where his company and or processes failed and correct it. Instead, he flexed his CORPORATE CCO muscles on a helpless consumer that turned to him for help. That should not be a tolerable act in ANY INDUSTRY. Without accountability bad history will repeat itself.

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