Consumer complaint received 2019-01-21
Company: Finance of America Mortgage LLC
State: NV
Product: Mortgage
Sub-product: Other type of mortgage
Issue: Applying for a mortgage or refinancing an existing mortgage

Complaint:
Through online correspondence on XX/XX/2019 and XX/XX/2019 with XXXX XXXX XXXX # XXXX ( aka XXXX XXXX XXXX XXXX ) Mortgage Loan Originator/Mortgage Advisor with Finance of America Mortgage LLC XXXX XXXX XXXX, XXXX XXXX XXXX, CA XXXX, I am obligated to report said violations in correspondence with the TILA/RESPA Integrated Disclosure Rule ( TRID ). The self-admitted violations is that regarding the timely and required information triggering the need for a financial institution to issue a mortgage Loan Estimate ( LE ) to a consumer in a residential mortgage transaction. The specifics are regarding 12 CFR Part 1026 - Truth in Lending ( Regulation Z ). More specifically Part 1026-19 ( e ) ( 2 ) ( iii ) Verification of information, 1026-19 ( e ) ( 1 ) ( i ) Provisions of disclosures, 1026-19 ( e ) ( 1 ) ( iii ) Timing. 

Through our conversation Mr XXXX makes several concerning statements regarding the above violations. See attachment for complete record of back and forth conversation. Below are highlights which are also highlighted in the attachment. 

Concerning statements : 1 ) " ... because the LE is a binding legal document, lenders dont issue them to borrowers until they have a complete application. No lender I am familiar with will give someone who is shopping that document. '' - XXXX 2 ) " Although Loan Application is a term of art in that it theoretically gives enough information for a lender to render a decision ( it doesnt ), I dont know of any lenderbroker or bankerwho will issue an LE without a complete loan application. At a minimum, that typically includes income and asset documentation, photo ID and employment information. '' - XXXX 3 ) " If someone were to call me asking for an LE, Id give them one only with a complete applicationwhich means Id get all the documentation needed to submit the loan to underwriting. '' - XXXX 4 ) " ... I wont issue the LE until and unless I have a reasonable idea that the prospective client is serious. That means that, at a minimum, theyll send me enough documentation from which to create an application. They can not force me to generate and issue a Loan Estimate without giving me that documentation. And yes, I know that strictly speaking the six items of data can be communicated orally, but try to make that one stick with a CFPB complaint if a lender refused to issue an LE simply because a consumer demanded it on oral representation. '' - XXXX It is most uneasy that Mr XXXX has decades of mortgage experience and knowledge of others in the industry who may be in violation. This may be of even greater concern due to his position and representation of Finance of America Mortgage LLC. Even after several explanations of the mortgage regulations Mr XXXX stood by his own standards of disclosing a mortgage Loan Estimate. If such self-admitted violations are factual then there has been mortgage consumers who have had their rights to a timely Loan Estimate disclosure violated. These violations can impact mortgage consumers greatly when it comes to making the best financial decision regarding their mortgage. 

In spite of XXXX and I conversation being almost childish in nature, per the fiduciary responsibility nature of my business along with the severity nature of impacting consumers financially, ( Mr XXXX said refusal to issue Loan Estimates and knowledge of others concerning Regulation Z ), is why this claim is being filed.

Company response to consumer: Closed with explanation