Consumer complaint received 2020-09-15
Company: Gotmortgage.com
State: CA
Product: Mortgage
Sub-product: Conventional home mortgage
Issue: Applying for a mortgage or refinancing an existing mortgage

Complaint:
On XXXX XXXX we submitted 2 home loan applications by telephone to a representative of Lending 3 Inc. One application for our primary residence which we own free and clear, to cash out {$120000.00} total loan amount. The second application submitted simultaneously for one of our investment properties to simply lower the rate and payment on a new 30 year fixed mortgage. 
We were advised that their policy was to not offer a rate lock until the loans were approved in their underwriting dpt. For this reason, we were anxious to move the process along and we submitted all of our income and asset information to the company before we even saw an estimate. After calling the company for over a week, it wasn't until XX/XX/XXXX that we received initial disclosures. We would have preferred to receive them by traditional hard-copy but they said they were delivered to our email to save time since we were rushing them for our loan paperwork. This should have been our first red flag as this is not how we have experienced the mortgage application process in previous dealings with national banks like XXXX XXXX, which where we have 3 of our mortgages. 
There are a few issues with this company. 
>Wanting to get our interest rate locked-in, we continued to call and follow up with no communication from them. 
>We found it confusing that when we finally heard from the processor in mid XXXX, she asked for XXXX 's pay stub, when we did not disclose employment income. ( He receives a payout from his employer that he retired from 2 years ago and he will continue to receive it through the end of 2020 ). We explained this from the beginning and submitted our applications without this income. We forwarded the pay stub anyway as requested, to not delay the process. 
>Finally, on XX/XX/XXXX, we received an email from the processor stating that our loans had been approved. Accompanying the email, she attached 2 loan estimates disclosing our interest rate was locked-in.

>The " conditions '' she listed included request for a recent pay stub and proof that it was going to continue for 3 years. I was beside myself and for the 2nd time told her that was not the case. She said that without that, we couldn't get the loans. We never received a formal loan commitment disclosure and only her emails.

>They would not work with us. They would not lower the loan amounts and they would not explain the details of the denial. She only insisted on proof of continuity for income that we never disclosed and we have proof that we never disclosed this as income  because our initial loan application doesn't list it. She said " she would let us know. '' >It wasn't until XX/XX/XXXX that this person communicated concrete denial. I asked her to send me formal denial letters because this entire ordeal just did not sit well with me. 
>After continuing to insist for the denial letters, I finally received on XX/XX/XXXX ... 2 months after submitting the applications.

Company response to consumer: Closed with explanation