Consumer complaint received 2021-07-07
Company: Village Capital & Investment LLC
State: MD
Product: Mortgage
Sub-product: FHA mortgage
Issue: Closing on a mortgage

Complaint:
XX/XX/XXXX Subject : Loan Number : Attention : Customer Service Village Capital, XXXX XXXX, loan officer XXXX XXXX, President Village Capital XXXX XXXX XXXX XXXX XXXX XXXX XXXX, Nevada, XXXX This is a qualified written request under Section 6 of the Real Estate Settlement Procedures Act ( RESPA ). 
I am writing to receive these requested updated loan disclosures reflecting the following : Outstanding Document Request made XXXX : 1. Per my conversation on XX/XX/XXXX at XXXX. with XXXX XXXX you stated that you would provide updated disclosures for the following : 2. I would like to request something in writing indicating that the XXXX XXXX  ( No Cash Out ) interest rate 2.25 % will not change from disclosures sent on XX/XX/XXXX. The lock-in date was scheduled to expire on XX/XX/XXXX. 

3. I have in writing that the estimated closing cost will not change. The estimated closing cost expired on XX/XX/XXXX. 

4. I would like to also request updated documents indicating the above requests. 

XX/XX/XXXX Email received from XXXX XXXX indicating you do not have to requalify for the XXXX refinance and there is no out of pocket expense. We want to help you get this rate lowered and save some money month to month. However, Village Capital did not honor this. 



XXXX XXXX I have been waiting since XX/XX/XXXX to have a XXXX ( No Cash Out ) refinance completed. I have completed the prequalification refinance process twice with Village Capital once in XX/XX/XXXX and again in XX/XX/XXXX. My credit has been accessed twice by Village Capital ( XX/XX/XXXX and XX/XX/XXXX ) impacting my credit score. I am a single parent and XXXX  XXXX survivor who has completed all requests Village Capital has made of me. However, XXXX XXXX has ignored all requests for updated disclosure documents. 

XX/XX/XXXX Village Capital is the original loan holder since XX/XX/XXXX, and completed the subordination process at that time to reposition the lenders ( i.e. liens ). Village Capital was aware of this from XX/XX/XXXX. I even assisted with this. 




XX/XX/XXXX The request for the refinance to remove the court documented XXXX  XXXX  'XXXX  name from loan documents was requested as early as XX/XX/XXXX. Village Capital was aware of the XXXX  XXXX  situation. None of the XXXX  XXXX  income nor credit was used for me to qualify for the loan. He was not even working. I received a letter from Village Capital, XX/XX/XXXX, indicating that I would have to wait until XX/XX/XXXX. There are emails that confirm this. 

XX/XX/XXXX XX/XX/XXXX, Village Capital was contacted to begin the refinance process. My credit was checked. Requests were made to Village Capital for updates repeatedly.

Though it has been requested, I have not received any explanation regarding the actions Village Capital has taken regarding the refinance request since XXXX. 





XX/XX/2021/XX/XX/XXXX1 XX/XX/XXXX, requested ( W2s ) and pay stubs, were forwarded to Village Capital. These documents were requested by XXXX on XX/XX/XXXX and the email containing the documents was forwarded to him. 

XX/XX/XXXX, XXXX requested the pay stubs again and they were emailed to him. XXXX also had my credit run by Village Capital for a second time on XX/XX/XXXX. My credit was already run by Village Capital in XX/XX/XXXX. This has impacted my credit score. 

Numerous documents received from Village Capital indicating that the closing was scheduled for XX/XX/XXXX. It did not take place. 

XXXX sent an email on XX/XX/XXXX, stating that we are working to clear liens and the closing would be XX/XX/XXXX. This was not an accurate statement. 

On XX/XX/XXXX, I placed a call to Milestone title company and was informed that Village Capital had not asked them to complete the subordination request to reposition the lenders ( i.e. liens ). 

On XX/XX/XXXX, I placed a call to Milestone title Company and spoke with a representative who indicated that Village Capital had not submitted the paperwork needed to begin the subordination requests to Village Capital still had not asked them to complete the subordination request to reposition the lenders ( i.e. liens ). 

In XXXX, XXXX and XX/XX/XXXX requests to XXXX for supervisor contact information were ignored. He also ignored requests to speak with my real estate advisor. 

On Friday, XX/XX/XXXX, I spoke with a Village Capital supervisor XXXX and he said that I should receive in writing the updated disclosures as requested. However, I have not received it as of Monday, XX/XX/XXXX. I am aware that Village Capital records conversations.

I would like these requested documents from Village Capital : Outstanding Document Request made XXXX : 1. Per my conversation on XX/XX/XXXX at XXXX. with XXXX XXXX you stated that you would provide updated disclosures for the following : 2. I would like to request something in writing indicating that the XXXX XXXX  ( No Cash Out ) interest rate 2.25 % will not change from disclosures sent on XX/XX/XXXX. The lock-in date was scheduled to expire on XX/XX/XXXX. 

3. I have in writing that the estimated closing cost will not change. The estimated closing cost expired on XX/XX/XXXX. 

4. I would like to also request updated documents indicating the above requests. 

5. A closing date scheduled before the end of XX/XX/XXXX. 


Sincerely, XXXX XXXX

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