Consumer complaint received 2018-06-18
Company: MILEND, INC.
State: GA
Product: Mortgage
Sub-product: Conventional home mortgage
Issue: Applying for a mortgage or refinancing an existing mortgage

Complaint:
Im writing to complain about what I perceive to be deceptive and unethical business practices at XXXXXXXX XXXX XXXXXXXX, Producing Manager, XXXX XXXX and Loan Officer, XXXX XXXX. 

On XX/XX/XXXX I filled out an application for a home loan on MiLends website ( which claims to offer real loans for real people ) and was contacted shortly after by XXXX XXXX. I answered questions for XXXX and authorized a hard pull of my credit report. MiLend was one of three applications I filled out that day. On XX/XX/XXXX XXXX presented me with the two offers below ] : Option 1 Rate : XXXX Payment : {$1400.00} Cash to Close : {$10000.00} ( including down payment and escrows ) Option 2 Rate : XXXX Payment : {$1500.00} Cash to Close : {$9000.00} ( including down payment and escrows ) I told him I preferred option 2. On XX/XX/XXXX I requested an estimated fee breakdown so I could compare my offers. XXXX told me hed send me the Loan Estimate. Before making my final selection I requested a Good Faith Offer which I understood to be an official offer based on the information I provided. I know the application is not actually approved until all supporting documentation is provided but I was under the impression that the offers extended to me were real based on them reviewing my credit and stated debt/income information. XXXX informed me as of XXXX the Good Faith Offer has been replaced with the Loan Estimate and he sent that to me. To be reasonably sure I was good to go before calling the other offers to tell them Id selected someone else, I asked XXXX over the phone as long as I can provide supporting documents for the information Ive claimed on my application, Im approved, right? We will proceed to closing? Youve reviewed my credit and were all good there? XXXX answered yes and even backed this up in an email, Really the only thing that can change on mine { end } is the rate and subsequent credit { {$2000.00} lender closing costs credit offered by miLend } since it is contingent on the market. 

I ultimately choose MiLend over the other offers I received based on this assurance. 

On XX/XX/XXXX I was contacted by XXXX XXXX, the Senior Processor, who requested the first batch of supporting documents. 
XXXX IRS tax extension- I need the actual form that was filed, I can not use screen shots unfortunately Full XXXX and XXXX tax returns without any redacted information- currently your social is redacted on both years and we can not accept that Your Earnest money was paid out of a business account : o I need all pages of this statement- currently missing pages 3-5 o Please also provide XXXX statement ( all pages ) o Proof that you have ownership in this business to use the assets 2 most recent full bank statements ( all pages ) for the account you will be using for your funds to close- we can not use transaction summaries o Please tell me what the deposits for XXXX XXXX  are? 
Do either of your current properties have an HOA? If so, please send me the most recent HOA statement or account ledger Do you have the current leases for any of your tenants? The ones I have are all expired Quote for the homeowners insurance you have chosen I provided her all these things/answers, except the homeowners insurance quote, by the next day, XX/XX/XXXX. 

Later that evening, which was three and half weeks after I accepted XXXX offer and decided to proceed with MiLend, XXXX called me at XXXX to tell me my length of credit history was not satisfactory and I was not approved for the loan that was offered. His suggested solution was for me to get added to a family members credit card as an authorized user as a means of quickly boosting my credit. I was totally shocked. My credit sore and length of credit had been known to MiLend since the day I authorized the hard pull. I could not believe I was just now hearing, after supplying a large amount of my very personal, sensitive financial documents, that I was being denied on the grounds of my credit length. 

On XX/XX/XXXX I reached out to XXXX manager, XXXX XXXX, who gave me the run around but seemed to tell me the same thing. I asked how it could be that I was initially made an offer but that it could later be reneged when none of the information has changed. He did not give me a clear answer. He also reiterated the suggestion I get added to a family members credit card and when I asked him what that says about me and my credit worthiness, he didnt have an coherent answer for that either. 

I feel like I was purposefully misled about the status of my application for the three and half weeks this went on and Im appalled at MiLends carelessness with my time and apparent disregard for ethical business practices in suggesting a way to artificially boost my credit.

Company public response: Company believes complaint represents an opportunity for improvement to better serve consumers
Company response to consumer: Closed with explanation