Consumer complaint received 2021-03-06
Company: Guild Mortgage Company LLC
State: CA
Product: Mortgage
Sub-product: Other type of mortgage
Issue: Closing on a mortgage

Complaint:
On XX/XX/XXXX, my wife and I entered into a purchase agreement to purchase XXXX XXXX XXXX, XXXX NV. We contacted XXXX XXXX of Guild Mortgage in XXXX Nevada to help us gain a loan for the property. Our intent was to use a 1st and 2nd loan and provide a 10 % down payment. The close date on the purchase agreement was XX/XX/XXXX. 

On XX/XX/XXXX XXXX emailed us a question about a prior forbearance on our loan at existing property. In fact, we had been in forbearance for a few months, but this ended on XX/XX/XXXX. A letter from our lender, XXXX seemed to clear this with Guild Mortgage Underwriting. 

On XX/XX/XXXX we received another email from XXXX explaining a rule for loans coming out of forbearance, a rule requiring 3 mortgage payment be made on the loan to satisfy XXXX XXXX  guidelines and satisfy Guild Mortgage Underwriters. We had already made 2 payments, but the 3rd would have to be made in XXXX, so a request to extend the closing date was requested. 

On XX/XX/XXXX the seller signed an addendum extending close to XX/XX/XXXX. 

On XX/XX/XXXX we received an email from XXXX notifying us the lender of the 2nd loan, XXXX XXXX was not going to move forward as their understanding of the XXXX XXXX guidelines push the possibility for a loan to start process with them out to XXXX. At the time XXXX suggest using a different 2nd loan lender, XXXX XXXX, stating I went over the forbearance with them and they said they will follow Guilds underwriting. We move forward with the new 2nd loan lender. 

XX/XX/XXXX the seller signs an addendum extending close to XX/XX/XXXX, we also agree to a {$160.00} daily extension penalty to the buyer. 

On XX/XX/XXXX we received a Statement of Lock Policy and Re-Issuance of Loan Estimate from Guild Mortgage. In the Re-Issuance of Loan Estimate document there is a written request to please sign today so we can get the Closing Disclosure out tomorrow. We signed the document at XXXX on XX/XX/XXXX. 

Further at XXXX on XX/XX/XXXX, I spoke with XXXX XXXX times during the day, attempting to confirm XX/XX/XXXX closing. He texted me Closing Disclosure was requested this morning and you will receive tomorrow XX/XX/XXXX. I asking if it is possible for XXXX to hold things up. I asked this since XXXX had several time states Guilds part of the loan is approved and ready, and we had not heard a final approval from XXXX XXXX. XXXX texted back its always possible until they send their loan docs and their funds, but it would be pretty surprising based on their last correspondence. 
At XXXX on XX/XX/XXXX I texted XXXX again, stating we must hit the XXXX for close. We committed to the XXXX based on your discussion with agents. We could have made it XXXX-XXXX  but it is XXXX. We need to close on the XXXX or sooner! XXXX replied we will do everything in our power to meet that but as you know we have not control over XXXX. We will continue to push on the however. 

XX/XX/XXXX XXXX provides conditional approval. The approval requires XXXX and I to make a payment in the amount of the deferred mortgage payments relating to our past mortgage forbearance. We did so on XX/XX/XXXX, after clarity from XXXX on what we had to do, just make a principal payment. 

XX/XX/XXXX, I text XXXX asking to confirm if we are closing on the 27th. He texts back that he will call everyone, and that XXXX has not approved yet. I tell him we want to get the conditional payment to XXXX made, and he text dont do it yet because the seller is going to have to extend so we need to make sure you get that first. 
I have a phone conversation with XXXX and just can not believe after all this time we are going to miss this by one day. I explain to him the seller is already requesting to cancel the purchase so this can not happen. 
Our Real Estate Agent is now asking if all is ready for close. 

XX/XX/XXXX, We still do not fully understand if we are closing or not today. At XXXX XXXX text me that at this point we can not sign until tomorrow due to federal regulations. We later understood this to be that we did not sign the Closing Disclosure document in time for a 3-day rule. 
We do learn that both 1st and 2nd loan documents are at the title company, ready to sign on XX/XX/XXXX. 
XX/XX/XXXX Seller Cancels contract. 
XX/XX/XXXX I ask XXXX what happened since the Re-Issuance of Loan Estimate stated XXXX and I would receive the Closing Disclosure on XX/XX/XXXX in preparation for XX/XX/XXXX close but did not until XX/XX/XXXX. 
I have not heard back from XXXX.

Company response to consumer: Closed with explanation