Consumer complaint received 2016-09-27
Company: RMK Financial Corp
State: FL
Product: Mortgage
Sub-product: VA mortgage
Issue: Credit decision / Underwriting

Complaint:
On XXXX XXXX, 2016, I began the VA mortgage application process with XXXX XXXX XXXX Mortgage 's loan originator XXXX XXXX. XXXX XXXX XXXX, my loan application was submitted to Majestic Home Loans with the expectation of closing mid XXXX. I maintained contact with XXXX to XXXX on the application status & was told on XXXX XXXX they were hopeful to have my application out of Underwriting the next day. Tuesday, XXXX XXXX, I received a written copy of my appraisal from Majestic Home Loans via USPS. On XXXX XXXX, I reached out to my processor XXXX XXXX with XXXX to XXXX who confirmed Majestic was in fact the lender and that she received loan approval but had been discussing payoffs of old collection accounts with them since the previous day. On XXXX XXXX, I received an email from XXXX with the estimated closing disclosure and was instructed to request my funds for closing from my XXXX provider which I did on XXXX XXXX. On XXXX XXXX, I completed a conference call with XXXX ; a XXXX XXXX agency to address the old collections accounts & notified XXXX XXXX inquired about the next steps. XXXX informed me she was waiting for XXXX to return her call on XXXX XXXX and would keep me informed. On XXXX XXXX, I received an email from XXXX requesting I contact her to discuss XXXX of the collection accounts. I provided the information that was needed. On XXXX XXXX, I received a call from XXXX at XXXX that the closing disclosure was sent to my work email address & had to be signed prior to midnight of the same night in order to close Friday, XXXX XXXX. I came back to my employer 's office, signed the closing disclosure and sent XXXX an email confirming the action was complete. On XXXX XXXX, XXXX, my construction contact with my builder, XXXX XXXX contacted me to complete the final walkthrough prior to closing. I reached out to XXXX to confirm Friday 's closing date on this same day. She informed me she was still waiting on the clear & that Majestic had spoken to her but had not provided the ok for the charge offs ( but if you recall back on XXXX XXXX, I was told loan approval was given & had signed the closing disclosure the previous day ). While out of the office Friday, XXXX XXXX under the impression I would be closing, I was copied on emails sent between XXXX XXXX ; XXXX. Escrow Coordinator with XXXX XXXX, XXXX XXXX ; Retail Underwriting Manager & XXXX XXXX and XXXX XXXX ( XXXX XXXX XXXX 's titles were not provided in the email ) with Majestic Home Loan and XXXX XXXX XXXX with XXXX to XXXX. The emails dated back to XXXX XXXX & discussed how the Underwriter incorrectly conditioned the loan application regarding the charge offs. On XXXX XXXX, XXXX advised XXXX via email " We ca n't underwrite and assume something is going to be a judgment. I had already started the conversation on Friday with my manager about this. '' He further went on to say ( paraphrasing ) " we do n't have the official overturn on the underwriter 's crazy condition. I am very confident that 's being waived. I know we got the XXXX out today, give me a few more hours and I should have this resolved. There is no such guideline that the underwriter is making up, so it will be removed. If I can get it XXXX today, we should n't have a problem closing Wednesday ''. XXXX explained to XXXX via email Friday morning at XXXX " Being told the condition would be waived is how the XXXX would have gone out in the first place. I believe you need to hear from XXXX XXXX ''. On XXXX XXXX, I received a phone call from XXXX stating that Majestic was now denying my loan application but we would be starting the process over with another lender. At the time of this submission, I have yet to receive any correspondence from Majestic regarding a credit decision and now facing my sales contract being cancelled & forfeiture of my security deposit.

Company public response: Company believes complaint caused principally by actions of third party outside the control or direction of the company
Company response to consumer: Closed with explanation