Consumer complaint received 2016-08-31
Company: LD Holdings Group, LLC
State: FL
Product: Mortgage
Sub-product: FHA mortgage
Issue: Settlement process and costs

Complaint:
Here are the problems i have outlined with the mortgage company, Imortgage. 
& gt ; The following is to advise why I am not set to close on on the deal provided to me yesterday. Purchasing a home is a XXXX in a lifetime transaction and for many folks, an audacious task. On or about the time I signed all of the original loan documentation, I was offered a rate of 3.875 %. At no point did I agree to a 4.25 % rate. As of today, the interest rate on XXXX XXXX XXXX ( FHA ) loans is 3.625 %. Why was I not offered this rate? 
& gt ; & gt ; Imortage claims on their website that they have an " unwavering commitment to excellence in these XXXX key areas ... proven track record, financial strength and integrity. '' Taking seriously, the last key area, I trusted Imortage to guide me through the process of buying a home while taking advantage the Down Payment Assistance Program ( DPA ), considering I was failed by XXXX Mortgage. Even though I provided Imortage with all the documentation needed for a timely and prompt process for my loan approval and DPA, I found myself being ignored when asking about the status of my loan. After countless calls for follow up that were met with promises of prompt return calls that never arrived, I was denied the opportunity to utilize another mortgage company that could actually deliver on my desire to take advantage of the DPA program. This denial stem from the fact that for 3 weeks Imortage did nothing to move my loan process forward. As a result of 3 weeks wasted, I was unable to take advantage of the DPA program or the bond program since I am a first home buyer. I want to underline the fact that there was plenty of time for Imortage to complete the work they said they would do and to this day no one in imortage can explain why 3 weeks were wasted resulting in the use of DPA to be off the table for me, considering my appraisal and inspection were previously completed. 
& gt ; & gt ; I am comfortable with saying that as a result of imortage 's lack of efficiency and lack of integrity, I feel forced to accept a deal that does not meet the budget goals I had planned. It goes without saying that I am not pleased with the decisions, or lack of thereof, made on my behalf. 
& gt ; As of date, all parties involved are aware that the house requires some repairs that the seller does not want to take care off. As a result, I do not have any power to negotiate, nor do I have the financial power to make any fixes prior to moving. Imortgage offered me, what was explained to me as a premium credit of {$3700.00}. After careful thought, over a 30 year period, Imortgage is earning a XXXX interest on an alleged {$3700.00} credit towards closing cost. This was not explained to me it was a loan and not a noble offer to assist with closing for l mortgage 's negligence for me losing the benefits to DPA. Additionally, I feel you exercised a poor business practice when you offered a 4.25 % interest after offering an initial rate of XXXX. It was explained yesterday that I am to claim this additional interest as Tax deduction ; however, as it stands, I will not accumulate enough interest to have a deduction for {$11000.00} for schedule A. Furthermore, I can not believe that this credit was done in my best interest. 
It is clear that Imortgage failed to execute in a timely manner, never advising me of any issues that could have led me to use another company that could actually deliver on my requests and what was promised to me as their client within the time frame agreed with the sellers of the property. This is my first attempt at buying a home and this experience has been extremely frustrating and truly unbearable. I have done everything requested of me in a timely fashion and while I am aware that buying a home and dealing with all involved parties can be impudent, this experience has left me very unsure and suspicious of what I am being offered.

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