Consumer complaint received 2016-02-16
Company: Mortgage Lenders Investment Trading Corp
State: FL
Product: Mortgage
Sub-product: Conventional fixed mortgage
Issue: Credit decision / Underwriting

Complaint:
I chose RP Funding as the mortgage company I wanted to use for my refinance of my home based on commercials saying they would cover all closing costs. I owe XXXX on my home, and am looking to refinance for a larger amount to buy another property for cash to live in or possibly flip to resell. I was also going to be putting 20 % down on the new property out of my own savings account which left me with a loan amount of $ XXXX. I was pre-approved by RP Funding for this amount and was told put the deposit down on the new property for XXXX. XXXX XXXX guaranteed that I would have no problems getting this loan due to my high credit score and also my low mortgage on my home. I completely trusted her and let the loan process take place which lasted XXXX XXXX months which was way longer than I was told. The process took so long because over a month later, XXXX XXXX called me to ask all the questions about the loan all over again like I was reapplying! I thought that for the entire month I was waiting on underwriting to process this loan but come to find out XXXX XXXX at RP Funding did NOT do her job! I was furious because I had to ask for an extension to purchase the new property. At this point, I have XXXX invested in the new property and l am starting the whole process over again with RP Funding! She asked for all my information yet AGAIN and now I am waiting on underwriting. I was told by XXXX XXXX that we could close by XXXX XXXX. Once again I waited over a month, having to ask for another extension to purchase this new property for cash from XXXX XXXX XXXX. They gave me another extension based on my proof of funds from RP Funding. XX/XX/XXXX comes around, I am concerned about closing on time because I do not want to loose my XXXX deposit. I called XXXX XXXX at RP Funding numerous times. She decides to finally return my call the day before I am suppose to close and tells me that underwriting came back with a counter offer that is XXXX short of the loan amount that I need! I do not have time to come up with another XXXX out of my pocket on top of the XXXX that I am already putting down in less than one day! Because of RP Fundings mistakes of lack of communication, loosing all my info after starting the process a month later and then telling me the day before they guaranteed I would close on the new property, I have now lost XXXX on my new purchase. I am devastated and furious at this point so I call the COO of RP Funding, XXXX XXXX and explain what happened. She says she is going to open up an investigation about my case. She promised to contact me after about 4-6 weeks to let me know if RP Funding was in fact wrong and would return the deposit money to me. Its now been 8-10 weeks, and I have called, emailed SEVERAL times and I have been completely ignored. RP Funding does not care to return any of my calls, emails and have completely ruined my chance at purchasing anything else in the future. I am very upset and demand an answer from RP Funding.

Company response to consumer: Closed