Consumer complaint received 2016-01-06
Company: Fairway Independent Mortgage Corporation
State: TX
Product: Mortgage
Sub-product: Conventional fixed mortgage
Issue: Application, originator, mortgage broker

Complaint:
I have typed a XXXX page account to upload to discuss everything that happened to me during the process of my loan. I believe that I have become the victim of big business and poor communication and am claiming the following : I believe the following infractions were impeded on us by XXXX XXXX : 1 ) Predatory Lending practices 2 ) Bait and Switch tactics presented to us 3 ) Breaches of confidentiality 4 ) Recommendations for me to pay to improve my credit score 5 ) Character destruction 6 ) Appraisal missteps ( we were asking for the appraisal and told it was n't complete or it had minor corrections ). We did not get the appraisal 3 days prior to closing and were given the appraisal after we had signed all of the closing papers. We did n't even realize the appraisal waiver was in the closing as the appraisal was never offered to us. We were very disappointed with the appraisal and did not agree, but we had unknowingly signed a waiver ; even after asking prior to closing about the appraisal. 

Why predatory lending? 
My husband and I were clear with XXXX XXXX that we wanted to receive a loan for about XXXX. He continued to discuss ways that we could hang on to our money and have our money work for us. He said I qualified for XXXX, and this would allow us to keep our money or spend in upgrades. We both stated we were fine with getting XXXX or more, but did n't want to be in a difficult financial situation. My husband and I stated we were fine with what we qualified for. This was absolutely NOT TRUE! When the loan processor said the money could n't count as close money, he then sent both the loan processor and myself XXXX guidance to justify, and the loan processor said this would not work. Additionally he argued with underwriting, but clearly it would n't work. He then said to me that he had just closed an FHA loan and a man paid for his well house and it counted. Well this was not an FHA loan and the rules were different. 
In addition, he talked us into this interest rate by stating all these credits would be given and our max out of pocket closing costs would be XXXX if we took the lender 's credit and higher interest rate. I explained that I did not want a 4.87 % interest rate as the rate was 4.3 %. XXXX let me know my credit would only allow for 4.5 % which was PAR. I said well that is better to me. He said well the difference between the XXXX is a dinner at XXXX. I felt really offended, but I took his advice. I thought to myself that a dinner at XXXX is XXXX x 12 months x 30 years which is XXXX. So in hindsight the closing costs would have been better financially. 
XXXX also began to try to sell us on a jumbo loan or a cash out refinance after closing. Of course my husband and I were like o.k., this sounds great, but then I said can I qualify for a jumbo loan? He said yes because you owe very little on your credit cards. We said o.k., but we really are good where we are. I said if it is a better deal ; we will look into it. XXXX said well you have to have your credit over XXXX, but I know this guy named XXXX XXXX who is a great guy, but it will cost you. I said well if it improves my credit I guess it 's worth a shot. Again, I am taking his advice. So he emails XXXX and copies me and says XXXX this is my friend can you help her out? This ended up costing {$600.00}, and I was told that my credit score seemed a simple fix, but it would take about 45-90 days. This was a wasted {$600.00}. When my husband and I confronted XXXX about this, he said well she does n't need it for this loan, but when you get ready to refi then it will help. We were n't talking about refinancing. We only wanted our first loan. This was a complete waste of our time and money as my DTI could n't sustain a jumbo anyway and XXXX knew it as I had DTI issues in the end and had to sale my car and pay XXXX to refinance which again cost us money.

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