Consumer complaint received 2023-03-30
Company: Ready Capital Corporation
State: LA
Product: Mortgage
Sub-product: Conventional home mortgage
Issue: Closing on a mortgage

Complaint:
Unfortunately, the information GMFS chooses to handle me as their customer in an unethical and unfair way. My loan officer failed to provide essential and crucial information regarding financial literacy and home-buying education through XXXX XXXX in a timely manner, as well as was unable to perform by not meeting the mortgage payment expectations that she promise, resulting in a contractual agreement to purchase a home that would have led to financial bankruptcy and a loss of investment. GMFS blatantly refuses to acknowledge any wrongdoing. That would make you believe that a search for a different, more affordable home was because of preference and not a financial burden. After sharing my concerns with her, I shared with her another house that was about {$20000.00} less than the original home, and XXXX XXXX shared that she became familiar with the agent after working with her to close a deal for another client of hers. She also stated that she had her number and could reach out to her on my behalf, but later agreed it was best to leave it to my realtor. A senior executive called to apologize and acknowledge my complaints but then refused to accept any formal accountability. XXXX XXXX and GMFS have provided a number of misleading statements, which are detailed below. 


When I initially called XXXX XXXX, I asked about qualifying for the Keys for Service Program after seeing it advertised during a local news broadcast. She then shared about her recent training on the program requirements. 

The information about receiving a payment estimate on XX/XX/2023, differs from the actual date. The first loan estimate I received was on XX/XX/2023. I completed the loan application on XX/XX/2023. XXXX XXXX XXXX randomly chose one of the many properties I expressed interest in and emailed her to provide a loan estimate that did not include the interest rate for which she calculated the payment. At this point, XXXX XXXX assured me that she could help me with applying for the program, and in addition, she assured me that I was qualified. XXXX also told me that I qualified as a first-time home buyer, which was another possible option. I shared with her my monthly mortgage goals, not the principal payment, as being as close to {$1500.00} as possible but under {$2000.00}. I followed up again, asking for the Keys for Service Program and how to reduce payments to {$1500.00}. 


At no time on or after XX/XX/2023, was a prequalification letter shared with me by either party, or was I ever provided any information regarding the maximum purchase price for which I was qualified. She also failed to communicate what factors determined loan financing eligibility. At XXXX, the same day, I shared with XXXX XXXX my realtors contact information and the address for the property listed at XXXX XXXX XXXX. She requested to speak with XXXX before submitting the offer to the seller to help structure the agreement so that it met my monthly payment goal. 

On XX/XX/2023, I contacted XXXX XXXX about possible options to meet my financial goals and make a small profit if used for investment. She replied, Love this!!! I have many ideas. 

I did not receive another loan estimate until XX/XX/2023, which she presented as more options, which were not much different than the ones provided seven days prior. She goes on to explain that she locked in my rate but failed to disclose the rate until prompted by me. She later mentions the interest rate on the conventional loan is higher but never provided a loan estimate for the Keys for Service Program or FHA to compare. She informs me that the KFSP may take longer to get through underwriting and the possibility of requesting an extension. She continues by explaining her willingness to help. I responded by saying, It would depend on how much longer it would take and much of a difference the payment would be. To no avail, I still never received a loan estimate with the information requested. 

On XX/XX/XXXX, which was the last day of the inspection period, XXXX XXXX failed to mention that I again reached out to her because after reviewing the documents and doing more research, I had more concerns and questions. She told me that we had more time to figure things out when we did not. Anything after this is irrelevant because now I am locked into the contract and at the seller 's mercy as a direct result of her advisement and my realtor. 

On XX/XX/XXXX, the loan disclosure was signed because I felt trapped at the time, and I was locked in this deal. 

On XX/XX/2023, I was sent the link to pay for the appraisal, completed the payment promptly, and was told to wait until after the appraisal, but I was already locked into the contract. With the influx of emails from my realtor regarding listing for his agency and my workload at the time, I missed the original communication about the homebuying course. She never explained the importance of completing the program before considering the agreements, loan terms, or the information it detailed to make an informed decision. The link was sent on XX/XX/XXXX, but she never mentioned it until after the loan disclosures were signed. And as soon as she mentioned it, I engaged and initiated the course completion. The more I informed I became, the more I became ill and downright sick I felt. 

On XX/XX/2023, I never requested to have the appraisal canceled, but XXXX XXXX requested the cancellation anyway. At XXXX that night, I called and texted XXXX but could not reach her. I followed up with a text. The text read, Hey XXXX, I am concerned about the XXXX on this property after going through the XXXX XXXX program. I am nervous about committing to these terms. Can you provide a letter with regards to that so I can exit this contract and search for a more affordable home with a lower asking price? I know that the appraisal is scheduled for tomorrow, and I understand that I may not be able to cancel it. I am okay with that. 
I look forward to hearing from you. We spoke on the phone, and XXXX XXXX said she understood and supported my decision, but after speaking with my agent the next day, he stated that XXXX position was the opposite. Then I learned that she ordered the appraisal canceled without my consent. I spoke to her about a property that was about {$20000.00} less in price. I provided the address of the home. She stated that she was familiar with the agent and had her contact information and would reach out to her on my behalf if necessary. 

I realized she was not acting in my best interest. After this breach of power and trust, I no longer want to continue with her as my loan officer after explaining the horrible and misleading experience I endured to the seller and XXXX. The seller threatened to sue, and I had to reorder the appraisal because I felt I had no time to pursue other financing options. 

Completing the homebuyers course should have been a required first step before applying for such a significant purchase, for which I, like many other buyers, trust experts to help navigate through the jargon and complexity of this process, but instead, this process and become a complete nightmare.

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