Consumer complaint received 2023-01-29
Company: Southwest Business Corporation
State: CA
Product: Mortgage
Sub-product: FHA mortgage
Issue: Closing on a mortgage

Complaint:
This letter is to serve as a complaint against XXXX XXXX, XXXX Loan Officer at XXXX Oklahoma City branch. We started communicating with XXXX on XX/XX/2022 in hopes of obtaining a home loan for our move to Oklahoma. The loan was to be in my fiances name which we will call XXXX. However, because XXXX worked long hours, I did most of the communicating with XXXX. XXXX  application was submitted on XX/XX/2022. I reached out to XXXX on XX/XX/XXXX to ensure there was nothing pending on our side as we were about to be in Oklahoma and needed the pre-approval. At this point we were already noticing a lack of communication from XXXX but decided to continue with him because we were in a time crunch while in Oklahoma to search for houses. On XX/XX/XXXX, XXXX provided us a spreadsheet with loan options. During a phone call on the same day, we discussed the amount of loan we wanted was around XXXX to XXXX. XXXX stated because of XXXX income we could potentially go higher if we wanted. However, both XXXX and I told him that we had no interest in going higher. On XX/XX/XXXX, we requested that he forward the pre-approval to our realtor to which he sent it on XX/XX/XXXX. On XX/XX/XXXX, our offer on a house was accepted. XXXX started working with his new manager regarding the income verification letter. On XX/XX/XXXX, I advised XXXX that XXXX would like to use funds from his 401k but needed a copy of the contract or estimate in order to do the withdrawal ; XXXX replied that we would have the initial disclosures the following Monday ( XX/XX/XXXX ). I emailed him again on XX/XX/XXXX for an update to which XXXX stated we would receive the disclosures by the end of the day. We never received this and ended up using the contract from the realtor. We provided multiple income verification letters to XXXX, each time he took over a week to respond that they werent acceptable. On XX/XX/XXXX, XXXX provided us an example of how the verification letter should be outlined and on XX/XX/XXXX we sent back the final verification letter. I followed up multiple times over the next few days and was advised that the letter was still being reviewed. On XX/XX/XXXX, XXXX advised that it was accepted and they would be able to use the same income because he was continuing work with the same company. I asked if there was anything else that he would need from XXXX prior to closing he stated that he would be updating documentation and notifications will be emailed. On XX/XX/XXXX, I was asked by our realtor if we had heard anything about the appraisal. I reached out to XXXX via text and he stated that it should be back by the end of the week and that he would update everyone. On XX/XX/XXXX, we loaded up everything we owned and made the trip from XXXX XXXX XXXX so we would be here for our original closing date of XX/XX/XXXX. On XX/XX/XXXX, I also reached out to XXXX via phone to follow up on the appraisal. XXXX stated the appraiser had been lacking in communication and it was supposed to be due a week prior. On XX/XX/XXXX, I again reached out to XXXX via text regarding the appraisal. He said he would have it uploaded by the end of the day. I stated that it would be very much appreciated because we would be able to close on our new closing date of Friday, XX/XX/XXXX to which he replied correct. On the morning of Thursday, XX/XX/XXXX XXXX told our realtor that it would be down to the wire but we should be good to go for closing the following day. That afternoon our realtor forwarded us an email from the lender stating he was working on a potential issue with XXXX income. I tried reaching out to XXXX via phone to which my call was forwarded and I received a text message that stated XXXX minutes please. At this point, it was our understanding that the only thing that was holding us back was the closing cost assistance program XXXX was trying to use. We told XXXX that we would rather move forward without the program so we could get into the house sooner and not be stuck living in a hotel for another week. Because Monday, XX/XX/XXXX was a holiday our next closing date was not set until XX/XX/XXXX. On Tuesday, XX/XX/XXXX I asked for updates multiple times and XXXX stated they were close. That afternoon he sent us the following message We got it. XXXX have final numbers first thing in the morning. This signified to us that we were approved and would be able to close Thursday, XX/XX/XXXX. On Wednesday, he stalled to give us final numbers multiple times and again started telling us were close. XXXX stated we would be able to close the next day, XX/XX/XXXX. XXXX got off work early that day and he went down to XXXX office to try and get everything straightened out. During XXXX conversation with XXXX, XXXX stated he was unaware of how much the seller was providing towards closing, how much funds we had on hand, and made the general impression to XXXX that he was nowhere near being close to an actual deal ( all of this information was provided to him on multiple occassions ). Thursday, XX/XX/XXXX was our third closing date. XXXX had taken the day off work in order to be able to pick up the keys so we could move out of the hotel and into our home. XXXX called XXXX. XXXX told him that we would not qualify for the closing assistance but that everything should be good to close that afternoon. We then received a message from our realtor. Our realtor stated he had just heard from the title office and XXXX told them we were still a couple of days away from being able to close. We called XXXX to see why there was a difference in what he was telling us and the title company and he stated that he was still waiting on approval ( even though at this point he had told us we were approved multiple times ). XXXX sent XXXX a text requesting a copy of the appraisal because we had yet to see it. XXXX stated our file was locked pending review and he would get it to us after the review was finalized. The next morning, Friday, XX/XX/XXXX, XXXX advised us XXXX was denied for the loan. We again requested a copy of the appraisal. XXXX stated that we would have it within the hour. We then received a follow-up email from XXXX stating if we were working with another lender to have them reach out and request for it to be transferred to them. I emailed XXXX and told him we had already requested a copy from him and had yet to receive it. From there XXXX stopped responding. We decided to try again with another lender. When the lender reached out to XXXX, he told her the appraisal was never completed nor ever ordered. 

Throughout this entire process we were lied to, ignored, and led to believe XXXX was approved for the home loan. We have now been living in a hotel for almost 3 weeks with a XXXX and two dogs. We moved halfway across the country to give our son a higher quality of life and we are left completely bamboozled by XXXX actions. This entire process has caused an immense amount of stress for our family, not to mention the amount of money weve had to spend on hotels, food, and storage for our belongings. My family and I are essentially homeless and out thousands of dollars in lodging and storage. XXXX actions are of gross negligence and we hope action is taken to correct this situation.

Company response to consumer: Closed with explanation