Consumer complaint received 2016-06-21
Company: LD Holdings Group, LLC
State: TN
Product: Mortgage
Sub-product: VA mortgage
Issue: Application, originator, mortgage broker

Complaint:
XX/XX/XXXX, I responded to a mailed advertisement for home refinancing. I entered the information online and was soon called by a mortgage company. The company 's name is loandepot. I gave the usual information such as ssn, dob, job info. The originator did indeed know at that time my wife worked several jobs, all as XXXX. We were pre approved for the VA loan and after noticing we had another loan on our rental property he asked if we wanted a lower interest rate on it also. Of course. We qualified for it also. At that time I was informed that closing costs could be included into the new loans but we would have to give a credit card for the XXXX appraisals. This amount would be refunded at closing. I was told that we would not be charged unless we changed our minds after the appraisals were done. As i mentioned the originator was informed that my wife 's job is being a XXXX. I sent in the XXXX 's and everything was ok. We had our appraisals done and loan was submitted to underwriting. At this time we were scheduled for a termite inspection. About two weeks after submitting to underwriting, the loan officer called us back and inquired to why my wife has XXXX jobs and which one is her main job. Again we informed him that she is a XXXX and works many venues. At least XXXX of her XXXX jobs she has been at for more than 2 years. We were told to submit two years worth of tax returns. We did as asked. Then we were asked to give the contact information for each of her employers so they could determine what income they could use. A week and half later I am told that my loans were sent to repackaging because her income did not qualify for the original loans. This is after being told we were qualified on our income, with the originator being informed that she was a XXXX. Note that both tax returns submitted as requested showed the amount of income reported to the originator originally. I had to email the company three times before I was called by the originator today. He told me that NONE of my wife 's income could be counted and we did not qualify. I inquired as to why, and he said that her income is reported as tips, commission, and that one of her jobs is considered seasonal. This was all explained before we had these appraisals and termite inspection done. He said that it was just guide lines that they had to follow. He also said our loan to debt income based on my income alone is XXXX %. Which is inaccurate and I asked how they came with that number. He stated that it is based off child support and all the debts we have. I have no child support and he asked why did I put down on my tax forms that I paid child support. I did not and protested this to the repacking employee who called me. He said he would talk to the underwriter and see what was happening. He also called my wife my girl friend at the time he called to say they could not count her income. I informed him she was indeed my wife. He said that he was told that she was my girlfriend. He also thought I already had a VA loan and was just trying to refinance that and offered a package to those people who have VA loans but qualify for lower financing. I looked online and have discovered that seasonal jobs as well as tip income can indeed be counted for mortgages as long as there is at least a two year history and it is reported on XXXX 's and subsequent tax forms. Which it was. My complaint is that i feel this company is incompetent and has cost me close to XXXX dollars in appraisals and a termite inspection. They were told about my wife 's work and received XXXX from all employers before appraisals were done. If this is guidelines for this company, then the loan originators should be on the same page as the underwriters.

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