Consumer complaint received 2016-06-30
Company: BBVA FINANCIAL CORPORATION
State: AL
Product: Mortgage
Sub-product: Other mortgage
Issue: Application, originator, mortgage broker

Complaint:
Called BBVA Compass mortgage officer on or about XXXX XXXX, 2016. Explained that I had been approved for an FHA loan of {$150000.00}, but could not continue the loan because the main component ( XXXX Step Up Program-down payment assistance ) could not go forward because my estranged husband ( foreign country ) needed to sign a statement as to his income even though federal taxes had be filed stating a XXXX income. Because the purchaser was not able to get that statement, the loan had to be withdrawn. 

BBVA Compass has a community investment loan program ( Home Ownership Made Easier ) where a down payment assistance is offered and closing costs included in the loan. The seller had agreed to pay {$6300.00} of closing costs. I was assured by the mortgage officer at BBVA Compass that I did not need to get my estranged husband 's statement of income nor an o.k. to approve the loan. I also stated to him that I had applied with BBVA Compass about a month ago and denied because errors were discovered on my credit report that since had been removed. He pulled my credit while on the phone and stated that the credit scores were great and that my debt to income ratios were fine. He explained that the debt to income ratio was XXXX % ( purchaser is at XXXX % ). The application was completed and documents ( bank statements, homeowner 's insurance, flood insurance, etc. ) were submitted right away. My realtor was able to get an extension on the closing to XXXX XXXX, 2016, as the BBVA mortgage officer stated he could have the loan completed XX/XX/XXXX. 

On Monday, XXXX XXXX, 2016, I spoke with the loan processor for the first time and did not get a good feeling about this person because he asked about my estranged husband. Nevertheless, my realtor stated that the mortgage officer just yesterday, XXXX XXXX, 2016 stated that the loan was going o.k. But, this morning, purchaser received an e-mail action notice to sign documents from the processor and was shocked to receive a Denial Notice which is attached. Both reasons stated are bogus. Purchaser has no excess obligations. In fact, my expenses are : {$870.00} rent plus {$56.00} water/sewer ; {$230.00} car payment ; XXXX private student loans in deferment ( {$37.00} and {$37.00} once deferment ends ) ; {$25.00} payment on student loan ; and a {$500.00} line of credit that has been paid down to {$380.00} and can be paid off. All federal student loans have been consolidated and are in IBR with a {$0.00} payment. Purchaser is assuming that BBVA Compass is using the XXXX % of balance calculation for the consolidated federal student loans when, in fact, there is a {$0.00} payment on the credit report and statement. This is a community investment loan program, and I have not been evaluated properly. 

For some unknown reason, purchaser is finding it very difficult to get a home loan in the state of XXXX. Purchaser has purchased in the past several homes in XXXX without difficult and with a lower credit score.

Company response to consumer: Closed with explanation