Consumer complaint received 2016-02-04
Company: BROKER SOLUTIONS, INC.
State: MT
Product: Mortgage
Sub-product: VA mortgage
Issue: Credit decision / Underwriting

Complaint:
On XXXX XXXX XXXX I " officially '' started a refinance on my home and property with New American Funding Inc. 
I have suffered personal loss and damage due to the negligent handling of this loan and the entire process. I have suffered severe mental anguish and loss of work time and negative effects from the stress caused by this situation. 

I chose New American Funding Inc. based on the offer they made on cash out refi terms and conditions. 
All of the conditions for the loan were complete on XXXX XXXX XXXX. This is after being told that the loan was in " final underwriting '' several times. 
From that day forward I was given assurances from three individuals that the loan would finalize within days. The lender on the mortgage that I was refinancing let me know that there was a final payoff given with a good until date of XXXX XXXX XXXX. I was informed that the VA appraisal had to be paid for the closing and that they would take the appraisal fee from closing as they " do this all the time and it is no problem '' I offered to pay it upfront as I had initially agreed because of how long the process was and I wanted it to finish I did not hear back for 10 days, I sent emails and made phone calls almost daily trying to find out why we were not doing the docs and asking what the status of my refi was. 
When I called and asked for a supervisor or manager to call me back the processor that I had been dealing with called me back and said that the appraisal fee could not be held out at closing and I would need to pay it now with a credit card. We were at XXXX and I asked if I needed to take precautions with some of the debts that I had the intention of paying off with the cash out at the closing and was assured again that everything would be closed in just days. 
Another week, me calling and emailing to check statuses and request the closing with no return calls or answers to emails. Then in near panic I called and emailed the loan originator to see what was going on. I was again assured that everything was fine and the loan would close before the end of the month as it was year-end and they would have to get it off their books. 

The loan did not close before XXXX XXXX XXXX. 

On XXXX XXXX XXXX the processor called to say that they were going to now put the loan into final underwriting and it should be ready in 3 days. I was called the next day and told that I had to pay a loan payment for the previous month to close the deal because it was showing late. I paid it immediately and forwarded a copy of the payment within 2 hours. I waited a few days with no contact, then started the process of phone calls and emails to get a response from anyone. 
On XXXX XXXX XXXX I received an email saying that they needed to do new disclosures because the terms of the loan were changing due to the late payment that showed on my bureau now. I was going to have a higher interest rate and additional fees. 
I contacted the loan initiator that I had worked with on the initial approval and expressed my total and complete dissatisfaction with the company, the processor and underwriting. He agreed that the ball had been dropped and talked to a supervisor. When he called back the company was going to waive $ XXXX in fees due to the handling of the loan and process failure as well as the damage to my credit and the addition of late fees I incurred during the process. 
On XXXX XXXX I did new disclosures with the still higher interest rate and the waived fees. 
On XXXX XXXX I did new disclosures again. 
On XXXX XXXX the processor called and said that she would like to talk to me about the late payments showing on my bureau. 
She stated that the loan would not pass through underwriting due to the late payments and we were done with this loan. 
I called the loan initiator and demanded some explanation of what was happening. 
He state

Company response to consumer: Closed with monetary relief