Consumer complaint received 2023-07-14
Company: GVC MORTGAGE
State: IN
Product: Mortgage
Sub-product: FHA mortgage
Issue: Applying for a mortgage or refinancing an existing mortgage

Complaint:
To begin with, communication was very poor between the lender and I. I feel as though I was the one guiding the question process every time and basic information had not been disclosed to me prior that should have ( i.e. that I can't pay earnest money with cash, etc ). During the underwriting process I was very responsive and completing tasks within the hour of receiving them. When it came to verifying my employment, it seemed as though the processer was certainly falling short. We began my loan process XX/XX/XXXX. It took over two weeks to verify my employment. I wasn't requested to generate a pin until almost two weeks into this process of verifying my employment, on XX/XX/XXXX. Then the pin wasn't used by the processor within the timeframe that is even specified in the screenshot I sent containing the pin. So I had to generate another one on XX/XX/XXXX. I also informed them upfront of my personal business that I run that is a separate entity than myself, as it has its own EIN and bank accounts. Nothing was mentioned further or questioned about it until XX/XX/XXXX. Then on XX/XX/XXXX, I was being questioned about my income and pay statements. They needed a statement saying that I am a fulltime employee and something to explain my paystubs, because they are a bit confusing. I worked very hard with my payroll girl to provide a written explanation and even have her provide them. A long back and forth process that the lender should have been handling, not I. 

The estimated numbers I was given for closing/down payment was around $ XXXX, which I was fully prepared to pay. Once I received my pre-closing disclosure it stated around $ XXXX, which didn't seem right to me. On XX/XX/XXXX, I contacted my realtor and explained the situation to her and she referred me to a different lender just to see if they had a better quote. After speaking to the new lender, I found out that XXXX XXXX & GVC Mortgage was charging me 4 % for the contract when the legal limit is 3 %. They raised my costs by XXXX points and raised my cash to close by DOUBLE on XX/XX/XXXX. 

After this I decided to switch to the new lender and let them take over my case. During this process, I was given a " run around ''. I asked for a basic information sheet that was simply the outline of my case from my previous lender, this document is known as a 1003, and I had to request that this be sent to me two times before it was finally sent to me. The first time, XXXX XXXX & GVC Mortgage sent me my preclosing disclosure documents again even though I had stated the specific document I was needing. Once I received the 1003 and forwarded it to my new lender, I saw that my information was incorrect. I provided every document needed including all of my work history and all of it was totally wrong as well as my housing history. 

I requested the case transfer on XX/XX/XXXX. According to FHA guidelines, they legally had 5 days to transfer my case. While checking in with XXXX XXXX XXXX GVC Mortgage to make sure this was in tow, my new lender and I kept being met with " we're working on it ''. On XX/XX/XXXX, two days after my original closing date was scheduled, I reached out to my previous lender again to have the case transferred. After going back-and-forth with them AGAIN, I was finally informed that the appraisal and transfer fee needed paid first. before the case could be transferred. XXXX XXXX XXXX GVC Mortgage claimed they sent this on XX/XX/XXXX to my new lender, but no one ever received this. I attempted to pay for the appraisal immediately upon knowledge of this necessary payment. It took them the entire day to even charge my card for it, attempting to push it off even further. When I asked for the direct contact information for the person processing this payment, I had to ask 3 times before receiving it. 

The case number was finally transferred on XX/XX/XXXX. The appraisal however was not, and my new lender had to contact FHA directly for it. XXXX XXXX & GVC Mortgage took a total of 7 days to transfer my case over and gave us the absolute hardest time to do so. They were aware that my family and I have been without housing this entire time, trying to close on this house, and they tried getting far more money out of me than was told or promised to me. I was being charged over the legal limit for my contract, they hiked my costs by XXXX points, and doubled my cash to close just a few days prior to closing.

Company public response: Company disputes the facts presented in the complaint
Company response to consumer: Closed with explanation