Consumer complaint received 2022-09-30
Company: LD Holdings Group, LLC
State: NJ
Product: Mortgage
Sub-product: FHA mortgage
Issue: Applying for a mortgage or refinancing an existing mortgage

Complaint:
XX/XX/XXXX : XXXX XXXX at Loan Depot says all that is needed for this loan is our drivers licenses and benefit statements from social security. Sent required docs to XXXX XXXX. 

XX/XX/XXXX : XXXX XXXX sends us a copy of the appraisal. 

XX/XX/XXXX : XXXX XXXX advises what needs to get done bathroom must be finished and reappraisal. My husband begins remodel of third full bathroom in our house ( master bath ) and purchases a tub, plumbing materials, etc. 

XX/XX/XXXX : XXXX XXXX at Loan Depot contacts us to confirm pension income which apparently is set forth on the application. I dont see where it was as we dont receive pension payments, just social security. XXXX XXXX at Loan Depot was the processor who logged into the portal with me and guided me through completion of the application, step by step. 

XX/XX/XXXX : XXXX XXXX at Loan Depot advises me, via telephone that the loan wont work as our income on the application included pension income and now we dont qualify for that loan because we only have social security income. I advised him that I was very upset as this should have been brought to our attention before we paid for an appraisal and started work on the bathroom remodel requirement to which we expended quite a bit of money that we assumed we would get back at closing. The rate lock was only good till XX/XX/XXXX. 

I advised, via email, that I was upset about the following issues : - You charged us for an appraisal at approximately XXXX - XXXX made XXXX inquiries as to our credit which subsequently lowered our scores - Our homeowners was notified of the change in mortgagee to Loan Depot. 
- We put out about XXXX to attempt to get the third full bathroom remodel completed. 
- The copy of the application that I have shows Social Security XXXX and I see nothing about the so called pension income that you state caused this problem. We never stated that either my husband or I had a pension, so we have no idea where this came from. 
- XXXX XXXX stated that because of the way our CPA showed business income on our tax returns, it cant be used as income for this loan ( which was never an issue before now ) XX/XX/XXXX : XXXX XXXX advises that the new estimate is all they can do, but since I advised him that those terms wont work but didnt say that we were withdrawing our application, he asked if I wanted the application reinstated as they had canceled it. ( this was in an email to me at XXXX XXXX  Eastern time on the XXXX. ) XX/XX/XXXX : Received notice from Loan Depot that they are declining our application. Received this email at XXXX XXXX Eastern time. I didnt have any time to see if my husband was okay with the new terms and if he was still on track to complete the bathroom before they summarily declined it. 

Because of the above issues, we put out about XXXX of our money to move this loan along. Our credit scores plummeted and as a result of the shortage of money, we are unable to pay our current mortgage. As of XX/XX/XXXX ( tomorrow ) we will be officially in default of our mortgage with XXXX and I requested a repayment agreement ( today ) which will further cause our credit to decline. At the time we applied for this loan, I had a credit score which was considered excellent and my husbands was good. That is no longer the case thanks to Loan Depots inadequate handling of our loan application.

Company response to consumer: Closed with explanation