Consumer complaint received 2017-05-20
Company: EQUITY LOANS LLC
State: MD
Product: Mortgage
Sub-product: Conventional home mortgage
Issue: Closing on a mortgage

Complaint:
The following timeline of actions documents the attempted purchase of a property for {$730000.00} beginning XX/XX/XXXX - XX/XX/XXXX.  Stress/Tension is maxed out on both Buyer and Seller and deal has fallen through. There is most definitely fault on either Broker and or Lender for the fallout of this deal. XX/XX/XXXX - Requested/Received Pre-Qualification Letter for $ XXXX XX/XX/XXXX - Informed Broker on successful contract with seller XX/XX/XXXX -  Provided Broker all requested financial documents XX/XX/XXXX - XX/XX/XXXX -  Completed Electronic consents XX/XX/XXXX - Provided location of funds ( institutions and accounts ) to be used for down payment ( went unchanged for remainder of process ) XX/XX/XXXX - Sent all requested rental lease agreements XX/XX/XXXX - Requested Rate Lock match from alternate lender ( XXXX XXXX ) XX/XX/XXXX - Rate match approved ( Broker using XXXX XXXX ) XX/XX/XXXX - Appraisal Completed XX/XX/XXXX -  Lender requested additional financial statements XX/XX/XXXX - Received approval letter with contingencies XX/XX/XXXX - Signed commitment letter and appraisal acceptance XX/XX/XXXX - Received Closing disclosure document XX/XX/XXXX - Final financial transaction to move funds to final account ( where funds will be withdrawn for closing ) XX/XX/XXXX - XX/XX/XXXX - Requested and provided financial transactions XX/XX/XXXX - Informed XXXX would like to perform it 's own underwriting and required 72 hours.  Buyer/Seller decided to postpone closing till Wednesday. XX/XX/XXXX - Decision between parties to extend closing to Wednesday where buyer will allow seller to remain in house rent free for 3 days to allow for moving. XX/XX/XXXX - Withdrew funds from account via certified check XX/XX/XXXX - Broker requested XX/XX/XXXX/XX/XX/XXXX tax returns, provided with 3 minutes of request. According to broker XXXX had two concerns 1 ) XX/XX/XXXX records indicated partial rent in that year on certain rental properties ( they were purchased in that year ). Brokers response was to now include XX/XX/XXXX and XX/XX/XXXX records which do show full rental history throughout each year. 2 ) My primary residence has also had a room rented out for the last 4 years and now that it 's switching to a full rental it needs 25 % equity in the property, it has less than 20 %. Broker strongly believes we will be granted an exception and we wait ... XX/XX/XXXX - Requested status from broker and routinely heard that XXXX is working on it. XX/XX/XXXX - Tensions very much rising between buyer/seller. Seller agrees to extend closing to Friday but requests rent free Friday through Monday and requests adjustment to original deal to compensate for their losses. XX/XX/XXXX - At XXXX XXXX did not grant the 25 % exception XX/XX/XXXX -  At XXXX XXXX allowed buyers existing primary home to NOT be considered a rental, it was determined that buyer 's debt/income ratio can support both the existing home and the new home without the rent. XXXX approves loan pending any outstanding conditions. XX/XX/XXXX - Broker explains, XXXX requests buyers start up business XX/XX/XXXX YTD Profit/Loss & Balance Sheet. Buyer provided requested documents at XXXX, broker supplied to XXXX 's file in early morning. XX/XX/XXXX - Broker explains, it 's in XXXX 's hands we expect clear to close at any moment. Agents inform Broker that deal with fall through if not completed same day. XX/XX/XXXX - Broker receives call from XXXX at XXXX that XXXX XXXX XXXX ownership documents required to prove she is the sole owner ; capable of gifting all commission, XXXX XXXX XXXX provides articles of incorporation, broker provides XXXX documents. XX/XX/XXXX Seller no longer interested in extending agreement. Buyer pursues official complaint process.

Company public response: Company has responded to the consumer and the CFPB and chooses not to provide a public response
Company response to consumer: Closed with explanation