Consumer complaint received 2021-07-21
Company: Finance of America Holdings LLC
State: TX
Product: Mortgage
Sub-product: Conventional home mortgage
Issue: Applying for a mortgage or refinancing an existing mortgage

Complaint:
I applied for a mortgage XX/XX/XXXX with Finance of America. I received an approval within days. All was moving along smoothly, we locked an interest rate. All that was required of me to submit I did and I submitted it promptly and I was told I had an approval from Underwriting and we were simply awaiting the appraisal. We waited a month and a half for an appraisal to be performed. The report finally came in approx XX/XX/XXXX I was told my file was going to underwriting and all was fine as I had submitted all pending conditions. 

After waiting 2 and a half months to close on this refinance at the last minute the underwriting department states that a " XXXX debt '' needed to be included in my debt ratio despite the fact that the trade line was 100 % business has been paid out of the business account and NOT on my credit report. This is a Secured debt and secured to two properties with twice the equity needed to satisfy the debt. They stated they could approve a substantially less amount and that I would need to pay all of my accounts off in full on my personal credit report to qualify. I asked thrice for the income worksheet on how my income was being calculated as they refused to remove the business loan monthly payment amount from my DTI. They refused to remove the business debt as they stated that I would have needed to show it was paid 12 months from the business account. I explained that this was in forbearance due to Covid as ALL SBA loans and I did not need to pay until XX/XX/XXXX. I stated I would not mind paying 12 months of such payments immediately and they rejected this as well. Furthermore, they refused to send me my income worksheet calculations because had it been performed correctly including the SBA loan payment I would still more than qualify. 

They intentionally omitted my Short Term Rental income on my Schedule of E of my tax return. Recent XXXX guidelines I am attaching here clearly states that IF the short term income is from another property OTHER than the subject it CAN and SHOULD be included in my income calculation to assist me with my DTI. It is in fact true income, on my schedule E for XXXX along with all other rental properties and on my Profit and Loss and I can also gladly send proof of all income received through the Proof of Income for directly from XXXX and it is on ALL bank statements the lender requested. It is over a year in consistent cash flow and " Likely to continue '' as I have the next two months booked solid and will continue. They told me today my loan was canceled at my request yet I never stated to cancel my loan, I requested my appraisal so that I could obtain another opinion from another lender and I stated I needed the proof of income worksheet and asked why this was done incorrectly? After constant rejection and wasting 2 1/2 months of my precious time they negligently refuse to calculate my income correctly, wanted to leave out my child support income that I requested be used and refuse to acknowledge the monthly business debt as such. Calculating my short term rental income correctly is a complete violation and discrimination. They have yet to send me an adverse letter electronically like the rest of the documents and today they refuse to make such corrections! 

I would like to know how not only to file a complaint with Finance of America, but to a loan originator specific to this loan.

Company response to consumer: Closed with explanation