Consumer complaint received 2023-03-10
Company: BROKER SOLUTIONS, INC.
State: MD
Product: Mortgage
Sub-product: FHA mortgage
Issue: Applying for a mortgage or refinancing an existing mortgage

Complaint:
On XX/XX/XXXX, I applied for an FHA mortgage through New American Funding because I saw on the XXXX XXXX XXXX website that they offered grants and access to other home buying assistance programs in Maryland. I submitted the application online and provided my bank statements, paystubs, and permitted a credit report to be run. On XX/XX/XXXX, I received a pre-approval and was assigned to XXXX XXXX ( XXXX # XXXX ) as my mortgage officer and discussed at length my current income and was directed to begin the house hunting process. On XX/XX/XXXX, I found a property that fit my criteria. I reached out to XXXX XXXX for an updated pre-approval letter with the property details and increased purchase price. XXXX XXXX then emailed me someone else 's pre-approval letter with all incorrect information. XXXX XXXX apologized for the error and resent an approval letter with a higher approval price. On XX/XX/XXXX, I again reached out to XXXX XXXX notifying him of a need to increase my purchase price. XXXX XXXX again did not object nor did he notify me of a need to reevaluate my income or any documents. He sent me an increased approval and on XX/XX/XXXX I made an offer on XXXX XXXX XXXX XXXX XXXX with a closing of XX/XX/XXXX. The offer was submitted with the pre-approval letter from New American ( XXXX XXXX ) and was accepted. The offer was accepted on XX/XX/XXXX. On XX/XX/XXXX, in connection with the offer I paid a {$3800.00} XXXX to the XXXX XXXX XXXX XXXX and paid for the appraisal, inspection, and XXXX XXXX totaling over {$1000.00} ( {$520.00} + {$39.00} + {$530.00} = {$1000.00} ). I called and texted and emailed XXXX XXXX a number of times once the inspection, appraisal, etc. were completed asking for updates. On XX/XX/XXXX I received an email from a Loan XXXX at New American Funding saying my loan had been reviewed by the underwriters and I was conditionally approved. The loan processor asked for 14 documents all of which were emailed to him by the next business day. I made numerous attempts after submitting to confirm with the loan processor and XXXX XXXX that they didn't need any additional information or statements and that we were good to close. I received no response. On XX/XX/XXXX ( 1 week before closing ) the loan processor asked for another disclosure to be signed. I signed right away and then again didn't hear anything from anyone at New American for over 24 hours so I sent a follow up email asking " Are we good to close? ". Over 24 hours later ( XX/XX/XXXX at XXXX EST ) the loan processor emailed me back saying " We are moving along well! '' and requested additional documents from me which I sent to him by XXXXXXXX XXXX EST on XX/XX/XXXX. It was then that I was notified by New American Funding that in order to close on XX/XX/XXXX the front porch of the property would need to be stained. I stained the porch on XX/XX/XXXX. There was no mention of not being approved for the loan at all. On XX/XX/XXXX ( 2 days before closing ) the loan processor asked for more documents. I never received a response back from the processor or XXXX XXXX. On XX/XX/XXXX, one day before closing, I reached out via email asking for instructions for the gift from my father that was a part of my approval and asking if we are good to close. The title company sent my realtor the XXXX closing summary for my review and my signing was confirmed for the title company at XXXX on XX/XX/XXXX. It wasn't until XX/XX/XXXX at XXXX pm ( less than 12 hours until closing ) that New American notified me that closing would be delayed and there may be an issue with my approval. There was no mention of me loosing my XXXX due to their delay and no mention of reimbursement for the costs incurred during this process. Due to XXXX XXXX and New American 's negligence I have lost over {$4000.00} in this transaction.

Company response to consumer: Closed with explanation