Consumer complaint received 2023-08-07
Product: Mortgage — Conventional home mortgage
Issue: Applying for a mortgage or refinancing an existing mortgage — 
Company: ALLY FINANCIAL INC. (NY)

I applied to Ally for a mortgage assumption and my application, fees, and supporting documentation were received by the company on XX/XX/2023. The company erroneously denied my assumption application advising that Ally did not permit assumptions. Ally later retracted that claim and corrected advising that assumptions were in fact allowed. I went through the underwriting process twice due to delays on behalf of the assumption processing department for Ally, also known as XXXX. I had to produce financial and court documents multiple times as they had aged out by the time the file was actually reviewed by a processor. Within 24 hours of receiving a request from XXXX, I provided them with the requested documentation. All information was sent via certified mail to confirm delivery. On XX/XX/2023 I received confirmation that underwriting approved my assumption and that my file was in line for an approval letter to be issued with next steps. Since that time, I have called or emailed the company over six times requesting a status, timing expectations, and next steps ( i.e. do I need to hire a Real Estate Attorney or a title closing company ). All emails go unanswered and phone calls are non-committal, even at the second and third supervisory level. The assumptions department has no direct phone number or email to reach anyone. An Ally employee is not even able to call the assumptions department. Today, XX/XX/2023, I was advised that although underwriting reviewed my application and approved it, the protocol is to send it back to Ally for a second review and approval, before " the letter '' and next steps to be issued. XXXX is now advising that they " have to take direction from Ally ''. I have requested timing on this process, I have requested contact information for the loan origination office at Ally, and no one seems to be able to provide me, the consumer, any information. My assumption application has been on file now for 113 days. XXXX/loan administration points the finger at Ally, Ally points the finger at XXXX XXXX  XXXX And at the end of all of it both companies response to me, the consumer, is, " just go ahead and refinance, it will be faster ''. That is because the company wants me to have to do that due to my timing constraints. That's in the Ally 's best interest, to start my 30 year loan term over, more than double my interest rate, pay closing costs. That is unfair and unreasonable. I have almost perfect credit, my employer has provided a detailed report to Ally regarding my income, and I have religiously paid my mortgage early for over 11 years. My house is worth 3x more than the remaining loan amount on the mortgage. Ally knows I have a timing deadline that is Court ordered relative to a divorce to have this completed by XX/XX/2023. They have had over 113 days to process my very straight forward assumption application with no delays on my behalf. The process was originally supposed to be 30-60 days, then 60-90, then 90-120, all due to claims of a " favorable refinancing environment '' of which is not an accurate depiction of the current environment. Ally is taking advantage of a customer to pad their pockets and force me into a refinance. I find it unbelievable that a reportedly regulated industry such as lending, has no timing or communication requirements for the consumer. It's unfair lending practices and discriminatory for the customer.