Consumer complaint received 2015-07-09
Product: Mortgage — Conventional fixed mortgage
Issue: Application, originator, mortgage broker — 
Company: Academy Mortgage Corporation (GA)

I applied for a mortgage with Academy Mortgage in XXXX 2015 in the State of XXXX as a first time homebuyer. I was given a good faith estimate along with my loan application which included loan origination fees and an estimate of all the fees and funds that I should anticipate to cover upon closing. The last communication I received from my loan officer, XXXX XXXX, was in XXXX when she verified that she had all of the documents required for underwriting and gave me an estimated cash to close which was around {$24000.00}. My original closing date was scheduled for XXXX XXXX, 2015. My closing was delayed until XXXX XXXX, 2015 and it was n't until XXXX XXXX that I received any additional communication from Academy Mortgage. A different loan officer/loan processor, XXXX XXXX, from XXXX contacted me and started requesting essentially all of the same documents which I had already provided to XXXX XXXX in the month of XXXX. On XXXX XXXX, 2015, I was given notice after inquiring with XXXX XXXX that my cash to close had increased by approximately {$2000.00} dollars with no real explanation as to the difference from my original GFE. I was told that she was assigned to close my file and was merely doing her job as a processor of my loan. The morning of the closing, XXXX XXXX, 2015 I finally received the HUD-1 which detailed how my loan origination fee increased and my tax escrow increased from XXXX months escrow to XXXX months escrow. This increased my amount to close by another {$500.00} dollars the morning of the closing. At the closing in the afternoon, the HUD-1 presented at the table showed another increase of an additional {$1000.00} required of the buyer to close due to a processing error. I later found out that Academy Mortgage broke apart early XXXX and all of the loans processed in XXXX by my original loan officer, XXXX XXXX, and sent up to the XXXX office of Academy Mortgage to be closed. I was not given any notice, I was left in the dark and ultimately had to place my household in financial distress in order to close on this home a few days later. According to my contract I had to either come up with the additional loan funds or risk default on the contract and forfeiture of my security deposit of {$10000.00}. Academy. My loan processor did not work on the day of either of the closings ( XXXX XXXX or XXXX XXXX ) and since I went from having a local officer to having an offer in XXXX, I had no representation from the mortgage company at the closing table and all concerns that were raised related to the mortgage were left unanswered. Mortgage was very unprofessional and unethical in the manner in which they handled me and made the home buying process very XXXX for me and my family. Our attorney estimates that Academy Mortgage held in excess of {$4000.00} of property tax escrow that is not required by the State of XXXX for home loans. This money in addition to the added loan origination fees took away my ability to buy things for my new home and pay for various utility connections after closing.