Consumer complaint received 2021-04-20
Product: Mortgage — Conventional home mortgage
Issue: Applying for a mortgage or refinancing an existing mortgage — 
Company: Better Mortgage, Inc. (CO)

On XX/XX/XXXX I started the refinance process with Better Mortgage Corporation online. On XX/XX/XXXX, XXXX of their representatives, XXXX XXXX, reached out to me, via email, because, I did not approve a credit check to move things forward. I explained to XXXX, via email, that I read on their web site that someone must be XXXX  XXXX at least 2 years to be approved for a mortgage with their company and I had only been XXXX XXXX for 18 months. Also, in the same email, I explained that I was really protective of my credit because it was good and that I didn't want to waste my time or his firms if there were no exceptions to the 2 year XXXX XXXX rule. I let XXXX know that I had attempted a refinance in XX/XX/XXXX and was denied because I was not XXXX XXXX long enough as well. XXXX, responded via email, that exceptions would apply if I was XXXX XXXX for at least 1 year if in a similar profession and would need to show that my income was constant or increasing. He followed this email up by texting me and leaving me a voicemail. I responded to his text that I felt comfortable allowing the credit pull and moving forward with the process. On XX/XX/XXXX, my credit came back as excellent ( XXXX ) and I locked in a 30year fixed rate of 3.125 % that would lower my monthly mortgage obligation by approximately $ XXXX. The lock was affective until XX/XX/XXXX. Over the next few weeks, I submitted all the requested documentation online including showing that I have been in the same industry for over 20 years, disclosing over $ XXXX in liquid assets, and showing XXXX XXXX income that was constant and increasing since XXXX. On XX/XX/XXXX, I received and email from XXXX XXXX at Better mortgage that my loan was ready for underwriting where they would look at debt to income, assets, credit history, and property usage which is what I expected. Based on my initial interactions with XXXX and my documented financial position, I felt that this would be a smooth process. On XX/XX/XXXX, XXXX XXXX at Better Mortgage reached out to me, via email, and said that I do not have enough XXXX XXXX history to be approved for the loan and that I need to be XXXX XXXX for 2 years to be approved for the loan. Also, that I would need a co-borrower to get approved. I was shocked when I received this email so I emailed XXXX back and gave him the same background provided earlier in this complaint thinking that they would go back in apply available exceptions for approval. Instead, on XX/XX/XXXX, XXXX emails me and says that he misspoke. That, the main issue was my XXXX XXXX income in XXXX does not meet their guidelines. I couldn't believe it because I had shown documentation that my XXXX income was 6 times greater than XXXX, and my XXXX income was tracking 7 times higher than XXXX. It felt, like they were looking for a reason to deny the loan. Therefore, I responded that if they erroneously denied my application, I would be filing a complaint against their firm for unfair lending practices to any regulating organization that I could. After a couple email exchanges, XXXX specified that they needed to see at least $ XXXX in income to approve my loan. My income in XXXX was over $ XXXX and I provided a XXXX tax for and banks statements that showed this. In addition, I provided Better Mortgage with Bank statements that showed my income in XXXX was over $ XXXX thus far in XXXX. On top of that, I have excellent credit and have never missed a mortgage payment ( owned this home since XXXX ) along with that disclosed more than three years worth of liquid assets in reserve. It seemed that I was being denied because of my XXXX name rather than being approved base on my string financial position. Therefore the basis of this complaint is XXXX discrimination and unfair lending practices. I feel like if my name was XXXX XXXX instead of a clearly XXXX nam the loan would have been approved. The resolution I am looking for is simply to close on my loan so I can lower my interest and monthly mortgage obligation. In addition, I'd like to make sure no one else is treated unfairly.