Consumer complaint received 2024-09-24
Product: Mortgage — Conventional home mortgage
Issue: Applying for a mortgage or refinancing an existing mortgage — Delays in the application process
Company: Acrisure Mortgage Partners, LLC (FL)

Complaint Background On XX/XX/year>, I received an email from XXXX XXXX, a representative of FBC, stating that all conditions for my loan application had been cleared and the necessary documents were submitted for final approval. However, despite this assurance, I experienced further unnecessary requests and delays, as detailed below : 1. Request for Tax Transcripts : On XX/XX/year>, at XXXXXXXX XXXX., FBC requested my e-signature to obtain tax transcripts for the second time. This request seemed redundant and unjustified, as the tax information had already been provided earlier in the process, and a similar authorization had been signed weeks earlier. 
2. Request for Canceled Checks for Rental Income and Six months of Bank Statements : On the same day, at XXXXXXXX XXXX XXXX  XXXX requested canceled checks for my rental income and six bank statements ( XXXX to XXXX ). When I inquired about the reason for this request, I was told that FBC needed proof of the continuation of rental income.

o It is essential to note that FBC had already been provided with the most recent year of signed federal income tax returns, including Schedule 1 and Schedule E, and a lease agreement weeks before this additional request was made.

o FBC failed to specify which regulations or lending guidelines justified the need for additional documentation to prove the continuation of rental income despite having adequate financial evidence. 
XXXX. On XX/XX/year>, FBC indicated a discrepancy between the lease and tax returns rental income and area market rental income and did not respond to requests to describe the disparity in mathematical terms. 
4. FBC did not provide specific guidelines to support the request for six months of bank statements or canceled checks even after several requests were made.

Potential Violations of Lending Laws Despite assurances that all conditions were cleared, FBCs repeated and redundant requests for documentation constitute an unfair and deceptive lending practice. The following issues are of concern : Unnecessary Documentation Requests : Repeated requests for the same documentation or information already provided appear unjustified and may violate fair lending practices under the Real Estate Settlement Procedures Act ( RESPA ) or other federal lending laws.

Failure to Provide Clear Information Regarding Guidelines : FBC failed to inform me of the specific regulations or guidelines that necessitated the additional documentation, which resulted in confusion and unnecessary delays in processing my loan.

Incorrect IRS Payoff Amount : During this process, I also discovered that FBC incorrectly calculated the IRS payoff amount, overestimating it by approximately {$1000.00}. FBC has not explained or corrected this discrepancy, raising concerns about their accuracy in handling my financial data. 
Unjustified Use of 50 % Income : Furthermore, FBC improperly calculated my income using only 50 % of my total income, even though it obtained a recent transcript of amended returns on XX/XX/year>. FBC has not explained why they disregarded the updated financial information provided.