Consumer complaint received 2019-04-18
Product: Mortgage — FHA mortgage
Issue: Closing on a mortgage — 
Company: Consumer Real Estate Finance Co. (PA)

Buyer XXXX XXXX XXXX applied for an FHA Loan with XXXX XXXX XXXX Mortgage Consultant XXXX # : XXXX at Consumer Real Estate Finance Co. in XX/XX/XXXX and found a home that he desired to purchase, XXXX XXXX XXXX XXXX, XXXX, PA XXXX and contract was executed on XX/XX/XXXX with Seller XXXX XXXX XXXX. Original Commitment/Loan Approval email/letter was sent with the following conditions : LOAN CONDITIONS 1. XXXX Bank Statements for all accounts all pages please, even if blank a. Please explain and document all large deposits 2. Homeowners insurance Ordered XX/XX/XXXX 3.  Appraisal Ordered XX/XX/XXXX 4. Title Documents ordered XX/XX/XXXX a. Power Settlement Service may you please forward these today? 
Purchase was to be completed/settled on XX/XX/XXXX. On XX/XX/XXXX Underwriter thru loan officer XXXX XXXX Senior Loan Coordinator XXXX # : XXXX required for the first time that a water sample from the well must be taken. This did not arise because of the appraisal and was not stated on the original commitment letter/loan approval from Consumer Real Estate Finance Co. XXXX stated she did not know that this property had a well even though it was stated clearly on the Agreement of Sale - Page 5 of 14, which she had possession of since XX/XX/XXXX. XXXX further stated that this water test was required by government regulations and had to be completed and settlement would be delayed. XXXX and underwriter admitted they missed this item. Buyer paid for water test to be expedited - it failed. Seller hurried and paid extra for quick installation of a water treatment system and buyer again paid to expedite water test which came back clean. XXXX stated verbally and in email/writing if water test came back clean by XX/XX/XXXX that loan could be closed on XX/XX/XXXX. Water test did indeed come back clean on XX/XX/XXXX. XXXX did not process and send to underwriter until XX/XX/XXXX and also requested additional bank statements from the borrower on XX/XX/XXXX. On XX/XX/XXXX we were notified loan was inline for underwriter review. On XX/XX/XXXX we were then notified that even if we received clear to close on XX/XX/XXXX that we would now not be able to close until Monday, XX/XX/XXXX. Underwriter review came back stating loan was not clear to close due to title needing to move/reword information on CD. Consumer Real Estate Finance Company has failed to comply with the rules and regulations outlined within RESPA. Buyer has had to cancel deliveries of furniture to home and reschedule his time off from work/vacation for moving on two different occassions with seemingly no end in sight and no solid closing/settlement date. XXXX XXXX and underwriter seem to have a care less attitude to the point of purposefully trying to delay settlement in her lack of time management on this file and information gathering. CFPB needs to file action against this lender and do a full review of file as this lender is not acting in the best interest of its client. Also no official commitment letter was issued only the emails as attached, which I believe is also another RESPA violation. The buyer 's real estate agent XXXX XXXX is filing this complaint on behalf of buyer.