Consumer complaint received 2019-11-13
Product: Mortgage — FHA mortgage
Issue: Applying for a mortgage or refinancing an existing mortgage — 
Company: MDE Home Loans, LLC (MD)

In late XX/XX/XXXX, my wife and I went under contract with XXXX XXXX for the purchase on a townhome in XXXX  XXXX, MD. We paid {$1000.00} to secure the property and begin the home buying process. Within a month, we were referred to XXXX XXXX a broker with XXXX XXXX in house mortgage company, XXXX. We worked with XXXX on an application and we were informed by XXXX that due to my wife 's credit score and student loan obligations, XXXX believed that his company, XXXX, would not be able to obtain us an FHA loan and that a referral partner could be more helpful with the possibility of helping us obtain an FHA loan. On XX/XX/XXXX we provided XXXX with a referral authorization form that would allow him to refer us to the outside partner. XXXX XXXX referred us to XXXX XXXX from MDE Home Loans. There was a period of time where we were not able to reach XXXX XXXX and we played phone tag on a few occasions but on XX/XX/XXXX we received an email from XXXX that informed us of the documents needed for MDE loans to provide us with a conditional approval. We provided that information to XXXX and MDE loans and waited for that approval letter. We never received an approval letter from XXXX or MDE loans. XXXX informed us in XX/XX/XXXX that in order to obtain an FHA loan, my wife would need to get a fully amortized payment schedule from XXXX, her student loan servicing company. I tried to inform XXXX that the current loan servicing companies do not provide a long term amortized payment schedule. I informed XXXX that now the loan servicing companies require the borrower every year and the borrower has to provide tax and income information on a yearly basis to determine payment amounts. XXXX insisted that we gather this information so we acquired what we could from XXXX. After providing the information to XXXX, he informed us that the payment schedule they provided was not amortized and would not work. We again reiterated that XXXX could not provide us with exactly what he was asking for. We tried to obtain this information from XXXX on four different occasions and on every occasion they provided the exact same information. This was very time consuming and time wasting. At no point during this time did XXXX provide us with loan disclosures or any documentation with potential interest rates or payments. After providing XXXX with the information from XXXX to no avail, in XXXX of XXXX, XXXX informed us that we could possibly qualify for an FHA loan if we could produce a co-signer that met certain financial criteria. We searched diligently to try to find a co-signer and could not find one that would meet the necessary criteria. I informed XXXX of this in early XX/XX/XXXX. XXXX continued to ask about a co- signer and I continued to inform XXXX XXXX was not an option for us. On XX/XX/XXXX, I informed XXXX again that we could not find a suitable co-signer and that XXXX could not provide us with the amortized payment schedule he needed. At this point, XXXX Informed me that he had no other options for us at this time. We have yet to receive a denial letter from MDE loans nor have we received any loan disclosures.