Consumer complaint received 2015-07-31
Product: Mortgage — FHA mortgage
Issue: Application, originator, mortgage broker — 
Company: EQUITY RESOURCES, INCORPORATED (MD)

I am on a XXXX. I have had XXXX which is intended to give me a XXXX. Due to the high related medical expenses I tried to use the equity in my house to provide the funds to support those needs. I went through several mortgage companies with hopes of finding the right XXXX. During that process I got approvals for a conventional loan and an FHA from XXXX lender with the rank and file underwriters giving their blessing. Just before closing twice the upper management capriciously pull the loan thought to be a couple of days before closing. With both types of loans I met the credit score requirements [ greater than for XXXX for the middle score ]. With the shock of having the loan pulled at such a late stage of the process, I had to find a new lender and that process meant seeking out new lenders. As it turned out my credit scores suffered somewhat. I did find XXXX but they were very slow and although my health was quite good at the time, I got a recommendation from a friend of a friend that turned out to be lender that is the subject of this complaint. I talked to this lender 's rep for a period of about three weeks to make certain that she knew about any issues that may have caused problems with my previous lender so that history would n't repeat itself. She already knew that I was working with another lender but that I was n't happy with how that was going. She suggested I move my FHA claim number to her company as she was pretty certain that she could get a loan much faster than the other company. I informed her that I did n't want to make that move unless she was certain that their would be no sneak ups based on the info I had already given her. To put my mind at ease she stated that they could seek a preapproval of the loan. She did and the loan was preapproved. At which point I started dealing exclusively with her company. It was also at this point her responsiveness seem to change. She stressed to me that the communication between the lender was most important but she has yet to send me a copy of my appraisal. 

The credit score has become the most important thing in the completion of this loan. My score was consistently above XXXX throughout my early dealings with this lender and prior. However, I gave explanations for the lower scores in early XXXX. The lender sent me an email showing the interrogations by company and I responded that it was my attempts to acquire a replacement lender. The current lender accepted those explanations at that time and went on to preapproved my loan and encouraged me to change my FHA claim number to her company. This shows that this lender had no issues with the credit score at the time they brought me over. That XXXX credit score allows flexibility on various ratios and with it I my loan approval is certain for the maximum terms that were agreed to in the original application. To make certain that at the time approaching settlement the score is above XXXX the lender utilized a credit analyzer tool that suggests a pay down of certain card balances appearing on the credit report to get the desired credit score. This should have increased my credit by XXXX to XXXX points. In my case the change was minuscule. I looked a the lender 's website and saw the software used required manual input of balances which could allow errors and also at the time my rescore was taking place a once per year credit card charge occurred. Both of these events could have skew my outcome. I thought we were going to rerun the program with much tighter controls but the lender decided against doing so claiming that a new late charge entry had occurred. Thus, I did n't get the chance to prove that my current credit score would have improved appreciably. Thus, I 'm left having to rely on a propery tax credit. So infair.