Consumer complaint received 2021-05-03
Product: Mortgage — FHA mortgage
Issue: Closing on a mortgage — 
Company: CrossCountry Mortgage LLC (MA)

To whom it may concern, My name is XXXX XXXX. I recently applied for a mortgage with CrossCountry Mortgage with Loan Officer XXXX XXXX NMLS # XXXX. XXXX was referred by realtor agent who happens to be a good friend of mine. I spoke with XXXX late last year regarding the lending process for a first time home purchase but did not apply until XX/XX/XXXX of this year, XXXX. What is causing me to submit this complaint today is the infliction of emotional distress XXXX has caused around her lack of information, professionalism and her efforts of manipulation. Along with several issues I will list, the main reason for my distress is XXXX 's misinformation during the final moments of my acceptance for a house. XXXX admitted and remembers herself earlier this year where she mentioned early in my application process I would not need reserves to purchase a home. After out of 5 or 6 offers my last one was accepted. XXXX knew my situation was a tight one with numbers due to my income and purchase price with all homes in the same range of price. I apparently had a high debt/income ratio for the home but throughout this process let me know how much to expect for down payment and closing costs to make sure I would get approved. XXXX also knew in the beginning of the application process, that I myself had a difficult situation where my lease was expiring on XX/XX/XXXX and that this offer was likely my last one regardless of it being accepted or not. In the middle of XXXX XXXX finally had an offer accepted and signed the offer to purchase. In preparation for the total cash to close I began consolidating assets, took out a loan for half my XXXX sold some of my securities and even my fianc did as well to get prepared for the down payment and closing costs. The down payment was XXXX and the closing costs were around XXXX where XXXX was also going to be doing a XXXX credit to help bring less cash to close but increase my rate. On XX/XX/XXXX XXXX and I met on a zoom call and were going over preparation of purchase and sales the entire closing process when she finally mentioned towards the end of the call she was trying to figure out what she was going to use for my reserves. Immediately, all of my confidence and positivity towards purchasing my first home was suddenly dismantled. I reminded XXXX she told me I did not need reserves where she said somewhere along the lines, " I know, the guidelines have changed ''. After doing research these guidelines were for the beginning of XXXX. I can not begin with how sad I was and upset I was to be told this information during these final moments when she knew I either was buying a home or finding a place to rent asap with this house being the last house to purchase. The way XXXX mentioned she was looking to see what she could use as reserves was as if she tried to have it was normal and hope to think I did not remember our conversation from nearly 2 months ago where I asked her if I needed it. XXXX knew that I was investing all my possible liquid assets for this house and the emotional drain it has caused for my fianc and I. XXXX asked me if there was a gift I could receive to cover the reserves of about 3 months payment I need ( $ XXXX month ). I was very unhappy with XXXX and expressed my concern where she could have told me this months ago and she knew my lease was expiring and unrenewable. XXXX continued to say the guideline changed for XXXX fha depending on high debt/income ratios like myself and that she found out that day. Because it was over 45 days I did not want to apply with another lender, have my credit pulled again when I needed to possibly have a credit inquiry for an apartment. If I knew about this earlier I would have prepared a lot better to look for a home I wanted that could have been affordable or applied with another lender for the home I was finally accepted for. I can not begin to explain the situation I was in and how my fianc and I felt. XXXX that weekend went over the gifting process for me and how I could just pay the gift payers back. I was willing to do this and had my sister willing to give me a {$5000.00} gift. During this time I told XXXX XXXX was not comfortable asking family for gifts even if they knew I was going to pay it back. XXXX harassed me over and over if there were family members I could ask when I told her no. I told XXXX about a cousin who could have gifted me the money who happens to be a loan officer but I was unable to contact her. XXXX on this weekend asked me twice within 30 mins if I talked to my cousin and even said in the text that my cousin had the money to gift me just because she is a loan officer. I could not believe the person I was dealing with after I found out that in fact these gifts are not repayable by law and XXXX mentioned numerous times I could just pay them back. It took research online on my own recently to find that this was illegal. XXXX pressured me with asking " gifts '' from my family, made assumptions of my family members and made me feel like I had no other options to apply with another lender because she knew I had to move out by XX/XX/XXXX to find a place to live. I noticed several times of XXXX 's unprofessionalism but the first was when she mentioned a colleague of mine actually just closed on home with her. XXXX gave me his full name and where he purchased a home. I also working in the finance and banking industry and I know this is a major red flag in protecting client information. The weekend I learned about the reserves I told XXXX I may shop around last minute but she explained the " new '' fha guidelines for reserves was with every lender and she would send them to me if she could but even then she said I would not understand them. I was very upset when XXXX said that and reminded her I am a licensed financial advisor that has been working in the bank for almost 5 years and I have some knowledge around mortgage qualifications. XXXX also mentioned this day that she was a big reason I got accepted for the purchase of them home referring to her communication with the seller 's agent as a " her '' but in fact the sellers agent was a man. I still was trying to work with XXXX for the home I finally had an accepted offer on because after the 45 day inquiry limit and an expiring lease, I really had no other option that would jeopardize my credit score and lengthen the close date that was scheduled for XX/XX/XXXX. After several taxable events for my fianc and I, movement of half of my XXXX and this emotional roller coaster I decided to look for a new apartment. I could have gotten the home I wanted if I was just told in the beginning of the possible reserves with CrossCountry Mortgage but even then, with XXXX 's unprofessionalism I would have likely applied elsewhere. XXXX is the reason I will be renting again and not having the opportunity to buy the home I have been preparing for. I am willing to reapply with CrossCountry in a few months if they cover all of my closing costs and I speak with a new lending officer. If CrossCountry does not want to comply with this offer, I will be making legal arrangements. I have proof of XXXX 's unethical actions and will not disclose them now. I can be reached at ( XXXX ) XXXX and via email at XXXX XXXX