Consumer complaint received 2017-01-22
Product: Mortgage — Conventional fixed mortgage
Issue: Application, originator, mortgage broker — 
Company: BROKER SOLUTIONS, INC. (CA)

Complaint regarding refinance application with New American Funding On XX/XX/XXXX I started a loan application to refinance my primary residence. It was to be a conventional 30 year loan, with almost {$2000.00} cash out to pay on credit card debt. I was told I was conditionally approved for the loan on XX/XX/XXXX. Then on XX/XX/XXXX, New American Funding decided they needed to include paying off the solar system I installed using the PACE Program. This increased the loan by over {$40000.00}, and I was ok with that. Another lender I had previously spoken to stated they did not need to pay off the solar, as it was tied to my property taxes. At this point, I was not going to be able to take out the cash to pay on my credit card debt, and I was ok with that. Next, on XX/XX/XXXX, I was given a new statement estimating my cash to close at over {$4300.00}. Two days later on XX/XX/XXXX, the cash to close was increased to over {$5300.00}. I was willing to pay the {$5300.00} because New American was going to pay off a couple of my credit cards. Finally, on XX/XX/XXXX, I believe, while I was on my family vacation, a representative from New American Funding told me over the phone that the cash to close was now going to be almost {$9000.00}. I find this interesting because the last bank balance I shared with them to prove I had the {$5300.00} on XX/XX/XXXX was about {$10000.00}. Because they could not get the loan done in a timely manner, I had to pay the mortgage for XXXX ( with a late fee ), as well as some additional expenses, so I no longer had that amount in my bank account, not that I was willing to do it. I told them that we were so far from what I originally applied for, I was not willing to, or able, to proceed with the loan. I voiced my displeasure with a vice president at New American Funding in a voicemail and they instructed my loan specialist to present me with an FHA Loan option that would cost considerably more every month. Now just today, XX/XX/XXXX, I have received a Statement of Credit Denial, Termination, or Change. It states that I was denied credit due to Income Insufficient for amount of credit requested. I am the one that declined the loan that I was offered. I wonder if New American Funding issued this to protect themselves from any repercussions, since I did state that I was going to file a complaint. Could they not have made that determination at some point in the previous three plus months while the application was pending? I felt that I should inform the loan specialist that tried her hardest to help me. I do not hold her responsible, as I do believe she was not at fault. 
My main complaint is the extremely long amount of time this process took and the changing of the terms multiple times. It took nearly four months before I was presented with what New American Funding said were the final terms. I not only lost out on the saving due to a 0.5 % rate reduction on almost {$500000.00}, over a thirty year term. I also missed the opportunity to refinance with another company. I think it is totally unreasonable to take nearly four months to make a determination on a pretty simple refinance. The ridiculous time period went into the XXXX season and my family vacation to XXXX, where I was told not to use my credit cards and keep as much money in my bank account as possible. I told them I was leaving and they needed to get it done. Frustrating is a severe understatement. I do not know if this was simply incompetence, or something more unethical like an attempt to bait and switch.