Consumer complaint received 2019-11-10
Product: Mortgage — Conventional home mortgage
Issue: Applying for a mortgage or refinancing an existing mortgage — 
Company: Freedom Mortgage Company (FL)

After researching refinance rates online I applied for a mortgage refinance with JG Wentworth. 

On XX/XX/19 I spoke with XXXX XXXX NMLS # XXXX. He seemed knowledgeable and discussed several options with me based on the financial data I provided him with. I chose to roll all my current debt except for my auto loan into the refinance as it would free up cash flow and I believed this to be the best option for me. 

By XX/XX/19 I provided all the documents that were requested and paid the {$480.00} for the appraisal. Following this date I did not hear back from XXXX despite my repeated calls. I could not leave voicemails as the mail box was full and reached out to XXXX 's supervisor XXXX XXXX. My voicemail messages to XXXX were never answered. 

On XX/XX/19 I started receiving emails referencing Freedom Mortgage and was informed via email that I had to schedule my appraisal for my refinance with Freedom Mortgage. I was confused as I was unaware who Freedom Mortgage was and again continued to reach out but never heard back. 

I kept on calling different numbers and got bounced around from number to number until I was finally transferred to a XXXX office on XXXXwhere I was informed that JG Wentworth had been acquired by Freedom Mortgage and that on XXXX XXXX systems had been merged which led to data losses which they were trying to recover from. I had never previously been informed about this merger and had I known I would have probably gone with a different bank to avoid this kind of scenario. The helpful people at the XXXX office told me that the only way they could help was to have somebody from the XXXX office call me as that is where my loan was based. 

Later that day XXXX XXXX XXXX NMLS # XXXX called me and apologized to me for the issues that bank was experiencing due to the system merger. When I pressed her on why XXXX and his manager were not returning my calls she informed me that they were still at the company but in a different capacity and that she was now my loan officer. 

On XX/XX/19 the appraiser came to perform the appraisal and said the appraisal would be ready by XX/XX/19. 

I reached out to the appraiser on XX/XX/19 and asked about the appraisal. He informed me it was sent on XX/XX/19. I then called XXXX XXXX to get an update on the same day and she never responded. Since she was not responding I called XXXX XXXX who was the listed processor. I was informed that they had no record of receiving the appraisal or my verification of employment despite the assurances provided by the appraiser and my jobs HR office. 

On XX/XX/19 I reached out to XXXX for an update and to again request a copy of the appraisal. She never answered. 

On XX/XX/19 I was finally able to get in touch again with XXXX XXXX. She later provided a copy of the Appraisal and confirmed the employment verification was received. She also informed me that although all the data I provided was confirmed and that the appraisal came in as the value required for the transaction that the underwriter would not approve my loan. 

The reason stated was that my bonus could not be counted as I could not show 2 years of consecutive bonuses. I was never informed of this requirement prior and this definitely would have caused me not to proceed as where I work bonuses are based on the company 's annual performance. Due to this she said the calculation put me {$79.00} below the 45 % debt to income ratio the underwriter requires. This was not previously disclosed. 

I was basically given two options, I either come up with a 6 months reserve of principal, interest, taxes and insurance of $ XXXX or lower the refinance amount by $ XXXX and provide $ XXXX cash at close. 

On XX/XX/19 I called XXXX XXXX to further discuss and received no answer. I emailed her and stated that I never misrepresented my financial data and complied with all requirements. I also made it clear that from the beginning I had no cash to contribute towards for the refinance and asked her to call me back. 

It is XX/XX/19 and nobody has reached out to me. 

If I had been made aware of the bank acqusition, that the person I was originally working with would not be around and that the information I provided did not qualify me or put me on the border of the 45 % rule I would not have consented and paid {$480.00} for an appraisal that is worthless to me. All this ( except for the appraisal ) was known prior to the loan estimate being provided to me. If I was so close to the 45 % rule I should have been made aware that the slightest ( {$79.00} ) threshold would disqualify me. Also, no other options have been given to me aside from coming up with $ XXXX in cash.