Consumer complaint received 2017-02-05
Product: Mortgage — FHA mortgage
Issue: Application, originator, mortgage broker — 
Company: CARRINGTON MORTGAGE SERVICES, LLC (WA)

I received an email from my mortgage company, Carrington, on XXXX from XXXX XXXX ( attached ). The email contained a refinance offer that said the entire process to close would only take 3 weeks, and would not need to verify my income among other promises in order to close the refinance. In a letter dated XXXX, I received a denial for the refinance from Carrington ( attached ). The letter stated that I was denied the refinance because they were unable to verify my income, the very thing they stated originally that they would n't need to do, and I was already told by XXXX XXXX from Carrington Mortgage that she had already verified my income by calling The XXXX toll free number. I am employed full time by the XXXX and have been for almost 13 yrs. Why did they not contact me first before denying the refi, if they supposedly can not verify my income? Also denied due to excessive obligations. While, I do have some debt, I was informed by XXXX that the underwriter only needed to see two months mortgage payments in savings. I have approximately 4 months in savings, and over XXXX in my XXXX IRA retirement that they saw statements for and verified that the amount can be taken out without penalty. My credit score and report are also far above average, and I have proven that I can pay my mortgage, on time each month with Carrington through my mortgage history. My income has decreased from XXXX to XXXX. I made approximately XXXX in XXXX and approximately XXXX in XXXX. My base salary is XXXX. However, this is a relatively small mortgage at only {$130000.00}. I have a renter living in the house right now on a year lease. So they are paying my mortgage. I have a property management company managing the house right now. I have a very high credit score.Nothing negative on my credit report, ever! And I 'm XXXX XXXX XXXX. I have been with my current employer for almost 13 years. The original e-mail stated that this process would take 3 weeks ; overall my experience was a day shy of 3 months. All information was sent in a timely manner- within XXXX48 hours upon request, however, when I requested communication or clarification from Carrington I either did n't receive a phone call/e-mail back or the communication did n't address my concerns. E-mails such as the XXXX that I sent XXXX XXXX on XXXX asking about the current process length and repeated requests for income were completely ignored. I called him around the XXXX of XXXX and still no reply. I also emailed and called and left a voicemail for XXXX XXXX in early XXXX, still no reply. I called and left a voicemail for XXXX 's supervisor about XXXX XXXX. Again, no reply. In fact, after requesting more documents and me sending them, I have not heard from somebody again, only a denial letter by mail. I feel like Carrington Mortgage was operating under deceptive practices and had no intention of granting the refinance from the beginning. With the Presidential election, they knew that mortgage rates would rise, which they did sharply. They wanted to lock me into the process while the rates were low so I would n't start the process with another lender. They drug out the process until the rate lock I had secured would be ineffective and I would have to have a much higher interest rate if I continued to refinance- thus in turn making them much more money over the life of the loan. I think it would make financial sense to them to grant me the refi since my payment would go down making it easier for me to make the monthly payment. So their argument that I do n't have enough income and too many obligations does n't make sense to me. I would like to refi right now with another company, but rates have gone up dramatically since. I wish that I had done my research before attempting to refinance through them. XXXX XXXX - XXXX ext. XXXX My Carrington contact.