Consumer complaint received 2018-04-03
Product: Mortgage — Conventional home mortgage
Issue: Applying for a mortgage or refinancing an existing mortgage — 
Company: TEAM USA MORTGAGE L.L.C. (WI)

I met with XXXX on XX/XX/XXXX to discuss applying for a mortgage as a first time home buyer. I was referred to XXXX by XXXX, a friend of the family. I had just graduated in XX/XX/XXXX and was starting my first full-time job soon. I knew working odd jobs in the past wasn't going to help very much. XXXX told me to have a few paychecks under my belt and I was told he had a lot of options available. My mom and I met with him XX/XX/XXXX and I presented him with a few paychecks to prove my income stability. My mom still wasnt confident that I had what was needed but XXXX told me, Youre good to go shopping! On XX/XX/XXXX, I received an email from XXXX. It seemed like things were falling apart on his end. The wording on the email made it seem that he had made many promises that he would not be able to deliver on. One thing it mentioned what that he had me pre-approved on a FHA loan, but still working on options. On XX/XX/XXXX, I looked at, fell in love, and put in offer on your condo. XXXX provided me with two pre-approval letters on XX/XX/XXXX and XX/XX/XXXX. He was offering less money than he had first told me all along that he was able to provide me and was adamant on asking for seller credits and having my parents " gift '' me {$1500.00} which they couldn't afford to do. To XXXX, my agent, that was a red flag. At that time she expressed some concerns about his ability to secure the funding, but also was thinking and hoping he had things covered. My offer on the condo was accepted and I was overjoyed. 3 weeks later, XX/XX/XXXX, he asked me to call him and told me that he cant get the loan to go without coming up with more than {$7000.00} and jeopardized losing my {$1000.00} earnest money. My inspection was set up for the next morning. XXXX told me that I would either have to give the condo up and look outside of XXXX or come up with the $ 7,000+ that I simply did not have. I called XXXX in fear that I would lose the condo. She set me up with another lender immediately and he was flabbergasted with the lack of knowledge of XXXX had and my file of documents that I had provided XXXX. I was told by this new lender, I have a good clean file with a great credit score. It just needed to be submitted to the correct loan program. The new lender told me and my parents about a Down Payment Assistance Program that the city offers. I was shocked. XXXX never even mentioned this program. The new lender had more figured out in 24 hours than XXXX did in over two months. I am currently in the underwriting process with this new lender and it has only been about two weeks that I've been working with them. Not once did XXXX take ownership of his lack of knowledge and apologize for misleading me and making me believe that I had what I needed to secure a loan. He was inattentive throughout the process, appearing distracted when we had an appointment, called me the wrong name on several occasions, seemed untrustworthy to my agent, wasted my time and effort, dragged his feet through the process, and hardly replied to emails from me when I needed answers. He also decided that he needed to share my personal information with the listing agent in spite of me when I started working with the other lender. I was never declined credit. It was a change in circumstance and if he wanted to be so forth coming to the listing agent, he could have just let her know that I went with a different lender. I chose not to work with him due to his incompetence and he jeopardized the purchase of my new home unnecessarily. Thankfully, XXXX had already communicated with the selling agent that I was switching lenders and that everything was secure with the purchase and my ability to borrow money. I am a newly XXXX XXXX XXXX who counted on the experience of a seasoned loan originator to look at the documents provided and provide accurate information regarding the purchase of a home. You were provided with documents in return, from XXXX, reflecting you had what was needed to proceed with putting in an offer. I was misled throughout the process with XXXX and I'd like to help other people avoid this same run around.