Consumer complaint received 2018-03-22
Product: Mortgage — Conventional home mortgage
Issue: Closing on a mortgage — 
Company: Fairway Independent Mortgage Corporation (CO)

We used XXXX XXXX at XXXX XXXX to finance the purchase of a house. Because we still owned a house, which we were selling, we were in need of a bridge loan that XXXX was going to facilitate using XXXX XXXX  as the lender. 
We responded to and fulfilled all requests made of us within hours. However, the paperwork was delayed getting from Fairway to XXXX XXXX  for the bridge loan thus removing the possibility of an appraisal and drastically limiting the amount of the bridge loan from {$250000.00} to {$150000.00}. The reduction in loan amount resulted in a higher primary mortgage amount and increased interest rate. 
As of XX/XX/XXXX, our loan had gone through underwriting and received final approval with a condition that we would pre-pay the remainder of a leased vehicle through XXXX XXXX to lower the DTI. With the closing scheduled for XX/XX/XXXX at XXXX XXXX, we were informed at XXXX XXXX  on XX/XX/XXXX ( the day prior to closing ) of the requirement to not only pre-pay the entire remaining 30 months of a 36-month lease, but that we actually needed to purchase the car if we wanted to close the next morning giving us only 2 hours to withdraw over {$38000.00} in certified funds from our savings and drastically decrease our liquidity. Even with the short notice, we were able to get the {$38000.00} prior to the deadline and make it to closing the next morning with all necessary funds. The title company sent the payoff to XXXX XXXX XXXX for the payoff, however the check was returned with instructions that a car dealership had to facilitate the transaction. After speaking with the dealership, we were informed that there would be an additional {$4000.00} in taxes and dealer handling fees. We received this new information at the same time our current house went under contract which, once sold, would drastically change our debt to income ratio and remove this requirement. 
Due to the material change, I contacted XXXX who said that she would discuss it with her superiors and let me know. I also requested to be put in contact with her supervisor, but was denied the request. After several days, XXXX let me know that there was nothing that could be done and, at my behest, put me in touch with her supervisor, XXXX XXXX. I spoke with XXXX XXXX on XX/XX/18 and recorded the conversation with her acknowledgement and permission. During this conversation, XXXX XXXX admitted that the situation was handled extremely poorly and that they would do everything they could to make it right. She stated she was working with management and legal counsel at Fairway in an effort to hold the loan until after the sale of our current residence ( closing scheduled for XX/XX/18 ) at which point, they would restructure the terms of the loan to remove the auto purchase requirement. She informed me that either herself or someone else at Fairway would be getting back to me within the next couple of days, however Fairway transferred the servicing of the loan the next business day ( XX/XX/18 ) and it has now been 6 weeks with no contact or response to several emails and a voicemail. XXXX XXXX with XXXX XXXX XXXX XXXX XXXX has also attempted to make contact and has been unsuccessful as well. 
At this point, the title company has over {$38000.00} and Fairway has since sold the loan and refuses to return calls or emails. I am concerned that the conditions of the loan were not met and Fairway knowingly and fraudulently sold the loan putting the title at risk.