Consumer complaint received 2017-02-07
Product: Mortgage — Conventional fixed mortgage
Issue: Application, originator, mortgage broker — 
Company: Finance of America Mortgage LLC (CA)

I applied for a refinance of my home mortgage with XXXX XX/XX/2016 with a loan being processed by Finance of America LLC. Approximately two weeks in the process, after I had submitted all my documents, I paid {$440.00} for an appraisal. I submitted all additional documents, received weekly updates until XX/XX/XXXX when I was told that my loan processor was getting my loan ready for closing and needed me to sign and return XXXX documents which I did upload through their secure link that very weekend. I sent the information but nothing happened. I called the loan processor, XXXX XXXX, the loan agent but no response. I finally reached the loan processor on XX/XX/XXXX and she said she had not received the XXXX signed documents but if I sent them right then, she would rush the final loan approval through and I reminded her that my loan lock was expiring on XX/XX/2016 and with XXXX coming, we were running out of time to close this loan. I sent emails, left phone messages for both the loan agent and the loan processor. I was trying to make sure my loan lock did not expire and asked for my loan lock to be extended. No Response from anyone. I finally got a XXXX line message from the loan agent on XX/XX/XXXX stating that he was out of town and my income to expense ratio was too high and he would work on it when he got back. I called and emailed and finally tried to reach out to someone at corporate in Finance of America. No answer from anyone. Then on XX/XX/XXXX, my loan agent sent an email to state that my debt to income ratio was too high and there was nothing he could do. After I wrote him back, XXXX XXXX, my loan agent, called me and told me to stop calling corporate and there was nothing I could do and the loan was no longer being processed. I asked for his figures for my income to expense ratio and he said he could not provide me with that information. I told him that he had never inquired if I had any other source of income that could have resolved the gap such as my retirement funds, etc. He was very belligerent and stated that there was nothing to be done since the loan lock had expired even though I had requested that it be extended in my emails, and my loan had been cancelled. He sent me a final XXXX liner on XX/XX/2016, stating " that the loan had been cancelled due to my debt to income being too high. I do n't know what else you want from me. '' I responded that I wanted my {$440.00} appraisal fee refunded to me. Never heard back from him. 
When I applied for this loan, I had been told that the entire loan process would take 30-45 days and my rate lock was for 60 days. This means that 60 days into the loan process, my loan had not been approved? This makes no sense whatsoever. 
In any event, my loan refinance would have allowed me to reduce my mortgage payment from $ XXXX/month to $ XXXX/month. This is no longer an option since the interest rates have gone up. I had several lenders calling and offering to meet their quotes but, since it looked like my loan was ready for closing, I told them I already had a loan in process. So now my anticipated savings of {$320.00} per month have been taken from me by an inept organization. Being a XXXX, this would have helped me tremendously in the future. Please let me know what you can do to help me. By the way, my sister had XXXX loans being processed at the same time by this organization and they mishandled both of those and she also missed her window of opportunity to refinance XXXX of her properties. 
Verbally I was told since I was on title of XXXX additional properties for which I have no indebtedness or net losses but that they still have to make me liable for all the taxes and insurance and yet not apply any of the revenues to offset them. I can prove that my sister is paying for all of it.