Consumer complaint received 2021-02-11
Product: Mortgage — Conventional home mortgage
Issue: Applying for a mortgage or refinancing an existing mortgage — 
Company: Liberty Home Mortgage Corporation (NY)

Starting XX/XX/XXXX, as result of my search on the internet for a broker. Eventually, a gentleman by the name XXXX XXXX who presented himself as the Branch Manager NMLS # XXXX per his email. 
After having gone through extensive phone discussion with Mr. XXXX about my finances including my annual income, my mortgage liability on my primary residence and other related matters, I decided to furnish him with my XXXX and XXXX tax returns and bank documents to evaluate my credit worthiness. Consequently, though within a short time, he tells me that I " must absolutely include my wife '' in applying for the mortgage because " your income is not sufficient '' to meet the monthly mortgage obligations, therefore, you are not going to qualify. 
To further illuminate the issue at hand, please take note of the following facts : 1 ) My current credit score with XXXX  and XXXX  is XXXX and XXXX, respectively. 
2 ) Our current monthly mortgage is {$2800.00} and we are current with our payments.

3 ) The amount of mortgage I am applying for is based on a property up to {$340000.00} with 1/3 down payment ( {$340000.00} x 1/3 = {$110000.00} ) ; So, the principle to borrow is {$220000.00}.

4 ) Accordingly, the mortgage payment with real estate taxes included is about an average of {$1200.00}.

5 ) Below, the computation of my personal income is far more than enough to meet my mortgage obligation for the second home.

6 ) I produce {$31000.00} a year without earnings from self-employment ; Current mortgage payment {$2800.00} plus {$1200.00} for second mortgage times 12 months will yield {$49000.00} ; my wife and i share these expenses 50 % each ; therefore, my
personal is {$24000.00}.

7 ) As you can see my income of {$31000.00} versus {$24000.00} in expense and this is without earnings from my accounting.

8 ) Per tax returns sent to Internal Revenue Service, for XXXX and XXXX, I reported {$37000.00} and {$4800.00}, respectively. Being a tax payer on cash basis, I could only report what I had collected from my clients. Not being on accrual basis I could not report my accounts receivable. Between the years XXXX, XXXX and XXXX my clients owed me well over {$100000.00} in accounts receivable. This amount was ultimately collected on XX/XX/XXXX. Now, comes time to file my XXXX, I will be reporting well over {$100000.00} on my Schedule-C, Profit and Loss Statement.

9 ) My dispute is the unfairness that is exercised by the mortgage company, negatively effect every consumer like me. The credit reporting agencies show our current mortgage on both mine and my wife 's credit report and hold us individually and severally responsible, but are unwilling to accept that their payments are also coming jointly from two persons, in this case the husband and the wife the credit agency will have to report that payments are also being shared.

10 ) I believe that I am a credit worthy person and should be able to secure a mortgage based on my credit history and current financial standing, For example, the credit reporting agencies show the obligations or liabilities of the consumers but they leave out their equity. Just as in my own case, my house current market value is close to $ XXXX but the credit agencies show only what I owe. They create a picture that you are less than what you think you are. Obviously, we all know what all this nugatory or derogatory behavior is about and that is to hit you with higher finance charges. They basically would like to manipulate you to squeeze the juice out of you.

11 ) I strongly urge CFPB to audit the credit reporting agencies and determine if they are in collusion with financial institutions or at least advise the justice department to look into this type of abuses.. Millions of consumers are being denied their rights for the sake of benefiting these multi XXXX dollar companies.