Consumer complaint received 2016-05-17
Product: Mortgage — FHA mortgage
Issue: Credit decision / Underwriting — 
Company: RELIANCE FIRST CAPITAL LLC (MI)

To whom it may concern, What happened to my clients should never have happened. The lender in this case first started out with VA financing. 1 day before we were supposed to close the lender who I had tried to contact via a phone call and email, never called or emailed me back, had the buyers agent send me an addendum to extend the closing date and now it was getting changed to FHA financing. The lender stated he could get it done in 2 weeks so my sellers signed the addendum and we proceeded with new financing and a new close date of 2 weeks later. The 2 weeks expired and the lender once again tells us that he needs a bit more time and can get it done in 2 more weeks. So per that lender telling us via the buyers agent and what he was being told from the lender, all they need to do is get a letter from the court for child support coming off in a month and we will be go to schedule a close. That explaination came on Thursday the XXXX of XXXX. We were now with another extention to close, being told that a closing is gong to happen as long as he gets this letter. The very next day, Friday the XXXX, I receive a mutual release form the buyers agent that states the lender in those 9 weeks and a few days can not verify their income. All of this time from when we started this deal on XXXX/XXXX/2016 to XXXX/XXXX/2016, the lender could n't verify Income!! I guess I 'm not understanding why income could n't be verified in over 9 weeks? Why did n't he return my calls or emails. I 'm sure I do n't know all the issues with this deal, but a lender that does n't communicate with Realtors, is n't very good at his job, and that is just my opinion. Yes I can prove it too. I have those emails and I 'm sure I can get my records from my phone company to prove I called twice. Now on top of all of that, my clients are supposed to give back the EMD ( earnest money deposit ) because this lender in over 9 weeks, was unable to verify income. Is n't that something that should be done within the first week or so? As far as I 'm concerned and my sellers are concerned, this is the lenders fault and my clients are out that EMD that they truly deserve. I know the law in Michigan and that is why my clients signed the Mutual Release so the buyers get their {$1000.00} back, but that {$1000.00} should be coming out of the lenders pockets, because it is n't my clients fault the lender in over 9 weeks could n't get this done, per the explaination of " Unable to Verify Income ''. I do have proof of that too. Now we have to start over from scratch and have lost over 9 weeks. My clients accepted this offer in the first place because it was a XXXX and my sellers wanted to help a Veteran get into a home. Now the buyer ca n't get into anything, because this lender ca n't prove income!!! How is this fair to either party? Please understand that I am not the buyer or the seller, but the Listing Agent who has spent of 9 weeks dealing with someone who would n't return my calls or emails or let the buyers agent know what was happening through out the process. The lender was out for a few days with headaches. We did n't know what was going on. He never informed any of us, including the buers agent. A week or XXXX before, the lender stated he was getting the boss/manager in on this deal and there would n't be any other delays, that everyone was working on this deal. If everyone was working on it, why was the deal on " HOLD '' because the lender was out for a few days with headaches? I do n't know all the details, but would think that COMMUNICATION would be the most important detail with everyone involved? Once again, that is just my opinion. I feel communication is the most important with ALL parties involved. I never wanted detail about the buyer and his financals, we just wanted a up front honest lender to make the buyers and sellers happy. Thank you for your time, have a nice day.