Consumer complaint received 2016-09-28
Product: Mortgage — FHA mortgage
Issue: Application, originator, mortgage broker — 
Company: SUMMIT FUNDING, INC. (AZ)

I was referred to Summit Funding by my real estate agent XXXX XXXX. First thing per XXXX of many phone oriented conversations I was informed improperly by XXXX XXXX and my loan Officer XXXX XXXX that it would not be an issue to change jobs in the middle of my home loan process. My parents offered to gift me the funds for the down payment, this was to come from there personal business account. I made this clear to XXXX from Summit and he proceeded to send me a gift letter. Later on in this process the lady by the name of XXXX XXXX ( from Summit Funding ) requested another different gift letter requiring an explanation as to why the funds were to come from my parents business. Another lady by the name of XXXX XXXX again requested multiple documents of the same nature for the home loan process. The information on the gift letter was incorrect, stating that i would need a required {$5900.00} for a down payment. As per XXXX my down payment was to only be {$4300.00}. I asked for the mistake to be resolved before signing the gift letter, it was not rectified until the last XXXX XXXX hours before closing. The entire closing process started on XXXX XXXX XXXX and was not completed until XXXX XXXX XXXX. I felt this process took entirely to long. There were several mis-communications between myself, my parents, XXXX, and XXXX, as we were either hung up on waiting to speak to a supervisor or not having our phone calls returned, and being sent immediately to voicemail having spoke to them just seconds before. My FHA inspection fee was over {$700.00} and normal fees are around {$450.00}. The administration fee was {$1100.00}. We ( myself and my parents ) pointed out all of these issues and mistakes that XXXX or XXXX had made on the paperwork. The admin fee is unjustified. My XXXX report was not filled out at all. The FHA inspector missed several issues including but not limited to : ( incorrect electrical wiring, exposed electrical wiring, improper heating and cooling duct work, plumbing vents not existing, ect ). I had an inspector of my own provide me with documentation as to what needed to be corrected. My parents were required to send a copy of their business taxes to Summit Funding along with a statement as to why they had to file an extension for XXXX as this is how they were gifting me the money for the down payment. My parents were required to have their accountant contact Summit in regards to this issue. XXXX XXXX, my loan officer, was away for three weeks during my loan approval process when all of these issues came about and were not corrected until he returned to work just days before closing. An extension for closing had to be filed several times as none of these mistakes were being corrected over the over two month process. I have saved all of the email conversations regarding these issues and will provide them as necessary. As a first time home buyer I feel that important information was left unsaid, documents regarding my home were not filled out in a timely and correct manner. Their were lots of clerical errors made and misleading information given to me. As aggravating as this whole process was i will not continue to use Summit Funding nor will I ever refer anyone to Summit Funding.