Consumer complaint received 2022-06-08
Product: Mortgage — Other type of mortgage
Issue: Closing on a mortgage — 
Company: United Shore Financial Services, LLC (MD)

I'm self-employed and due to covid my tax returns for XXXX did not show good income. My Income dropped to much from XXXX which disqualified me from getting a traditional home loan. I did however find a lender who approved me for a bank statement loan, but I would have to put 10 % down and my interest rate would be higher. I was pre-approved in XXXX of XXXX and had a ratified contract on a house on XX/XX/XXXX. I received my Initial closing disclosure on XX/XX/XXXX. My settlement was set for XX/XX/XXXX. My MAIN COMPLAINT is that on XX/XX/XXXX, the day of settlement I received an email from the lender. They stated that in order for the loan to be approved I would have to withdraw money from my XXXX and pay off all of my {$15000.00} in credit card debt for my debt to income ratio to be in line. This is after I was pre-approved, put in an offer and paid for both inspections and appraisal. This was obviously a huge disappointment and surprise to say the least. From my real estate agent, to my title company, to other lenders and friends and family. No one ever seen such a high number demand so late in the game. My debt to income was supposed to be checked prior to me being preapproved let alone the day of settlement. I also made more money in the last 3 months leading to this point then i was supposed to be making and i acquired no new debt so how could this be. Now for example purposes only. They didnt come to me and say your ratio is at 46 % we need you below 40 % so you need to remove {$2600.00} in debt. No they looked at my credit card debt of XXXX and said I hade to remove all of it. Unfortunately I was really desperate to get this house due to personal reasons so I made the difficult decision to comply with there requests and withdraw the money. On XX/XX/XXXX I received and signed an updated closing disclosure. The transfer tax on this disclosure had not been split yet by the title company and i was expecting it to be even a little cheaper then that as I am a first time home buyer and i was supposed to receive a first time home buyer transfer tax credit. Which brings me to my second complaint. On XX/XX/XXXX, just 2 days later i received another updated closing disclosure. The transfer tax had finally been adjusted by the title company from {$4500.00} to {$1600.00}. But then the lender added {$1800.00} to there loan origination costs. Just two days after making me pay off XXXX in credit card debt they then add XXXX to the Loan costs. I understand interest and points change but this just doesn't seem right. Also considering that my very first closing disclosure the loan costs was {$4500.00} and the last one went all the way up to {$8500.00}. Its also part of a habit they had along the entire process that when my cash to close was supposed to be coming down due to adjustments they would then add to the loan costs. My deposit gets deducted they add to loan cost. The property tax and insurance gets adjusted correctly in my favor they add to loan costs. The transfer tax gets adjusted in my favor they add to loan costs. Some people have told me that all this sounds wrong and they never seen these things but maybe its due to my loan type. I know I'm a first time home buyer getting a difficult loan but i shouldn't be treated like this. Even the lawyer I spoke with and the person i spoke on the phone at the CFPB says they never heard of this and it doesn't feel right. I and many others feel this is a very clear example of unfair business practices and predatory lending ...... Unfortunately I'm still proceeding with the loan and purchase as I'm desperate to move due to my personal situation. I have been told that just because I settle doesn't mean there still couldn't be a financial resolution down the road ... ..I do not have the final disclosure of XX/XX/XXXX in Pdf as I did not sign it. I have screen shoots but had trouble uploading. It keeps saying my session had timed out so I'm afraid to go away from the screen for to long and have to start over. But as for the main complaint I've uploaded the supporting documents