Consumer complaint received 2025-12-16 00:00:00
Product: Mortgage — FHA mortgage
Issue: Closing on a mortgage — Closing disclosure or other related disclosures
Company: Academy Mortgage Corporation
State: TX

Complaint narrative:
I am submitting this complaint regarding the conduct and disclosures of XXXX XXXX ( XXXX # XXXX ), related to my home purchase and financing through the XXXX  XXXX XXXX XXXX XXXX XXXX XXXX. 

I first made contact with XXXX XXXX by phone and email in approximately XX/XX/year> regarding financing for the purchase of a home in XXXX using a XXXX XXXX XXXX program administered by the XXXX XXXX XXXX XXXX and XXXX XXXX ( XXXX ). 

During these early conversations, XXXX XXXX recommended a XXXX homebuyer program and represented that the down payment assistance would be forgivable after three years. This representation was made verbally during phone calls and was a material factor in my decision to proceed with the transaction and select this financing structure. 

On XX/XX/year>, I wired {$3400.00} in earnest money to the title company in reliance on the program terms as they had been explained. This earnest money was non-trivial and materially increased pressure to close the transaction as scheduled. 

Throughout XX/XX/year>, Communications focused primarily on income verification, occupancy questions, and underwriting items. 

On XX/XX/year>, just days before the originally scheduled closing, XXXX XXXX sent an email stating that underwriting required a switch from the first-time buyer assistance program to a different XXXX program due to income and occupancy considerations. 

After receiving the XX/XX/XXXX email, my partner and I immediately expressed concern and requested a breakdown of the new program, confirmation of assistance terms, updated disclosures, and clarification before closing. 

In response, XXXX XXXX stated that : you still get the down payment assistance, its just at a higher rate and added that this program is the same program XXXX XXXX XXXX  XXXX and XXXX XXXX the assistance is the same.. 

We left voicemails and sent multiple emails stating we felt blindsided and requesting urgent clarification. XXXX XXXX acknowledged delays and stated in writing that he was not in a position to review and would call later. Calls were not returned promptly, and full written disclosures with terms and conditions of the new XXXX program were not provided during this time. 

The original closing date of XX/XX/year> was delayed. The final Closing Disclosure document was provided on XX/XX/year> the day before the new closing date. The final CD primarily reflected sale numbers and did not explain the XXXX program terms. 

Because we were residing in XXXX while the property was located in XXXX, closing occurred via a remote/mobile notary who arrived at our residence on XX/XX/year> with a substantial volume of closing documents. The signing occurred under significant time pressure, immediately following repeated representations that the program terms were unchanged and that only the interest rate had been affected. 

Under these circumstances, and given the lack of timely, program-specific disclosures prior to the appointment, we proceeded with execution under the reasonable assumption that the down payment assistance terms matched what had previously been represented. 

Additionally, the notary was experiencing persistent allergic symptoms during the appointment, which further contributed to the need to complete the signing efficiently. 

Only after closing, when exploring refinancing options, did I learn that the XXXX XXXX second lien is not forgivable and must be repaid in full upon refinance or sale. This directly contradicts the original representations made during the loan process and has materially affected my ability to refinance and manage long-term housing costs. 

Had the non-forgivable nature of the XXXX been clearly disclosed earlier, particularly before earnest money was wired or before the final days leading up to closing, I would have reconsidered proceeding under those terms. 

My complaint is based on : -Failure to clearly disclose a material change to the XXXX XXXX  XXXX XXXX and XXXX XXXX XXXX XXXX terms -Reliance on representations that were inconsistent with final loan terms -Late delivery of final disclosures without adequate explanation -Communication delays and limited responsiveness immediately prior to closing -Circumstances that materially impaired my ability to make an informed decision I respectfully request a review to determine if proper disclosures and consumer protections were followed in connection with the XXXX XXXX XXXX and the conduct of the loan officer involved.

Company response to consumer: Untimely response