Consumer complaint received 2022-04-10 00:00:00
Product: Mortgage — Conventional home mortgage
Issue: Applying for a mortgage or refinancing an existing mortgage — 
Company: Cornerstone Home Lending Inc.
State: CO

Complaint narrative:
I applied for a home mortgage loan from Nest Home Lending on XX/XX/XXXX, in order to be added to XXXX XXXX interest list for their XXXX XXXX XXXX XXXX model. I received an automated email detailing the documents needed. I uploaded the requested documents the same day. I received a call on XX/XX/XXXX from XXXX XXXX stating that based on my debt-to-income ratio she couldn't qualify me for $ XXXX. She stated that my mortgage would be {$3200.00} and she needed it to be closer to {$2300.00}. She stated that she was basing this off a 4.8 %. 

I asked would a down payment of {$20000.00} help and she replied it would not lower the mortgage to {$2300.00}. I asked her what I need to do to get approved. She stated that I would have to put down {$160000.00} to qualify for a mortgage of {$2300.00}. I was astounded by this amount and began to inquire. I asked her why the amount was so high if my credit score is a XXXX and she replied it's not about my credit, its excellent. I told her that the home on my credit belongs to my ex-husband from our divorce decree. 

I stated that my debt ratio is low. She inquired about my student loans. I told her I don't have to start paying them until XXXX and I think the amount will be {$160.00}. I asked why they only approved me for $ XXXX and another lender had originally approved me for {$490.00} but because I didn't have 6 months of child support or alimony, they lowered the amount to $ XXXX. 

XXXX asked me what rate they were giving me, and I told her I didnt remember. I asked her what the purchasing price others had paid for the same model home, and she stated around $ XXXX but they applied early on. I asked if other people had to put down that amount of money and that it seemed like an astronomical amount. XXXX suggested that I sell my home and use the money to purchase this house. 

None of what XXXX was saying was making sense to me so I requested if she could email what we had discussed. I knew that I dont have to close with the lender so I asked her if she could send a letter of approval to XXXXXXXX XXXX from XXXX XXXX XXXX and she replied she would on the condition that I put down $ XXXX. I stated that I could also use the approval at different XXXX XXXX locations to get on the interest list. After our conversation, I looked at the lowest interest rates for that day online and it showed the interest rate of 4.3 %. 

That afternoon I received an email from XXXX stating the following : XXXX XXXX Thanks so much for taking the time to speak by phone this afternoon. 

Please find attached lender letter. You may feel free to meet with XXXX at any point to write your contract. 

Below is the payment scenario based upon a conventional 30 year fixed rate mortgage with {$160000.00} down payment and rate of 4.875 % : XXXX If you havent already, please upload the following documentation via our XXXX secure portal : -Most recent one month paycheck stubs -Most recent two months bank/investment/retirement account statements XXXX & XXXX XXXX Statements XXXX & XXXX ( when available ) Federal XXXX Income Tax Returns ( business, if any ) -Divorce decree & child support orders -Government Issued ID card Dont hesitate to let me know if you have any questions, concerns or would like additional scenarios. 

Enjoy your day! 

I followed up on XX/XX/XXXX with an email stating the following : XXXX XXXX, Can you please explain the debt ratio that is being factored? My debt ratio is at low percentage. Are you including the property at XXXX XXXX? Im also curious why the interest rate is at 4.8 % when I should qualify for a 4.3 % based on my credit. 

Best regards, XXXX XXXX I have not received a response to date. I discussed this issue with my realtor, and she thought it sounded off and confirmed my feelings of confusion about why I would get such a high-interest rate and be approved for a lower interest rate based on my credit score and low debt to income ratio. I also have not received a loan disclosure which I should have with the Truth in Lending Act. 

I believe I was discriminated against by receiving a lower loan amount which I would not be able to move into any XXXX XXXX communities. And a higher interest rate to deter from using their loan product. I feel XXXX didnt give me the due diligence and an overview of the documentation I submitted before deciding. I feel this bias is based on my ethnicity, marital status, and gender being a XXXX, single, woman. When you see my name, youre able to tell Im a person of XXXX. For these reasons, I was not offered the best loan pricing and interest rate based on my creditworthiness. My credit score is XXXX, my credit card debt is under {$2000.00}, I have student loans of {$15000.00} in deferment until XXXX and my debt-to-income ratio is 2 %.

Company public response: Company believes it acted appropriately as authorized by contract or law
Company response to consumer: Closed with explanation