Consumer complaint received 2024-12-18 00:00:00
Product: Mortgage — Conventional home mortgage
Issue: Applying for a mortgage or refinancing an existing mortgage — Trying to communicate with the company to fix an issue with the application process
Company: BROKER SOLUTIONS, INC.
State: NJ

Complaint narrative:
Dear Consumer Financial Protection Bureau, I am writing to file a formal complaint against New American Funding for their mismanagement of my loan application, failure to provide accurate information, and the unnecessary impact on my credit score. Their lack of transparency, professionalism, and poor communication throughout the process caused significant frustration, wasted time, and emotional distress.

Details of the Complaint : 1. Misrepresentation of Loan Programs : When I initially contacted New American Funding on XX/XX/2024, the loan XXXX, XXXX XXXX, informed me that their XXXX  program typically requires a XXXX  % down payment. 
However, she also mentioned a XXXX XXXX program requiring only a 10 % down payment, which aligned with my financial preferences, as I was comfortable putting down 10 %. This was the primary reason I chose to proceed with this company. 
At no point during these discussions was I told that the XXXX XXXX program was either unavailable or nearing expiration. Instead, I was told I needed to fill out the loan application, and they would confirm the availability of the XXXX XXXX program. 
2. Failure to Disclose Key Information Before Pulling My Credit : Despite knowing I was only interested in the 10 % down payment program, New American Funding conducted a hard inquiry on my credit report on XX/XX/XXXX, XXXX confirming the availability of the XXXX XXXX program or explaining that I would need to put down 15 %. 
This unnecessary credit pull could have been avoided had they disclosed these critical details upfront.

3. Repeated Delays and Excuses : Every time I followed up to check on the status of my application, I was repeatedly told by XXXX and her team that they were working on it. 
For 10 days, I was led to believe I was being considered for a 10 % down payment program. 
On XX/XX/2024, I was finally informed by XXXX via emailonly after I reached outthat the XXXX XXXX program was no longer available and that I would need to provide a 15 % down payment under the XXXX  program. 
4. Mismanagement of Communication : Despite claiming to keep me updated every step of the way, XXXX and her team failed to inform me about critical changes, including the expiration of the XXXX XXXX program. 
If I had not taken the initiative to follow up repeatedly, it is unclear how much longer I would have been left waiting for accurate information. Each time I asked, I received the same vague response : working on it. 

Impact on Me as a Consumer : Unnecessary Credit Inquiry : The hard pull on my credit report conducted on XX/XX/2024, was unnecessary and avoidable. 
Wasted Time and Effort : I lost XXXX valuable days waiting for updates on a program I was not even eligible for. This time could have been spent exploring other lenders or programs. 
False Hope and Emotional Distress : Being repeatedly told that my application was under review and in progress gave me false hope about my eligibility for the XXXX XXXX program. The eventual revelation that it was no longer available caused immense frustration and disappointment. 

My Request : I respectfully request that the Consumer Financial Protection Bureau investigate New American Funding for : 1. Misrepresentation of Loan Programs : Failing to provide accurate and timely information about program availability and requirements.

2. Unnecessary Credit Pulls : Conducting a hard inquiry on my credit report without confirming the availability of the 10 % down payment program.

3. Poor Communication Practices : Allowing excessive delays and providing misleading updates instead of clear, transparent communication. 

Supporting Evidence : I have email and text message documentation that shows : My explicit interest in the 10 % down payment program ( XXXX XXXX ). 
New American Fundings acknowledgment of this preference. 
The lack of communication about the programs expiration until I followed up on XX/XX/2024. 
Evidence of the hard credit pull conducted on XX/XX/2024, before clarifying the 15 % down payment requirement. 

Conclusion : As a consumer, I trusted New American Funding to provide professional and transparent guidance throughout the loan process. Instead, I was misled, mistreated, and left to deal with the unnecessary consequences of their actions. I am filing this complaint to ensure accountability for their practices and to prevent others from experiencing similar distress. 

Thank you for your attention to this matter. Please do not hesitate to contact me if further information or documentation is needed to support my complaint. 

Sincerely,

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