Consumer complaint received 2024-05-15 00:00:00
Product: Mortgage — VA mortgage
Issue: Closing on a mortgage — Delays with the closing process
Company: Freedom Mortgage Company
State: WA

Complaint narrative:
Complainant is the seller of a house under a VA loan and is attempting to sell the house to a buyer via assumption of the existing VA loan ; the buyer is an eligible XXXX XXXX member of the U.S. armed forces. Complainant has repeatedly contacted lender for updated estimates of assumption approval timeline, but lender refuses to respond to complainant despite assumption review time exceeding 105 days as of the date of this complaint. Excessive assumption review time is causing financial detriment to buyer and preventing seller from obtaining new VA loan, and refusal of lender to communicate with seller is causing repeated contract revisions for sale of home with associated financial uncertainty. Complainant and buyer have exemplary credit scores with no known factors causing or suggesting ineligibility for transfer of a VA loan. 

Complainant initially submitted a request for VA loan transfer to lender on XX/XX/year>, completed submission of all requested information to lender by XX/XX/year>, and received confirmation that all required documents were received on XX/XX/year> from lender " XXXX XXXX '' representative. The buyer contacted lender on or around XX/XX/year> to discuss particulars of loan assumption, but no further indication of progress toward approval was given. Complainant contacted the lender via phone on XX/XX/year> to request an update on the status of the loan review and was told that the loan XXXX was still reviewing information, and that the average approval timeline was 90 days from the date of request. Complainant again contacted the lender via phone on XX/XX/year> to request an update on the status of the loan review and was told that a loan XXXX had contacted the buyer on or around XX/XX/year> ( THIS IS NOT A FACTUAL STATEMENT ), and complainant was again told that the loan XXXX was still reviewing information, although approval was expected within XXXX week and a callback should be expected within that timeframe. Complainant contacted the lender via phone on XX/XX/year> after no callback or notification of approval was received, and lender again advised that no update was available ; a request for callback was placed on this date with the lender advising that a callback should be expected within XXXX business days. Complainant contacted lender via phone on XXXX XXXX, XXXX  after no callback was received, and lender again advised that the average approval timeline was within 90 days of the assumption request, and that the callback request had been received. Realty agents for complainant and buyer have been authorized as XXXX parties for access to assumption and loan information, but have also been unable to speak with any member of lender 's " XXXX XXXX '' despite repeated calls to lender. No further contact or updates from lender have been received by complainant, buyer, or the realty agents for complainant or buyer.

Company public response: Company has responded to the consumer and the CFPB and chooses not to provide a public response
Company response to consumer: Closed with explanation