Consumer complaint received 2020-03-27 00:00:00
Product: Mortgage — FHA mortgage
Issue: Closing on a mortgage — 
Company: AMERICAN FINANCING CORPORATION
State: CO

Complaint narrative:
I did a refinance with American Financing back in XX/XX/2019 and later found out they did not issue a LE for the refinance. They called and emailed me repeatedly to see if I wanted to refinance AGAIN! I told them several times I was not interested in refinancing again because of a mistake they made. I did let them know I would contact them when I was ready to refinance again. They didn't listen and continued to call and harass me. I've copied and pasted the emails below : From : XXXX XXXX <XXXX> Sent : Wednesday, XX/XX/2019 XXXX XXXX  To : XXXX XXXX <XXXX> Subject : Re : American Financing, Recent Refinance, Urgent It's a Loan Estimate. When your rate is locked you are required to receive an updated loan estimate stating that the rate was locked within three business days but that did not go out in time. 

On Wed, XX/XX/2019 at XXXX XXXX  XXXX XXXX <XXXX> wrote : What is a lock LE? 

XXXX From : XXXX XXXX <XXXX> Sent : Wednesday, XX/XX/2019 XXXX XXXX  To : XXXX XXXX <XXXX> Subject : Re : American Financing, Recent Refinance, Urgent Good morning Ms. XXXX, congratulations on your new home! It was an internal compliance error, your locked LE was not disclosed so our investors won't purchase your file. Rates have improved dramatically since your last refinance, I would love to run a couple of loan scenarios for you to see how we can not only get your loan refinanced and purchased but save you some money. All I need to get the process started is your permission to pull credit and then I can get back to you with accurate figures. Thank you so much for reaching out to me, I hope that you have a great day! 


On Wed, XX/XX/2019 at XXXX XXXX  XXXX XXXX <XXXX> wrote : Morning XXXX, I'm pretty much done with my home buying and wanted to follow up with you regarding my refinance. It's been a while and I've forgotten what happen with my current loan and what needs to be correct? 

Thank you XXXX XXXX XXXX From : XXXX XXXX <XXXX> Sent : Tuesday, XX/XX/2019 XXXX XXXX  To : XXXX XXXX <XXXX> Subject : Re : American Financing, Recent Refinance, Urgent Good morning Ms. XXXX! I hope you are doing well. I just wanted to touch base and see if you were ready to move forward with your refinance yet? Rates have improved a bit since we last spoke, i'd like to see if we can lower you rate and your monthly payment. Please give me a call or email be back at your convenience! Thank you! 

On Wed, XX/XX/2019 at XXXX XXXX XXXX XXXX   <XXXX> wrote : Hi XXXX, good afternoon ! Just checking in with you to see if you've put any more thought into refinancing yet? 

On Wed, XX/XX/2019 at XXXX XXXX  XXXX XXXX   <XXXX> wrote : We can go conventional with a midscore of XXXX On Wed, XX/XX/2019 at XXXX XXXX  XXXX XXXX <XXXX> wrote : No, I'm working on a new build and I believe I need to go convention for my current resident. My credit score is currently XXXX. The lender is currently working on my pre-qual now. 

XXXX From : XXXX XXXX <XXXX> Sent : Wednesday, XX/XX/2019 XXXX XXXX  To : XXXX XXXX <XXXX> Subject : Re : American Financing, Recent Refinance, Urgent Good morning XXXX, so good to hear from you! You could go conventional depending on what your credit scores look like. Rates have also decreased since we last spoke, are you finished with the purchase of the other property? 

On Tue, XX/XX/2019 at XXXX XXXX  XXXX XXXX <XXXX> wrote : Hello XXXX , Can we do the refinance as a conventional loan? If so what interest rate would I be looking at? Would I still be eligible for the 4 % interest rate? Would I be able to remove the PMI? 

XXXX From : XXXX XXXX <XXXX> Sent : Monday, XX/XX/2019 XXXX XXXX To : XXXX <XXXX> Subject : American Financing, Recent Refinance, Urgent Good morning Ms. XXXX, my name is XXXX XXXX and I am the Business Development Manager for American Financing Corporation. First, I'd like to thank you for choosing AFC for your most recent refinance, we truly appreciate your business! Second, your file came across my desk because it is currently unsaleable to the investor. As your Mortgage Consultant may have told you, American Financing is a correspondent lender, meaning that we do not retain the servicing on your loan but rather we sell it to one of our many investors for servicing. When your loan package was delivered to the investor it was discovered during an audit that there was an issue with the disclosures. Due to this issue we need to get your loan refinanced as soon as possible and of course to your advantage as this was an internal error. Based on rates today we can refinance your loan into a rate and term lowering your rate by -.125 ; covering all closing costs. This will also be a quick close, we will only need a few items from you and we should be able to close within 2 weeks. Please give me a call at your earliest convenience so that we can discuss this further and get your new loan application started. Thank you! 

-- XXXX XXXX BUSINESS AND PRODUCT DEVELOPMENT MANAGER I NMLS XXXX O : XXXX | M : XXXX | F : XXXX XXXX XXXX XXXX XXXX XXXX  XXXX, XXXX, CO XXXX XXXX | XXXX American Financing Corporate, NMLS XXXX. Visit XXXX XXXX XXXX for licensing information. 

Confidentiality notice : This email is from American Financing Corporation. The email and any attachments are confidential and may contain privileged information, and are intended for the named addressee ( s ) only. If you have received this message in error, please notify us and remove it from your system. 



-- XXXX XXXX BUSINESS AND PRODUCT DEVELOPMENT MANAGER I NMLS XXXX O : XXXX | M : XXXX | F : XXXX XXXX XXXX XXXX XXXX XXXX  XXXX, XXXX, CO XXXX XXXX | XXXX American Financing Corporate, NMLS XXXX. Visit XXXX XXXX XXXX for licensing information. 

Confidentiality notice : This email is from American Financing Corporation. The email and any attachments are confidential and may contain privileged information, and are intended for the named addressee ( s ) only. If you have received this message in error, please notify us and remove it from your system. 



-- XXXX XXXX BUSINESS AND PRODUCT DEVELOPMENT MANAGER I NMLS XXXX O : XXXX | M : XXXX | F : XXXX XXXX XXXX XXXX XXXX XXXX  XXXX, XXXX, CO XXXX XXXX | XXXX American Financing Corporate, NMLS XXXX. Visit hXXXX XXXX XXXX for licensing information. 

Confidentiality notice : This email is from American Financing Corporation. The email and any attachments are confidential and may contain privileged information, and are intended for the named addressee ( s ) only. If you have received this message in error, please notify us and remove it from your system. 



-- XXXX XXXX BUSINESS DEVELOPMENT MANAGER I NMLS XXXX O : XXXX | M : XXXX | F : XXXX XXXX XXXX XXXX XXXX XXXX   XXXX, XXXX, CO XXXX XXXX | XXXX American Financing Corporate, NMLS XXXX. Visit XXXX XXXX XXXX for licensing information. 

Confidentiality notice : This email is from American Financing Corporation. The email and any attachments are confidential and may contain privileged information, and are intended for the named addressee ( s ) only. If you have received this message in error, please notify us and remove it from your system. 



-- XXXX XXXX BUSINESS DEVELOPMENT MANAGER I NMLS XXXX O : XXXX | M : XXXX | F : XXXX XXXX XXXX XXXX XXXX XXXX   XXXX, XXXX, CO XXXX XXXX | XXXX XXXX XXXX XXXX, XXXX XXXX. Visit XXXX XXXX XXXX for licensing information. 

Confidentiality notice : This email is from American Financing Corporation. The email and any attachments are confidential and may contain privileged information, and are intended for the named addressee ( s ) only. If you have received this message in error, please notify us and remove it from your system. 



-- XXXX XXXX BUSINESS DEVELOPMENT MANAGER I NMLS XXXX O : XXXX | M : XXXX | F : XXXX XXXX XXXX XXXX XXXX XXXX   XXXX, XXXX, CO XXXX XXXX | XXXX American Financing Corporate, NMLS XXXX. Visit XXXX XXXX XXXX for licensing information. 

Confidentiality notice : This email is from American Financing Corporation. The email and any attachments are confidential and may contain privileged information, and are intended for the named addressee ( s ) only. If you have received this message in error, please notify us and remove it from your system. 



-- XXXX XXXX BUSINESS DEVELOPMENT MANAGER I NMLS XXXX O : XXXX | M : XXXX | F : XXXX XXXX XXXX XXXX XXXX XXXX   XXXX, XXXX, CO XXXX XXXX | XXXX American Financing Corporate, NMLS XXXX. Visit XXXX XXXX XXXX for licensing information. 

Confidentiality notice : This email is from American Financing Corporation. The email and any attachments are confidential and may contain privileged information, and are intended for the named addressee ( s ) only. If you have received this message in error, please notify us and remove it from your system.

Company response to consumer: Closed with explanation