Consumer complaint received 2024-06-30 00:00:00
Product: Mortgage — Conventional home mortgage
Issue: Applying for a mortgage or refinancing an existing mortgage — Application denials
Company: Freedom Mortgage Company
State: IL

Complaint narrative:
I am trying to Assume a mortgage which is now held by Freedom Mortgage. The loan rate is 2.875 %. In XX/XX/XXXX my application was denied by the Underwriters because I had recently become unemployed  due to employer fraud from XXXX XXXX. Freedom Mortage informed me to re-start a new Assumption request once I had new employment ... which I did after securing a new job in XX/XX/XXXX. After providing all the documents requested AGAIN ( I had already provided them for the 1st Assumption request ), my 2nd Assuption request was again Denied in XX/XX/XXXX. This time, they said I would need 2 years of 1099 employment history at the same company... but they never informed of that stipulation in advance, and were deceptive and inconsistent in answering other questions as to parameters for denial. How long would I have to work at a place as a W-2 Employee, Vs 1099 Employee. Why was I required by them to secure Flood Insurance as a precursor to possible loan assumption approval when my home is not in a flood-insurance-required zone? This cost me over {$1000.00}. 
I have a steady job, early over $ XXXX annualized, earn ultra-relaible $ XXXX in rental income from commercial property I own, have NEVER missed a mortgage payment, even when unemployed, have XXXX XXXX XXXX of dollars in stock/equities/investments, have GREAT CREDIT SCORE XXXX, and am only trying to assume the mortgage as part of trying to " do the right thing '' to take the loan fully into my responsibility and free up my ex-girlfriend from being tied to the loan, since we've broken up and are no longer together, This way, she can move forward with her life and buy a new home and/or otherwise not be tied to the loan responsibilities with Freedom Mortgage. 
Throughout the whole process, Freedom Mortgage has been deceptive in not divulging parameters for denial that clearly would have kept me from wasting time, gathering documentation, etc if I knew the outcome would be Denial of Assumption. They send correspondence saying Adverse Action reason for denial is included, then it's not included/attached. They incorrectly claimed I no longer have an account with them when I clearly do and continue to make mortgage payment. They provide conflicting information as to duration of employment needed to meet their approval criteria, or answer what duration is required if I convert from 1099 Employee to W2 employee with the same company. It seems clear to me they want to force me to get rid of my 2.875 % loan so they can loan that same money to someone else at the current 7 % ( or so ) rate. 
When I see reasons listed for my credit score lowering from what it used to be it states that it's from too many credit inquiries... ALL of these inquires are from Freedom Mortgage, and nobody else. I am incredibly frustrated with what should be an easy process and this has caused financial and emotional toll, delaying unnecessarily when I can assume the mortgage and allow my ex-girlfriend to be free of the responsibilities. If this doesn't get resolved soon, I'll have to sell the house, which is not what I want to do.

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