Consumer complaint received 2026-04-09 00:00:00
Product: Mortgage — FHA mortgage
Issue: Applying for a mortgage or refinancing an existing mortgage — Delays in the application process
Company: BROKER SOLUTIONS, INC.
State: CA

Complaint narrative:
We are submitting this complaint regarding the handling of our refinance application with New American Funding, which began on XX/XX/XXXX. At the outset, the loan portal reflected an anticipated closing date of XX/XX/XXXX. When that date passed without closing, we were advised the loan would close on XX/XX/XXXX. This date also passed without completion or explanation. On XX/XX/XXXX, during a phone conversation, we were told the loan was scheduled to close on XX/XX/XXXX. During that call, we were explicitly informed that there had been no changes to the loan terms, that no additional documentation was required, that the interest rate was locked at XXXX %, and that the projected monthly payment would be {$7600.00}. We were further advised that loan documents would be sent within XXXX hours for signature. No documents were received. We were also told that if closing did not occur on XX/XX/XXXX, it would occur no later than XX/XX/XXXX. Neither date was met, and no explanation was provided. We were subsequently given additional projected closing dates of XX/XX/XXXX or XX/XX/XXXX, both of which also passed without closing. On XX/XX/XXXX, we were then informed that there were issues related to bonus income and that the interest rate would be reduced to approximately XXXX % to facilitate closing, which we were told had already been approved by management. On XX/XX/XXXX, we received an email instructing us to watch for loan disclosure documents for signature ; however, no documents were sent. On XX/XX/XXXX, we were asked to provide a loan payoff amount, which we obtained and submitted the same day. At that time, we were told the loan would close on XX/XX/XXXX. On XX/XX/XXXX, we received an email stating that the loan had been submitted for clear to close ( CTC ). Later that same day, we were told by phone that the loan had instead been returned to underwriting, without explanation. On XX/XX/XXXX, we received an additional request for XXXX verification. On XX/XX/XXXX, we were again told that loan disclosures would be sent within XXXX hours and that funding would occur no later than the following Tuesday. No disclosures were received. During that conversation, we also discussed late fees incurred due to missed closing dates, and we were told reimbursement of at least XXXX fee would be considered. On XX/XX/XXXX and XX/XX/XXXX, we sent follow-up emails requesting a firm closing date and confirmation of loan documents. No response was received. Throughout this process, we remained responsive and provided all requested documentation promptly. Despite this, the loan was never completed, and we were forced to withdraw our application due to the ongoing delays, lack of communication, and inconsistent representations. Additionally, upon working with another lender, we discovered a material discrepancy in the loan estimate provided by New American Funding. Specifically, the escrow amount was significantly understated ( {$1100.00} vs. approximately {$1500.00} ), raising concerns about the accuracy of the disclosures provided. As a direct result of these delays and issues, we incurred financial harm, including : Appraisal Fee : {$550.00} Mortgage Late Fees ( 3 {$230.00} ) : {$690.00} Pool Loan Payments ( 3 {$1300.00} ) : {$3900.00} Credit Card Interest Charges : Ongoing since XXXX Additionally, we lost the opportunity to secure more favorable market interest rates available when this process began. The currently quantifiable financial impact totals at least {$5100.00}, excluding ongoing interest and rate-related losses. Desired Resolution : We are requesting reimbursement in the amount of {$5100.00}, along with consideration of ongoing credit card interest charges. We also request a formal review of this matter and a written explanation addressing the repeated missed closing dates, inconsistent loan status updates, and discrepancies in the loan estimate provided.

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