Consumer complaint received 2024-05-16 00:00:00
Product: Mortgage — VA mortgage
Issue: Applying for a mortgage or refinancing an existing mortgage — Delays in the application process
Company: Freedom Mortgage Company
State: WA

Complaint narrative:
On XX/XX/year>, the sellers divorce lawyers court ordered to sell the house to me and my husband through a VA assumption with the current loan holder ; Freedom Mortgage. Not only does this benefit the sellers to save money on agent fees, but also allows us to assume the mortgage at 3.2 %. We have the cash to pay the difference between the assumable balance and market value. We are both well qualified buyers and have VA entitlement. 

Since XX/XX/XXXX, both sides of the transaction ( sellers and buyers ) have called numerous times to get information about the closing process and time frame. Our original packet stated once all required forms were submitted, closing would only take 45-60 days. That date would have been from XX/XX/XXXX. The communication with our loan processor has been non existent. Emails go unanswered and we have to call, whether our calls are successful or unsuccessful attempts, to reach the assumptions department as " they are to busy ''. When we do get ahold of the assumptions department, we are told someone will reach out to us with an update but, never end up getting a call back. Furthermore, we are all being told different information and time lines. We have yet to talk to our loan processor over the phone, though the assumptions department have read notes from her saying she spoke to us over the phone on XX/XX/XXXX and XX/XX/XXXX. Neither myself or the sellers have talked to XXXX, our loan processor. 

Furthermore, the assumption packet that was sent to us in XXXX, had three different closing estimates where the numbers did not match with our purchase and sale agreement making the closing costs for us XXXX more than what the sellers private title and escrow company projected. We have asked several times to have this corrected, but here we are still left in the dark as to what the closing costs will actually be. From XX/XX/XXXX, each week myself and the sellers are told by the assumptions department we should be receiving a call on Wednesday. Wednesday 's comes and goes with no call. We have also been told underwriting only takes 24-48 hours but that would have been from XX/XX/XXXX, according to the assumptions department. 

Both sides of the transaction need to financial prepare for mortgage and rent but we are being told even if we were to close in the middle of the month, the seller will be reimbursed that months mortgage and the buyers are expected to pay it even if the next mortgage payment is only a week away. 

Title and escrow have emailed Freedom Mortgage assumptions department and our loan processor for updates, with no reply. 

According to lending practices, you can shop for a home loan under one hard injury credit check that is good for 60 days. However, being this process is being drawn out, we will be receiving another hard inquiry. Today, I consulted with a real estate Lawyer who will be assisting us at $ XXXX hour and a {$350.00} demand letter.

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