Consumer complaint received 2017-10-30 00:00:00
Product: Mortgage — Other type of mortgage
Issue: Applying for a mortgage or refinancing an existing mortgage — 
Company: IMPAC MORTGAGE HOLDINGS, INC.
State: WA

Complaint narrative:
My broker is using a new type of loan that can be helpful for me.Because I do n't qualify for regular type of loan we used the12 OR 24 bank segment programs with XXXX XXXX XXXX ( 10 % downpayment ) and after that we went with XXXX XXXX XXXX ( 20 % downpayment ) for the 12 month statements. 
This was my worst nightmare because even if I qualified for everything they denied my loan with no reason.Idid not receive no disclosure why I was refused from XXXX XXXX and IMPAC MORTGAGE bererly answers the emails from my broker. 
So let me start with my story.Around XX/XX/XXXX we found a nice house lets say house number 1 and we done everything what IMPAC MORTGAGE asked us to do or submit.All the time IMPAC MORTGAGE was changing the interest rate from 5 to seven and above.For us was like, whats the bank doing? We got the deal for 20 % downpayment and around 5 % intrest rate.If we wanted only 10 % downpayment then the interest rate would escape up to 7 % and thats why we choose 20 % down with lower interest rate.IMPAC did not care about that.The bad thing was that the inspection went wrong, the house had some issues and we said no to that house and we start looking for other ones. 
After 3 weeks we found a lovely house ( house number 2 ) for XXXX $ and we called our broker and told him that we are ready for the new house and contact IMPAC and this time to make sure that things are gon na be correct-downpoayment/intrest rate.He told us about XXXX XXXX who want only 10 % downpayment with a interest rate around 6 % and we said lets do it.Of course they did not do it and we made extension to disclosure date and they wanted additional papers.we submitted everything and no problems at all.Before everything was done they said why is my employee listed in my business account and I said because he has to make some payments and I gave him a debit card for transaction.Im the solo owner for this business ( with proof from secretary of state ) .XXXX tells me that he has to sign the loan also and be on the loan.So how  can you add a employee on your loan?? XXXX XXXX DENY the loan and I did not receive no disclosures and why they did that.Im mentioning that Im new to the States but have a very good credit score and good business history. 
We call our broker and he tells us to go back to IMPAC MORTGAGE because they are more flexible but they want 20 % downpayment for the 5 % interest rate.We said d ok and lets do it again with IMPAC.We told them that we found a different house ( number 2 ) and we want to proceed with the loan.FROM NOW THE HORROR STARTS.EVERY WEEK THEY CHANGED MY INTREST RATE UNTIL WE LOCKED IT DOWN ( VERY HARD TO DO IT ) .WE GOT ANOTHER EXTENSION FROM THE SELLER BECUASE THEY WERE NOT COOPERATING WITH US AT ALL.THEY TOLD THAT ALL THE PAPERS ALL ALRIGHT AND THATS IT.THE LOAN OFFICER WAS IN VACATION AND WE COULD NOT FINISH THE LOAN.WE HAD TO WAIT FOR HIM TO COME FROM VACATION.THE APPRAISEL THAT COST US XXXX $ CAME WRONG.THEY SEND THE APPRAISEL TO HOUSE NUMBER 1, THE ONE THAT WAS LONG FORGOTTEN AND ALSO THE PRICE WAS LOWER.WE GOT OUT OF CONTRACT AGAIN.HE WAS IN VACATION AND NOBODY CARED.WE GOT THE SELLER TO SIGN A EXTENSION WE WERE WAITING.ONE DAY BEFORE CLOSING THEY DID NOT SENT ME ANY DISCLOSERES TO SIGN FOR THE PAPERS TO GO TO ESCROW BUT LATE AFTER XXXX XXXX PACIFIC TIME I RECEIVED ONE BAD CLOSING DISCLOSERE WITH EVERYTHING WRONG ON IT.FROM the SELLERS NAME TO NUMBERS AND ADRESSES.EVERYTHING WAS WRONG BUT THEY TOLD ME TO SIGN IT LIKE THAT. 
THE SELLER GAVE US A ANOTHER EXTENSION.AGAIN XXXX XXXX DID NOT SEND US THE CORRECT CLOSING DISCLOSERE, AND CONTRACT IN THE RIGHT MANNER.THEY MADE ME AN ONLINE ACCOUNT FOR ME TO SIGN PAPERS.ALL THE PAPERS WERE WRONG AGAIN.NAMES, AMOUNT OF MONEY, SELLER NAME ETC.WE LOST THE CONTRACT AGAIN.THE DAY AFTER THE CONTRACT WERE LOST BY ME WITH THE SELLERS THEY TOLD MY BROKER  THAT I DONT QUALYFI FOR THEIRE LOAN .NO REASON YET.NOTHING.JUST THAT SOME CHECKS WERE MISSING FROM MY RENT.WELL THE THING IS THAT I NEVER MISSED RENT PAYMENTS.NEIGHTER FOR PERSONAL HOUSE ( XXXX WAS THE LANDLORD AND THEY GAVE THEM ALL THE DOCUMENTS ) AND BUSINESS WERE I PAY RENT AND DEBTS.SO AGAIN NO REASON.BUT THIS WAS AFTER WE LOST THE CONTRACT.THEY MADE ME LOST THE CONTRACT ON THE HOUSE BECAUSE FOR THEYRE PERSONAL REASON WOULD NOT GIVE ME THE LOAN.BECAUSE OF THEIRE NEGLIGENCE WE LOST OUR DREAMHOUSE AND NO ONE CARES. 
I LOST XXXX IN EARNEST MONEY XXXX APPRAISEL FEE CHARGED BY THEM XXXX HOUSE INSPECTION THEY PLAYED WITH US FROM THE BEGINNING PLUS THAT MY WIFE IS ALSO XXXX AND THE STREES WAS ENOURMOS FOR HER.I DONT THINK THIS IS NORMAL SORRY FOR MY ENGLISH

Company response to consumer: Closed with explanation