Consumer complaint received 2025-03-12 00:00:00
Product: Mortgage — FHA mortgage
Issue: Closing on a mortgage — Delays with the closing process
Company: BROKER SOLUTIONS, INC.
State: AZ

Complaint narrative:
I wanted to buy a house where we moved. There was a question about my second income, which I knew and explained upfront as I had only been doing it for 9 months. I had everywhere else I worked always had a similar second income. The Loan Officer with New American Funding ( XXXX XXXX ) had me write a detailed explanation about my past and second incomes worked. I did and submitted it to her. I then also submitted all documentation ( paystubs for both jobs, W2 's, Bank Statements, etc. ) and she supposedly submitted it for review for us to be pre-qualified. She claims when we looked at the first house she hadn't received everything yet, but still pre-qualified us for $ XXXX. I initially bid on the first house, but withdrew the offer after they countered and started looking again. After talking with her about how to improve my Debt Ratio, I got a Debt Consolidation Loan and paid off my credit cards and lowered my monthly payment. We also talked about me refinancing my car, but it would have only lowered it less than {$100.00} per month and she said not to do it. After the Debt Consolidation Loan she pre-qualified me for a higher amount. I looked and found a house that was less than that amount and put an offer in. I put down XXXX XXXX of {$2000.00} and started the process of obtaining the loan and moving towards closing on XX/XX/year>. I received email updates of the status of my loan and received an email on XX/XX/year> that i was Conditionally Approved and listed the steps I needed to complete to close. I completed those steps, which included submitting the paperwork on the Debt Consolidation Loan, showing XXXX balance on credit cards, bank statements for XXXX, XXXX, and XXXX. I submitted the documents and began the process with the house believing everything was moving forward. XXXX contacted me again after stating that the Underwriter had come back and said they weren't going to accept all of my second income. She said it was part of the process and she had a call scheduled with them for the next day. After the call she said everything was fine and I needed to submit my paystub from my second income for end of XXXX after I received it. During this time and after I had been approved, I ended up having to pay for an inspection ( {$320.00} ), pay for an appraisal of the property ( {$650.00} ), and pay for a rental appraisal of the property I still owned in Louisiana ( {$150.00} ). I did this believing I was approved already and had completed all of the steps they asked. The first indication that something was wrong was when I went to drop off the final paystub at their office on Tuesday, XX/XX/year>. XXXX XXXX ( XXXX XXXX 's Assistant ) brought me in to go over the Loan Estimate Documents. I had been asking for numbers for about a month and was excited to finally get something. She went through everything, but then got to the Cash at Closing Line. She stated I needed {$48000.00} at closing. I had been very clear about where I was with cash on hand. She said don't worry as this includes the debt consolidation payoff stuff. I let her go through it until she got to the part where I had to pay off my car ( {$29000.00} ). I explained that was never discussed and that we only ever talked about refinancing the car. I was very clear and there was no confusion here. She then went back to the debt ratio. I said I thought that was decided as she needed this final paystub for the Underwriter. She then said that XXXX XXXX was still working to get it taken care of and we were still closing in 6 days. I tried to reach out to XXXX and she texted back that she was working with the underwriter to get more income and that I was still fine. She then went silent. I had been trying to get answers with no response. I tried calling XXXX XXXX several times, my Realtor tried her several times. I tried her assistant. I called Customer Care at their corporate headquarters twice. My realtor tried their corporate office twice. No responses. I finally got a response today. They won't accept all of my second income and can only qualify me for {$75000.00} under what I need. This is 6 days before closing. I have been trying to get answers. I was upfront about everything. They pre-qualified me for more than the price of the house after having ALL documentation. They approved me and listed steps to complete to close. I completed those steps. They then come in and say we were not approved. This process caused me to spend money for an inspection, appraisal, and rental appraisal I never should have had to spend. There was a complete lack of communication. Myself and my Realtor were misled through the entire process.

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