Consumer complaint received 2022-08-12 00:00:00
Product: Mortgage — FHA mortgage
Issue: Applying for a mortgage or refinancing an existing mortgage — 
Company: Pine Court Holdings, LLC
State: NC

Complaint narrative:
I am writing this complaint to address my dissatisfaction with Jet Homeloans, the preferred lender with XXXX XXXX XXXX XXXX. I went under contract with XXXX XXXX XXXX XXXX on XXXX XXXX for a new construction home. During the year, I rarely heard from my assigned lender XXXX XXXX outside of the automated emails once receiving my pre-approval. I was approved for a FHA loan with a co-signor. My co-signor was my boyfriends father. When Jet Homeloans presented my loan options, I was only provided with a FHA loan. I sent an email ( please see attachment ) where I asked my assigned lender about conventional loans and if that was an option for me. My email was ignored, and I never received the education on the different loans Jet Homeloans offered. During this time my credit score was a XXXX  and I figured I may be able to get a conventional loan. 

Fast forward, roughly 2 weeks out from closing on the initial date XX/XX/2022 I start hearing from my assigned lender. I was sent a bill to pay {$680.00} for the appraisal on XX/XX/2022 and on XX/XX/2022 I was told Jet Homeloans would not be able to fund my loan. A clarification letter was sent out to my designated co-signor and it was disclosed he was not my immediate family member. Unbeknown to me, I was notified by Jet Homeloans that I would not be able to use my co-signor due to him not being an immediate family member. When I questioned why this was just caught a week before closing on my home and why the lender didnt walk me through the requirements for a FHA co-signor my questions fell on deaf ears. 

As a consumer, I am leaning on the lender to explain to me the loan type and what the requirements are. I didnt receive adequate education. When I brought this up, the lender began to place blame on me and called me a liar saying that I repeatedly called the co-signor my father in law and they have documentation. Jet Homeloans refuses to take any ownership related to the late findings regarding the FHA loan and the essentially the approval denial. 

I am perplexed how Jet Homeloans assumed I was married. I filled out my application as single and my last name is different from the co-signor. Two red flags that should make a lender question my co-signor and ensure I am within FHA guidelines. The lender offered me advice to get married so the loan can be saved. I dont appreciate being coursed into getting married and the lender taking this matter so lightly. I exhausted all my savings to make my homebuying dream a reality. 

Due to the negligence from Jet Homeloans and delayed start on my file 2 weeks before closing, I was forced to find another lender and spend additional money purchasing another appraisal for the conventional loan I was able to attain. I am requesting to be made whole by receiving a refund on the FHA appraisal in the amount of {$680.00} I was required to do with Jet Homeloans. The mere fact that the co-signor requirements was an oversight and not addressed when I first mentioned using one, I was forced to pay two appraisal fees. If Jet Homeloans wouldve caught this and addressed the issue early on, I wouldve been able to find a new lender well before appraisals were needed. 

I would suggest Jet Homeloans put a process in place or a simple FAQ sheet they are required to provide all borrowers that explain co-signors, who can be a co-signor, when can a co-signor be used, etc. because it is the fiduciary duty of the lender to ensure his clients understand the available types of loans and what each one entails. Due to the fact conventional loans was never discussed with me after I asked about it, made me feel as if Jet Homeloans was engaging in predatory lending and encouraging borrowers to use FHA loans for their own personal reasons. 

Jet Homeloans also violated Regulation B and didnt provide me with the FHA appraisal results. I was told by Jet Homeloans the appraisal was completed on XX/XX/2022. By law they are required to provide within 3 business days. 

My interactions with Jet Homeloans was definitely a failed client interaction.

Company response to consumer: Untimely response