Consumer complaint received 2018-07-31 00:00:00
Product: Mortgage — FHA mortgage
Issue: Closing on a mortgage — 
Company: American Financial Network Inc.
State: GA

Complaint narrative:
I filled out information online in XXXX of 2018 to be connected with a loan officer who could do a one-time FHA construction to permanent loan. I was then contacted by a loan officer, also in XXXX of 2018, from American Financial Network ( AFN ). I began working with the agent through the application process and received information of pre-approval and continued the process. It was at time the agent left AFN and the " Regional Manager, '' XXXX XXXX XXXX NMLS # XXXX, took over the process. 

Concurrently in XXXX of 2018, I secured a contractual bid on 10 acres of land for {$75000.00} which was disclosed to AFN as the land to be included in the one time close construction-to-permanent loan. The due diligence period for this contract before closing was approximately 50 days. XXXX explained that they would be able to make this deadline after reviewing my prior approval and credit scores. He provided my with a Loan Estimate for the loan to cover the land and construction and I signed the document and requested he move the process towards close. These documents were provided to me by XXXX in XXXX of 2018. 

After review of my selected and contracted builder, XXXX informed me the builder did not meet requirements set out by the FHA program and I was able to have another builder step in within 48 hours to assume the contract and cost of build. The builder provided all needed paperwork requested to begin approval and I was informed by XXXX that the builder had been " approved 100 %. '' Over the next several months, my realtor and I were continuously told final cost estimates would be available and that a closing would be able to be completed within a specified timeframe by XXXX. Every single time, XXXX was unable to fullfil these timelines andcited a new and different reason for the delay. I have retained all emails and documents to illustrate the continued conflicting statements and ever changing requirements set fourth by XXXX despite our requests for a clarification of the process. 

Finally, in XXXX, when it had become apparent that XXXX was either too negligent or unqualified to complete this loan as requested and promised on his part, I reached out to the AFN customer service line. At this time I had been advised by XXXX, with my realtor on the phone, to simply purchase the land on my own and remove the seeler from the equation because we had now requested, and paid an additional {$1000.00} each time, 3 extentions to the original land bid contract. The sellers had stated that there would be no additional extentions and I was now at risk of losing approximately {$10000.00} invested into ernest money, soil surveys, and land surveys to this point. At the advise of XXXX, I put down 20 % of the total land value vs. the originally anticipated 3.5 % and incured the {$60000.00} loan to secure the land. XXXX explained that he would roll the loan into the FHA loan and would offer lender credits to ensure the entire down payment would not exceed the 3.5  % estimate he had previously provided me and that it would take no longer that 30-40 days to close. 

I had also withdrawn the down payment money from my 401k program which allows for a one-time withdrawal for a primary residence. I provided the 401k with the loan estimates I received from XXXX but were never actually utilized for a loan now. 

After contacting the customer service line 3 times and to request a supervisor provide oversight of XXXX 's work to this point as well as oversight of any further process with AFN, I was contacted a week and a half later by XXXX XXXX. From my first interaction, it was apparent that XXXX had not looked into the file or process by XXXX up to that point and was unable to provide any insight into why the process had taken almost 6 months and I was still without a closing date or loan estimate. 

I explained to XXXX what I wanted to know and accomplish as well as what was needed for me to consider the matter appropriately handled to a point that I would be willing to continue forward with AFN in the loan process. XXXX never provided insight into why the process had drawn out for so long. I provided XXXX with clear documentation of XXXX asking for documents that he had previously received from the builder as well as statements provided from XXXX that directly conflicted with other statements made by XXXX on different occasions. It was apparent to me that XXXX was not alligned with my concerns as a consumer and was only concerned with not losing the sale of the loan. 

I can not provide every example in this letter of the complete negligence XXXX managed my financial documents with and ultimately cost me extensively. My credit was run multiple times throughout the process because it could not be completed within a timely fashion and I had to stop XXXX from running it again. I was promised and assured dates of completion for certain benchmarks on XXXX 's behalf that were never made and without explanation. I have all the email and voicemail documentation necessary to illustrate that XXXX was not appropriately managing and submitting my paperwork to underwriting at all and continued to promise delivery of documents that would never be possible without submission. 

I have contacted and reviewed this with a Real Estate Litigation Lawyer and been assured that none of the actions on XXXX 's part are were responsible management of my interest and were beyond negligent in with delivery of information and timelines that he knew were un-deliverable. In addition, the involvement of AFN management was a worthless endeavor and only further infuriated me as he completely disregarded my concerns as a consumer and never addressed the irresponsible actions of his employee. 

I have extensive emails illustrating the problem and there are far too many to attach as requested below. I will have to provide them to you in a different format. Please contact me to further discuss the most appropriate way to provide the information.

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