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Posted : 18 Mar ,2014 by    ceram



Was credit approved for a loan, was final approved for a loan, then when we went to sign, indicated I was not credit worthy to proceed with the loan Initially I had contacted this company through a lending site in hopes of initiating an fha streamline loan to reduce my interest rate. After speaking with a sales rep, he credit approved me with a score of 617 mid. He advised of my options, then proceeded to persuade me to go through with a fha 5/1 arm cash back to reduce debt. I agreed, when the HUD was received it had me paying off a credit card and bringing cash to close, which was not part of our agreement. We then agreed to a 30yr fixed fha with cash out, which was a slightly higher monthly payment than I currently have but still reducing debt and with a lower rate, again I agreed. I was then passed to a different loan officer as the former "no longer worked for the company" I was hesitant but proceeded. He stated he had final approval and we were just waiting for docs to draw. The underwriter had three more conditions which I provided and which didn't change the condition of the loan. I emailed numerous times to check the status of the date for closing as it was nearing the end of the month and we would have to recalculate interest, amongst other things, and my credit was to expire on the 3rd of Feb. I then finally received a call stating the loan had been cancelled due to not being credit approved, which was shocking considering we had been through the entire loan process that started on Dec. 9th and Ended Jan. 27th. They also had already contacted my homeowners insurance and indicated the change so my insurance was changed to start billing the escrow account of a loan that never existed. I feel this was a major misrepresentation of my status, creditworthiness which in reviewing, still can not find where they ascertained that my mid score was 579, when my credit review from two different companies showed over 600 and they had indicated that I was credit approved initially. Had I not been credit approved that would and should have been initially disclosed and we would have no reason to proceed or continue with the loan. I had to pay for an "appraisal fee" which was in essence a lock fee or application fee, had an appraiser come to our house and do a full inspection, and had taken the time and effort to provide a multitude of documents that they then stated didn't matter. This was a horrible experience and I feel was denied due to a situation that was not credit related. I have worked in lending and know that the first thing you review when taking an application is the credit worthiness of the client, without meeting minimum requirements, you simply can't proceed with a loan. This whole circumstance was stressful, horribly mismanaged and unorganized and I feel it was dishonest both in practice and in how they extended their offer. The FHA streamline program was initially the only product I intended to move forward with due to my credit situation and also to the fact of my financial dynamic. Had it ever been mentioned, advised, or reviewed that credit was at any point an issue, which we discussed on numerous occassions, this would not have been an issue. The fact that they misrepresented what they could do and then suddenly cancelled at the last minute indicates to me that they mishandled the loan, mis-represented or overstated a promise they couldn't deliver on, and lied about my ability to secure a loan with them, LLC
6860 Dallas Pkwy
Ste 200, Plano, TX 75024-4242
(888) 337-6888


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