This company's inept mortgage broker "Raven" cost me well over $3000 in earnest money, inspection and appraisal fees due to an issue on my credit that should have been discovered from the very beginning. I provided all documents, full disclosure, and all responses and follow up documentation to questions were done in minutes or a few hours at most. The issue that cost me the loan was not even discussed in the pre-approval stage and was made out to be no big deal after it was brought up later on. I even offered to assist in any way or provide further explanation, which was "not needed", since she knew what it was about. It just needed to be supplemented on my credit report for underwriting.
She set a 15 day financing contingency (which could have been set longer from what I learned later from my real estate broker) because she was SURE she would know one way or the other by then. Well that day came and went and never was there any concern we couldn't close. In fact, I received a congratulations you're approved email on Christmas Eve followed by a declination Christmas Day. Merry Christmas, sucker!!!!!!!!!
To make matters worse, in order to make sure I was able to close on time with proper funds, I put every penny I could from my December 15th paycheck into savings, which included a bonus for a project I killed myself on this year. This money would have otherwise been used to buy Christmas gifts for loved ones, but instead was just thrown away. It burns me up that she can just walk away with no accountability - just an "I'm sorry" email and life continues on as normal for her as I am left with no house, a lousy Christmas and I'm over $3000 poorer.
This has made me never want to go through the home buying process again. I'll be a happy renter until I can afford to pay for a house with cash and not deal with having to get a mortgage at all.. Thanks so much for ruining the holidays! read more