Complaint #1526330 submitted on 08/19/2015 relating to Fairway Independent Mortgage Corporation. Complaint relates to Mortgage Conventional adjustable mortgage (ARM) - Application, originator, mortgage broker .
Complaint was submitted via Web and sent to the company on Wednesday 19th August 2015.
The original loan was approved for an exit out of a construction loan in XX/XX/XXXX. Going into the final re-finance of the loan, 5 months later, the appraisal based on plans was reduced by nearly {$80000.00} in a market that is increasing in value or at worst holding stable, but far from devaluing. The mortgage lender approved the loan using stated incomes and the associated documentation, as of closing 5 months later, the mortgage lender disallowed substantial portions of the income that were original approved without rational other than blaming the unseen/unknown " underwriter ''. Subsequently, the mortgage broker has been demanding that massive amounts of additional documentation be provided to get the loan closed, including financial statements from third parties to the loan as they were compelled to participate due to the ongoing changes perpetuated by the mortgage broker. The third party justifiably refuses to release personal financial information beyond certify they did gift the money and producing a receipt for the transaction of the gift funds. Further, this loan should have closed 45 days ago, but has been drug onward at some expense to continue to hold rate locks while the market is falling on rates ... effectively paying to hold a a more expensive rate versus current market rates. This loan has yet to close and near as I can tell will not close due to the delay and hassle of the mortgage broker and his representatives.
This loan was approved in XX/XX/XXXX pending completion of construction based on the same documents provided 60 days ago and provided today. That information has not changed even if the ability to read XXXX and retirement statements compared with straight XXXX has miraculous been reinterpreted. Near as I can tell this out right fraud or bait and switch tactics that the law attempted to avoid with changes back in XX/XX/XXXX because its put me in the position of taking out a construction loan based on a guarantee/promise of a documented re-finance out, a promise now being broken.
Agent : XXXX XXXX ManagerNMLS # XXXX : XXXX XXXX XXXX XXXX, XXXX, ID XXXX
| Company | Fairway Independent Mortgage Corporation |
| Complaint ID | 1526330 |
| Date Received | 08/19/2015 |
| Product | Mortgage Conventional adjustable mortgage (ARM) |
| Issue | Application, originator, mortgage broker |
| State/ZIP Code | ID 836XX |
| Consumer Consent | Consent provided |
| Company Public Response | |
| Company Response To Customer | Closed with explanation |
| Submitted | Web 08/19/2015 |
| Result | Timely Response: Yes, Consumer Disputed: Yes |
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