Meadowbrook Financial Mortgage Bankers Corp.
Added by Reviewer1685047
Review: I applied for a home loan from your branch in [redacted] from [redacted], who I had worked with extensively on obtaining a mortgage. We found the property that we wanted to purchase and [redacted] issued me the necessary Pre-Approval needed to go into contract with the seller. I went under after the seller accepted the offer on 8/**/2014. I then began doing all the items that needed to be done in order to close. As of 08/**/2014 I had still not heard anything from [redacted] on the mortgage commitment, when I contacted her she said everything is fine and that she was working on the disclosure statements. She then was out of the office for a week with no correspondence at all, her assistant [redacted] was helping me the best she could but that I had to wait for [redacted] to get back into the office. On 9/*/2014 she informed me that she was in the process of changing lenders and that this would take a week to get worked out. I was finally sent the disclosure statements for the loan on 9/**/2014 from MCS Mortgage Company. She assured me that all was good and ordered the home appraisal it was scheduled for 9/**/2014 and the results came in on 9/**/2014, she then told me it was going to rural development for processing and would take 10 days to get an approval. I had explained to her that my purchase contract stated I need to close on or before October [redacted] and she assured me that she would be able to make that deadline with no issues. On October [redacted] the [redacted] contacted me to tell me that the ratios were too high for a USDA loan and that they would have to flip it to an FHA loan. [redacted] was unavailable to assist me with this issue because she was not in the office for days. So [redacted] did the best that she could do to help me while she was unavailable. I was sent new disclosure statements for the FHA loan on 10/**/2014, [redacted] also wrote up an addendum letter to give to the sellers to extend the time and ask for a sellers concession since my contract was up on 10/**/2014 and we needed an extension to close. The sellers agreed to the addendum and I though we were good to go for a closing on 10/**/2014. [redacted] had communicated to my attorney, sellers attorney and everyone involved that we would be closing on October [redacted] as the addendum stated. The only problem was she still did not give me a mortgage commitment, she kept stalling and telling me they are backed up and not to worry she will have it done in time to close. The last communication that I had from [redacted] was on 10/**/2014 saying that everything is find and that underwriting is just back up now but the [redacted] of the company promises that we will close by the end of October. Beginning on 10/**/2014 [redacted] started to not respond to me or my attorney as we needed the commitment as promised. Her assistant then notified me that the underwriter could not approve the loan until November because of late payments showing up on my credit. She also informed me that [redacted] knew for weeks that my loan could not make it through underwriting because of the same late payments that had to roll of in order to get a pass through the underwriting system. Problem number 1 I have is why would she issue a Pre-approval knowing this would not make it through underwriting. I have been working with [redacted] on this for a year and a half and she knew my credit history very well, so its not like I did not disclose the late payments they were there from the start. In fact she had me go to a credit Repair agency to clear up my credit. Problem number 2 if she knew this would not make it through underwriting why did she continue to pursue it like as if nothing was wrong and all was ok. She misled everyone involved including her own assistant in thinking that this was a closeable loan when in fact it never was. Problem #3 I pursued this because she told me everything is good to go, so I put out the money for appraisal, home inspection, survey and attorney fees and a down payment totaling over 3,000 dollars all of which I loose thanks to her dishonesty. I am not even sure what she had to gain from all this and make the determination that she is incompetent and should not be able to work in this industry. Now I have no mortgage, no house and a bunch of bills thanks to her incompetency. She is a representative of your company and since she I'm sure will not take responsibility for all this I hold Meadowbrook responsible for this mess that she caused my family and I.Desired Settlement: The seller has given me another extension that expires 11/**/2014, I would like the mortgage commitment that was promised me by your company by your [redacted]. In addition to my statement above I have every single email and text message sent to me by both [redacted] and [redacted] assuring me that this was a go and that I would be closing on my house by the end of October 2014. Communications between my attorney and them as well which always state that we would be closing this loan and never a hint that there was an issue until the very end when [redacted] admitted that [redacted] knew about this issue and did not inform me or my attorney. Instead [redacted] decided it was best to not respond to inquiries from my attorney or myself.
If you cannot give me a mortgage commitment I request that you reimburse me all the expenses that I incurred due to the negligence of your company representative.
Response: Dear [redacted]Pleaselet us take a moment to apologize for the actions and responses from our staffat our [redacted], ** branch office. We are still investigating the specifics ofwhat and why [redacted] acted the way she did. She has been suspended from allorigination activites and is in the process of being terminated fromMeadowbrook while this investigation is ongoing. Basedon our current understanding of the facts, you were speaking with [redacted] whilesearching for a property and she provided you a standard pre-approval letter.She should have taken the time to better explain the process to you, if as yousay in the letter you were preparing for the closing prior to the loan applicationactualy being approved by Meadowbrook’s Underwriting Dept. The pre-approvalletter should have spell out that it did not represent an approval orcommitment from Meadowbrook. Eventhough Meadowbrok never received a r loan application about this property, andMeadowbrook never issued a commitment or approval for this, we understand yourreaction to the service you received from our company. We have spokenwith Jessica, Allison’s assistant, and she tells us that you are now working MCSmortgage company andhave already signed disclosures for thatloan application to get the loan, and theappraisal for the property was actually done in their name and not in Meadowbrook’s name. Atthis time you must contact MCS Mortgage Company for information concerning yourcurrent application with them. Please see the attached Invoice and Applicationprepared by MCS. Their contact info is as follows: [redacted]
[redacted] Meadowbrooknever collected any funds from anyone in conjunction with this file, but wewant to help you. [redacted], company [redacted], has asked if you wouldaccept $1500 as a gesture of good faith on our part. Please do not hesitate to contact me directly to go through this further .Please call me at ###-###-####
I have reviewed the response made by the business in reference to complaint ID [redacted], and find that this resolution is satisfactory to me and the matter has been resolved. The [redacted] of the company [redacted] contacted me personally to discuss this matter and came up with a plan that will more than satisfy my concerns. I appreciate his personal response to my complaint and his willingness to help get me a positive result to my negative experience with one of his [redacted]s.