Commonwealth Mortgage Group

We have taken action to make sure questionable income scenarios are reviewed by underwriting to prevent inaccurate preapproval letters, our employee has been counseled and we have offered our sincerest apology for the inability to close your home purchaseEvery cost associated with the application including credit reports, verifications, appraisal cancellation and processing fees have been covered by usWe are not allowed to pay for fees not associated or required by us, so unfortunately we will not be allowed to reimburse you for the home inspection you orderedIn good faith, we offered to waive the appraisal fee, which is a minimum of a $value, on the next loan you close with CommonwealthIf you would like to take us up on that offer please contact us at any time to get the process started, we can also waive our underwriting fee which is a $valueAgain, I apologize for the inconvenience we have caused you and your family and would love the opportunity to try and make it up to you by closing your next home purchase or refinance. Respectfully,

Revdex.com:
I have reviewed the response made by the business in reference to complaint ID ***, and have determined that this does not resolve my complaint. For your reference, details of the offer I reviewed appear below
I appreciate the apology letter But you have disregarded the fact that this was a mistake and not, simply, an interpretation of finances rather a mistake in inputing the numbers as they were given to the loan officer, ***, through his own admission I understand that sometime loans are not funded due to "ever changing rules" but in this case this entire event could have been avoided had the loan officer, ***, been more diligent with his data input and computation His admission was that he inputed my rental information in the "wrong" lines which in turn made it appear that I had more income to afford me to retain all of the houses I own, including my current primary residenceHad this application been approached with diligence, carefulness and correctly inputed numbers and information, I believe *** would have known that we needed to have a home sale contingencyWe would have, either, put in the offer with a home sale contingency or not put in an offer at all. I would like a reimbursement for the home inspection that we ordered for this home We did not win/purchase this home because of the contract we agreed upon with the sellers, without home sale contingency After the discovery of ***'s error we were unable to come to agreeable terms based on the original expectations of the contact which included the misinformation provided by *** We lost our dream home because of ***'s critical "clerical" error, lost our $for the inspection and lost so much more in time and energy. Reimburse me my lost money as good faith in your business ethics Regards,
*** ***

I would like to sincerely apologize that we were not able to get your mortgage application toclosing. I have counseled both [redacted] and [redacted] overseeing him to make sure this does nothappen again. Income is always up to the underwriter's discretion. Therefore, when you have anincome calculation...

that can be interpreted in many different ways, it's always best to eithercheck with the underwriter or only approve up to what you can guarantee. Our Company's andemployee's passion and drive to get families like yours into homes are sometimes halted by theever-changing mortgage industry guidelines, and the interpretation of those guidelines. For thisI, on behalf of Commonwealth and all its employees, apologize we were not able to get you andyour family into a new home.

My husband and I just finished the process of purchasing our first home and had an amazing experiece with Commowealth Mortgage Group. We met with [redacted] to discuss our options. I usually work late and [redacted] was great by being able to make an appoitment for us at 6PM to work around my schedule. When I arrived I was greeted by [redacted] and offered some water. I was a first time home buyer so needless to say I did not a lot about the process. [redacted] took the time to walk us through how the whole process works. He answered all of my questions in a way that was easy to understand and let me know the things that were very important and I should be taking notes on. We came in thinking we wanted to buy a house and we were able to leave knowing all of our options.

[redacted] was amazing with communicating exactly what he needed from me every step of the way. He even understood my busy schedule and kept me up to date via email. Any time I had a question about an email, I could easily get a hold of him at his office.

[redacted] worked well with my buyer agent as well and was able to get the loan done 2 weeks before closing. We went into the sale feeling prepared because of the commmunication between us and [redacted].

[redacted] made this a very smooth process that moved along quickly. I am very thankful for our decision to use P[redacted] at Commonwealth for our loan and could not have asked for a better experience!

As a 10+ year veteran realtor I have worked with many other lenders over the years. I have never had one as reliable and trustworthy as Commonwealth Mortgage. They take such great care of my clients. I send as many as I can to them. They have never been late for a closing and never fail me or my clients. Their word is as good as gold to me. They are extremely professional, friendly, and yet personable. They truly set the bar high for their competition.

Extremely impressed with the knowledge level of the employees. Great customer service.

Review: I applied for a mortgage. I provided all required/requested information to the loan officer. He ran the numbers and told us we were in good condition to purchase a house within a certain price range. We found a house and put an offer in based on the loan officer's suggestion and assurance that we were "golden". Our offer had no home sale contingencies and was for the full amount the loan officer ([redacted]) told us were were able to be approved for. Our offer was accepted. We gave $3000 in earnest money and started packing to move.

Things were moving along and we were scheduled to move in within 30 days. Throughout this process I spoke with [redacted] daily. I asked him to review the numbers again and again. I was turned down by other banks for loans based on specific information. This information I brought to [redacted]s attention. I expressed my concern that this loan might not work out but he continued to assure me that we would get the loan. He went as far as to say, "have you ever not gotten a loan for a house". We had not had that issue before so I trusted him. He told me that he had many of his colleagues review my file to check it. We continued to pack and plan for our move.

We hired a home inspector as directed by the loan officer, [redacted], to inspect the home. He told us that the bank would not approve the loan without one. The inspection was $500. We paid the inspector.

Both us and the sellers were actively planning on this sale. They were repairing issues, packing and preparing the house for us.

A week prior to closing the underwriters did not approve the loan based on our information. It was discovered that the loan officer, [redacted], made a monumental mistake. He entered incorrect information in inappropriate areas which caused our situation to appear as "golden" (the word he chose) only to be turned down by the underwriters. After numerous requests by me to double, triple check the numbers based on ALL the information I provided, including tax returns, w-2s...he fouled up our numbers and loan application.

I have since worked with another, trusted, mortgage broker, who has reviewed my numbers and has, very specifically said, "I don't know how that guy "[redacted]" got the numbers he got, he really screwed up".Desired Settlement: I believe that if the loan officer at this bank had had, proper training, done his job correctly and listened to his client's concerns he would have been properly informed me about whether or not I could have purchased that home. He would have known that I could not purchase it under the conditions he told me. I would never have proceeded with putting an offer on the home and I would not have paid for an inspection.

No one would have been hurt by this transaction had [redacted] known what he was doing.

Because this was the loan officer's mistake and no one else's I would like 3 things: I would like a letter of apology from [redacted] and the president of the bank. I would like this bank to reevaluated their policies for loan applications. I think it would benefit them to have underwriters review all loan officers applications so that this does not happen to another family! Lastly I would also like the home inspection money paid back to me by this bank. I want a refund of $500.

Business

Response:

I would like to sincerely apologize that we were not able to get your mortgage application toclosing. I have counseled both [redacted] and [redacted] overseeing him to make sure this does nothappen again. Income is always up to the underwriter's discretion. Therefore, when you have anincome calculation that can be interpreted in many different ways, it's always best to eithercheck with the underwriter or only approve up to what you can guarantee. Our Company's andemployee's passion and drive to get families like yours into homes are sometimes halted by theever-changing mortgage industry guidelines, and the interpretation of those guidelines. For thisI, on behalf of Commonwealth and all its employees, apologize we were not able to get you andyour family into a new home.

Consumer

Response:

I never thought I would be able to purchase the house I now OWN!!! [redacted] at Commonweatlh Mortgage made the process, that could have easily been overwhelming, a lot less daunting than I ever expected. I was guided through each step of the process, had my questions (and I had many!!!) answered promptly and courteously. I would highly recommend contacting this company and discussing your situation to see how they might help you achieve what may only seem like a dream.