Comstock Mortgage

Review: We contacted the Roseville,CA office for a 1st mortgage and they requested 3 years tax returns, W-2's and current pay stubs.We explained our situation with a short sale in the previous year.We were told that our "file" would be given to an underwriter to actually go over to see if there was a loan to "fit us".After a few days we were contacted and were told that we were preAPPROVED not prequalified for a 1st mortgage.So to "go out and find a house".Which we did.When our real estate agent contacted the loan rep,He was told that we were preapproved and that we could probably close escrow as soon as 30 days.Our RE agent asked for a preapproval letter and one was emailed to him that day.We negotiated our sales price for $2000.00 more that we wanted because the seller wanted to close in 30 days and we felt that we were not "positive" that any loan could close that quickly,so we agreed to 40 days at a $2000.00 increase in the price.We then ordered our reports,Title,Pest & Home/HVAC.We paid for all of them and had them done in 5-8 days.During that time the sellers,being honest people,did some minor repair's that were mentioned in the Home inspection.Our RE agent and myself began to start calling Comstock mortgage because we had not heard from them regarding our loan.After several days of not hearing from our loan agent our RE agent sent her an email requesting status of our loan. She finally got back to him via phone,he gave her a bit of a "lashing" for not staying in contact. He told her that the sellers wanted the to know about the appraisal.So she said she would order it.But that we would need to pay for it.We said OK.The appraisal came in and we were good.Several more days passed before we heard from the loan agent so our RE agent called the loan agent's manager and told him about the lack of professionalism and communication.Within the day or so that it took to finally find out what was going on,we were told NOT to release contingencies.Several days later we were told that we were not approved.Desired Settlement: We found out that due to the "type" of loan that we were "supposedly" approved for we did not have the necessary "20%loss" of income that was needed. Comstock should have known this from the very beginning! of this process. When we provided the 3+ years of tax returns and W-2's. We are seeking a refund of the reports that we paid for. Home/HVAC, Pest and appraisal. We are letting Comstock off easy with only a refund of those items that we paid for not to mention the RE agents time and the sellr

Business

Response:

My name is [redacted] and I am the Compliance officer for Comstock Mortgage. Mr. [redacted] has forwarded your email to me regarding your loan application submitted to our company and I would like to provide some explanations and offer apologies for any inconveniences caused by Ms. [redacted] in the way she communicated your application progress.

It appears that a prequel review of your file was performed by the underwriter and the underwriter turned down your application on June 2nd, 2014, due to the FHA guideline which states “There must be a period of Three years passed after a short sale in order to qualify for a new home purchase”.

I hope that Ms. [redacted] communicated this to you and I will be speaking with her to find out the reasons for the delay in her response to you and the root cause of the issue. I also like to assure you that Comstock Mortgage takes every consumer issue very seriously and we strive to provide the best customer service to our clients at all times. I will do more research on this very issue and I will inform you of any new findings I may find. In the meantime, if you should have any questions please contact me.

Thank you,

Vice President - Compliance officer

Comstock Mortgage

a[redacted]@comstockmortgage.com

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