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First Commonwealth Mortgage Corporation

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Reviews First Commonwealth Mortgage Corporation

First Commonwealth Mortgage Corporation Reviews (3)

Our position remains the same as outlined in our first response

To whom it may concern,
First Commonwealth deeply regrets the situation that the [redacted]s were put in as a result of this loan not being able to close.  However, the issue here is not that a form was incorrectly filled out, the issue is that the [redacted]s did not qualify for the loan once the...

child support situation became known.  We received this referral from the [redacted]'s realtor.  We were the third lender to attempt to close the loan and apparently the other two situations were turned down due to the debt to income ratio which includes the monthly debt for child support.  We were not made aware that the [redacted]s had been turned down twice before for this situation and we were not fully aware of the child support debt load.  I believe that all of this should have been communicated to us in the first conversation as the [redacted]s knew they had an issue with debt to income. 
We did not tell Mrs. [redacted] to incorrectly fill out the form.  The form requested information for child care expenses (ex. day care) not child support.  I have attached the email we sent to Mrs. [redacted] discussing this form.  I have highlighted that section. 
The [redacted]s have not paid for the appraisal.  This cost is something First Commonwealth will have to incur from the appraiser.  We will not refund any of the other requested fees as they are an inherent risk when attempting to purchase a home.  It is my understanding they are in the process of trying to retrieve their earnest money from the seller.  We sent her the turn down letter to help her with this.
First Commonwealth has not collected any fees from the [redacted]s and has time and money invested into this loan.  This is our inherent risk as this will no longer generate any revenue.
Again, this issue is that the [redacted]s cannot qualify based on their current debt situation.  First Commonwealth has done all we can and did all we could with the information we were provided. 
Feel free to contact me with any questions
[redacted]

Revdex.com:
I have reviewed the response made by the business in reference to complaint ID [redacted], and have determined that this proposed action would not resolve my complaint.  For your reference, details of the offer I reviewed appear below.
[redacted]
 
 This was our first attempt to close not the third. So please do not speak on things you have no knowledge of. We were never denied any loan we just qualified for less than what First Commonwealth was offering so we chose to proceed with them. Again, WE WERE NEVER TURNED DOWN nor DENIED so please do not try to discredit us with your lies. I have another email dated on the 20th of September stating that we still met the credit requirements(9 days before close). I also have another email in which the representative stated that the investors were willing to accept the ratio of debt but we did not include the child support on the child care form so it is considered fraud. It sounds like maybe you just wanted to cover up the fact that your company dropped the ball. If we didn't qualify we shouldn't have been strung along and dropped six days before closing. The child support was on the credit report and on the LES. Maybe First Commonwealth should look into the actions of it's representatives before speaking. A dignified apology would have been better for business versus spreading lies. We've found a wonderful lender who is getting the job done! 
Below is the list of items we need and the status of each of these or to do actions on each.
 
 
1. Flood Insurance Required= Mrs. [redacted]- We need your insurance agent to forward a copy of the flood policy to us ASAP.  My processor will contact the agent to ensure they have what they need from us.   [redacted] we may need the elevation Cert. to obtain the final flood policy, do you know when we can anticipate this back to us.
 
2.  NEED ALL CERTIFICATES/VALIDATIONS FOR "EACH" ELECTRONIC SIGNATURE. ALSO, CODES ON THE
CONTRACT & ALL ADDENDUMS NEEDS TO BE LEGIBLE TO MATCH CERTIFICATES/VALIDATIONS.
[redacted]- I will check with my processor on this, I recall us obtaining this already.  [redacted] can you review the file to ensure we have these from [redacted] and [redacted].
3. HOI, INVOICE, COMPANY & AGENTS INFO (NAME, ADDRESS, PHONE & FAX #S).- We will obtain this from your insurance agent.
 
4.. TAX TRANSCRIPTS (CLC ORDERED).The lender has ordered these already, this is the 4506-T form you filled out, as long as the form was filled out correctly and your husband has file taxes the last two years, this should be a non-issue. 
 
5. NOV WITH ALL CONDITIONS SATISFIED.- This is the appraisal NOV stands for Notice of Value from the VA, we need to know when we can send the appraiser back out to the property to show the repair condition has been completed.
 
6. BANK STATEMENT SHOWING WITHDRAW OF $1000 EMD MONEY.- Need the bank statement showing where the earnest money check was withdrawn.  You cannot black anything out on the statement, if the bank statement is not available, I will need the last 30 day bank statement and then the online transaction history showing where the earnest money has cleared.  If you do the online statement I need every day from the 30 day statement ending date to the current day.  See below for detail explanation on what lenders need to source assets.
 
7.. PURCHASE AGREEMENT ADDENDUM SIGNED BY SELLER. ADDENDUM TO CONTRACT SHOWING SALE
PRICE OF $235000.-[redacted] please forward this to me as soon as you have this.
 
8. TITLE TO SHOW CORRECT SALE PRICE.- Clancy can you correct this and please forward to me and my processor?
 
9. VERBAL Verification of employment AND ORDERS FOR DEPLOYMENT. COULD AFFECT APPROVAL THIS IS A CONDITIONAL
COMMITMENT.- Mrs. [redacted] we need [redacted]’s orders for his deployment and we need a contact number for us to call and verify his employment verbally.
 
10. CREDIT EXPIRES 9/23/14.- I have the new credit report already, credit report still meets our requirements.
 
11. CLC FINAL QQ COMPLETED & CLEARED (CLC TO DO).-This is an investor condition on every loan.  Once all of the conditions have been met they will do a quality control audit.  Again this is done on every file and does not affect our timeframes at all.
 
 
These conditions are pretty easy, please note we are on 24 hours for condition reviews and I MUST have all conditions back before I can re-submit these to the investor.
 
Below is the explanation regarding assets.

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