Initial Business Response / [redacted] (1000, 24, 2016/07/25) */ Obtaining a mortgage, though at first glance seemingly simple, is often tangled by details and is sometimes not so straight-forward as one would likeVery often things do go smoothly; however, sometimes they do notThis can be due to the circumstances of the individual or the property concernedThis situation was, unfortunately, not straight forward As a brokerage, we deal directly with a number of lenders in order to attempt to obtain a mortgage for a clientThe process, generally, is that we collect information from the client and apply to a lender on their behalfOnce the lender has approved the application in principle, they will set the requirements to complete that approval; such things as confirming income, or the value/quality of the property It is not until those conditions have been approved that documentation is sent to a lawyer to complete the transaction In this instance, our broker submitted an application on behalf of the client to no less than individual, independent lenders The first initially approved the application, with a co-signor, but upon completion of the appraisal was not satisfied with the quality of the property Three further lenders subsequently declined the application immediately Lastly, the fifth lender approved the application, and our broker negotiated so far as to get a $ [redacted] rebate on closing from the lender to more than cover the cost of the appraisal, realizing the financial pressure that would put on the clientHowever, the client decided not to proceed with the appraisal, and thus the fifth lender then cancelled the file In this case four lenders declined the file due to the borrower's credit worthiness or the quality of the propertyThe client walked away from the fifth While I appreciate how frustrating this would be for any client, the decision to approve or decline a mortgage ultimately rests in the hands of a lender, not a brokerIt is unfortunate that, in this instance, the several lenders approached did not feel comfortable offering the client the product desired Initial Consumer Rebuttal / [redacted] (3000, 26, 2016/07/28) */ (The consumer indicated he/she DID NOT accept the response from the business.) In the year that I dealt with Shoreline mortgages, not once did they tell me that a lender had declined my applicationThey led me to believe that the application was approved and it was only a matter of paperwork for the application to be completed Final Business Response / [redacted] (4000, 30, 2016/08/09) */ She was not told about every decline but was told about the initial one The last lender we went to was waiting on an appraisal, subject to which we had an approvalHowever, she decided not to proceed Final Consumer Response / [redacted] (4200, 32, 2016/08/11) */ (The consumer indicated he/she DID NOT accept the response from the business.) I was led to believe that I was approved in July of from then on, the information I was given was always that there was a closing date for the mortgage, that date would come and go and then they would give me another oneIn April of [redacted] told me that all the info was sent to the lawyers for them to close the deal and if I didn't hear from them by Thursday of that week for me to let him knowOn Thursday I contacted [redacted] again and he said he would get right on it, on Monday I contacted the law firm and there wasn't anything sent to them, they didn't even have a file for me [redacted] gave me the run around for a year, I paid for an appraisal in June of then he tells me in May of that my apprasial had expired and I have to pay for another one, that's when I told him not to proceed
Initial Business Response /* (1000, 24, 2016/07/25) */
Obtaining a mortgage, though at first glance seemingly simple, is often tangled by details and is sometimes not so straight-forward as one would like. Very often things do go smoothly; however, sometimes they do not. This can be due to the...
circumstances of the individual or the property concerned. This situation was, unfortunately, not straight forward.
As a brokerage, we deal directly with a number of lenders in order to attempt to obtain a mortgage for a client. The process, generally, is that we collect information from the client and apply to a lender on their behalf. Once the lender has approved the application in principle, they will set the requirements to complete that approval; such things as confirming income, or the value/quality of the property.
It is not until those conditions have been approved that documentation is sent to a lawyer to complete the transaction.
In this instance, our broker submitted an application on behalf of the client to no less than 5 individual, independent lenders.
The first initially approved the application, with a co-signor, but upon completion of the appraisal was not satisfied with the quality of the property.
Three further lenders subsequently declined the application immediately.
Lastly, the fifth lender approved the application, and our broker negotiated so far as to get a $[redacted] rebate on closing from the lender to more than cover the cost of the appraisal, realizing the financial pressure that would put on the client. However, the client decided not to proceed with the appraisal, and thus the fifth lender then cancelled the file.
In this case four lenders declined the file due to the borrower's credit worthiness or the quality of the property. The client walked away from the fifth.
While I appreciate how frustrating this would be for any client, the decision to approve or decline a mortgage ultimately rests in the hands of a lender, not a broker. It is unfortunate that, in this instance, the several lenders approached did not feel comfortable offering the client the product desired.
Initial Consumer Rebuttal /* (3000, 26, 2016/07/28) */
(The consumer indicated he/she DID NOT accept the response from the business.)
In the year that I dealt with Shoreline mortgages, not once did they tell me that a lender had declined my application. They led me to believe that the application was approved and it was only a matter of paperwork for the application to be completed.
Final Business Response /* (4000, 30, 2016/08/09) */
She was not told about every decline but was told about the initial one.
The last lender we went to was waiting on an appraisal, subject to which we had an approval. However, she decided not to proceed.
Final Consumer Response /* (4200, 32, 2016/08/11) */
(The consumer indicated he/she DID NOT accept the response from the business.)
I was led to believe that I was approved in July of 2015. from then on, the information I was given was always that there was a closing date for the mortgage, that date would come and go and then they would give me another one. In April of 2016 [redacted] told me that all the info was sent to the lawyers for them to close the deal and if I didn't hear from them by Thursday of that week for me to let him know. On Thursday I contacted [redacted] again and he said he would get right on it, on Monday I contacted the law firm and there wasn't anything sent to them, they didn't even have a file for me. [redacted] gave me the run around for a year, I paid for an appraisal in June of 2015 then he tells me in May of 2016 that my apprasial had expired and I have to pay for another one, that's when I told him not to proceed.
Initial Business Response / [redacted] (1000, 24, 2016/07/25) */ Obtaining a mortgage, though at first glance seemingly simple, is often tangled by details and is sometimes not so straight-forward as one would likeVery often things do go smoothly; however, sometimes they do notThis can be due to the circumstances of the individual or the property concernedThis situation was, unfortunately, not straight forward As a brokerage, we deal directly with a number of lenders in order to attempt to obtain a mortgage for a clientThe process, generally, is that we collect information from the client and apply to a lender on their behalfOnce the lender has approved the application in principle, they will set the requirements to complete that approval; such things as confirming income, or the value/quality of the property It is not until those conditions have been approved that documentation is sent to a lawyer to complete the transaction In this instance, our broker submitted an application on behalf of the client to no less than individual, independent lenders The first initially approved the application, with a co-signor, but upon completion of the appraisal was not satisfied with the quality of the property Three further lenders subsequently declined the application immediately Lastly, the fifth lender approved the application, and our broker negotiated so far as to get a $ [redacted] rebate on closing from the lender to more than cover the cost of the appraisal, realizing the financial pressure that would put on the clientHowever, the client decided not to proceed with the appraisal, and thus the fifth lender then cancelled the file In this case four lenders declined the file due to the borrower's credit worthiness or the quality of the propertyThe client walked away from the fifth While I appreciate how frustrating this would be for any client, the decision to approve or decline a mortgage ultimately rests in the hands of a lender, not a brokerIt is unfortunate that, in this instance, the several lenders approached did not feel comfortable offering the client the product desired Initial Consumer Rebuttal / [redacted] (3000, 26, 2016/07/28) */ (The consumer indicated he/she DID NOT accept the response from the business.) In the year that I dealt with Shoreline mortgages, not once did they tell me that a lender had declined my applicationThey led me to believe that the application was approved and it was only a matter of paperwork for the application to be completed Final Business Response / [redacted] (4000, 30, 2016/08/09) */ She was not told about every decline but was told about the initial one The last lender we went to was waiting on an appraisal, subject to which we had an approvalHowever, she decided not to proceed Final Consumer Response / [redacted] (4200, 32, 2016/08/11) */ (The consumer indicated he/she DID NOT accept the response from the business.) I was led to believe that I was approved in July of from then on, the information I was given was always that there was a closing date for the mortgage, that date would come and go and then they would give me another oneIn April of [redacted] told me that all the info was sent to the lawyers for them to close the deal and if I didn't hear from them by Thursday of that week for me to let him knowOn Thursday I contacted [redacted] again and he said he would get right on it, on Monday I contacted the law firm and there wasn't anything sent to them, they didn't even have a file for me [redacted] gave me the run around for a year, I paid for an appraisal in June of then he tells me in May of that my apprasial had expired and I have to pay for another one, that's when I told him not to proceed
Initial Business Response /* (1000, 24, 2016/07/25) */
Obtaining a mortgage, though at first glance seemingly simple, is often tangled by details and is sometimes not so straight-forward as one would like. Very often things do go smoothly; however, sometimes they do not. This can be due to the...
circumstances of the individual or the property concerned. This situation was, unfortunately, not straight forward.
As a brokerage, we deal directly with a number of lenders in order to attempt to obtain a mortgage for a client. The process, generally, is that we collect information from the client and apply to a lender on their behalf. Once the lender has approved the application in principle, they will set the requirements to complete that approval; such things as confirming income, or the value/quality of the property.
It is not until those conditions have been approved that documentation is sent to a lawyer to complete the transaction.
In this instance, our broker submitted an application on behalf of the client to no less than 5 individual, independent lenders.
The first initially approved the application, with a co-signor, but upon completion of the appraisal was not satisfied with the quality of the property.
Three further lenders subsequently declined the application immediately.
Lastly, the fifth lender approved the application, and our broker negotiated so far as to get a $[redacted] rebate on closing from the lender to more than cover the cost of the appraisal, realizing the financial pressure that would put on the client. However, the client decided not to proceed with the appraisal, and thus the fifth lender then cancelled the file.
In this case four lenders declined the file due to the borrower's credit worthiness or the quality of the property. The client walked away from the fifth.
While I appreciate how frustrating this would be for any client, the decision to approve or decline a mortgage ultimately rests in the hands of a lender, not a broker. It is unfortunate that, in this instance, the several lenders approached did not feel comfortable offering the client the product desired.
Initial Consumer Rebuttal /* (3000, 26, 2016/07/28) */
(The consumer indicated he/she DID NOT accept the response from the business.)
In the year that I dealt with Shoreline mortgages, not once did they tell me that a lender had declined my application. They led me to believe that the application was approved and it was only a matter of paperwork for the application to be completed.
Final Business Response /* (4000, 30, 2016/08/09) */
She was not told about every decline but was told about the initial one.
The last lender we went to was waiting on an appraisal, subject to which we had an approval. However, she decided not to proceed.
Final Consumer Response /* (4200, 32, 2016/08/11) */
(The consumer indicated he/she DID NOT accept the response from the business.)
I was led to believe that I was approved in July of 2015. from then on, the information I was given was always that there was a closing date for the mortgage, that date would come and go and then they would give me another one. In April of 2016 [redacted] told me that all the info was sent to the lawyers for them to close the deal and if I didn't hear from them by Thursday of that week for me to let him know. On Thursday I contacted [redacted] again and he said he would get right on it, on Monday I contacted the law firm and there wasn't anything sent to them, they didn't even have a file for me. [redacted] gave me the run around for a year, I paid for an appraisal in June of 2015 then he tells me in May of 2016 that my apprasial had expired and I have to pay for another one, that's when I told him not to proceed.