Mortgage America, Inc.

Good afternoon, *** has the MCC credit option set up on his loan ($2,000) so he will receive the mortgage credit once taxes are filedThe wrong counseling certificate was accepted by Julie B*** not realizing at the time he needed to go to face to face counseling. Julie did
contact *** after closing to get this resolvedHe seemed willing to help in the beginning but Julie had to keep following up with him to set up a counseling date which was promised a few times and never followed throughAfter 45+ days we decided to contact *** (investor of loan) about the situationAt this point *** was looking for money in order to do the counselingWe did a soft pull on the credit and the credit score did go up*** was willing to make a onetime exception allowing us to use the higher score and then we would have the correct counseling certification that was submitted to Mortgage America originally*** since then has not contacted Julie or anyone at Mortgage America for any updates on his loan. Thank you

To Whom it may concern:
I have attached the explanation to the *** *** complaintWe are making every effort to close her mortgage in a timely mannerWe need to follow the procedures to obtain USDA approval which we cannot rushOnce we obtain USDA approval the loan will
be submitted for PHFA approvalUpon PHFA approval the loan will settle immediately.
Also wanted to bring to your attention that we are the fourth lender for this transactionAll procedures are being followed to get this loan to closePlease let me know if you have any questions regarding this matter.
Sincerely,
Frances W***

The loan officer was trying to get [redacted] prequalified for a mortgage in June. She didn't qualify for the amount that she wanted to pay off her (2) mortgages along with her other debt that she wanted to pay off through the cash-out refinance. She works at [redacted] full-time and she also has...

her own cleaning business that she claims on her schedule "c" and it shows a small loss. She wanted to know what she can do to get qualified for the loan that she needed. He told [redacted] that she would have to make at least an additional $270/month to qualify for the loan. She said she can get a part-time W-2 job cleaning with a set number of hours per week. The loan officer got the income approved since she had a 2 year plus work history in the cleaning business.[redacted] confirmed with the loan officer that she got the additional part-time job and she gets paid $10/hour and she works 27 hours per week. The loan officer went back to [redacted]'s house to take her application for a mortgage. While the loan officer was at her house [redacted] called [redacted], her current lender, to get the monthly amount that she pays for her escrows. When the application was taken the taxes & insurance were based off of the amount of the monthly escrows that [redacted] told the loan officer she paid per month.The application was signed on July 28th with an estimated monthly payment of $1396.36. She wanted to close at the end of August. The loan went to the processing department on 7/28 and additional documentation was requested from [redacted] on July 31st. While we were waiting for her appraisal, the processor was trying to get her income verified for her part-time cleaning job along with gathering the other information that was needed from her. The appraisal was ordered on July 28th. On 8/2 the appraiser updated [redacted] (LOS) to let us know that they were trying to schedule the appraisal for 8/8 and the date didn't work for [redacted] since she didn't know her work schedule until 8/9. She instructed the appraiser to call back on 8/9. On 8/10 the appraiser posted that they have left 3 messages and she hasn't returned their phone calls. On 8/16 the appraiser posted in [redacted] that the appraisal is scheduled for 8/17. We received the appraisal on 8/24. When the appraisal was reviewed the processor noticed the taxes were higher than the taxes that were disclosed to the loan officer. The homeowner's insurance also came in higher than what was being used for the original estimated monthly payment. The monthly payment went from $1396.36 to $1573.42. With this new payment she no longer qualified for the mortgage.We found out when [redacted] told the loan officer the monthly escrow amount, it only included taxes. She didn't tell the loan officer that she doesn't escrow her homeowner's insurance in with her monthly mortgage payment with [redacted]. This was what caused the taxes & insurance to be incorrect from the beginning. We spoke to [redacted] several times to let her know why she no longer qualified for the mortgage since the original taxes & insurance payments were incorrect.

To Whom it may concern:I have attached the explanation to the [redacted] complaint. We are making every effort to close her mortgage in a timely manner. We need to follow the procedures to obtain USDA approval which we cannot rush. Once we obtain USDA approval the loan will be submitted for PHFA...

approval. Upon PHFA approval the loan will settle immediately. Also wanted to bring to your attention that we are the fourth lender for this transaction. All procedures are being followed to get this loan to close.Please let me know if you have any questions regarding this matter. Sincerely, Frances W[redacted]

Review: I was promised an early closing date to go with Mortgage Bank of America. I relied on this and went with them despite other companies have lower or equal rates. Every step of the way there have been delays on their end. The process is nearing completion but they now still won't commit to the closing keeping everyone in limbo. It's possible I could lose the house if another bidder comes in. I am asking them to prioritize this transaction and get the closing done.Desired Settlement: Prioritize this transaction and get the closing done.

Business

Response:

To Whom it may concern,

This transaction was for a second home purchase located in [redacted], DE.

The application was received by [redacted] on 5/15/13.

The requested condo documents were received back from the Homeowners Association on 5/29/13 and the file was sent out to the investor for underwriting.

Mortgage America Inc. made every effort to ensure a speedy process, however, the condo documents needed to be reviewed and updated.

[redacted] was hoping for a June 17th settlement, but due to the condo validation process, he actually closed on June 21, 2013.

Please contact me if you have questions regarding this matter.

Sincerely,