Swan Financial Corporation

May 11, RE: Complaint by [redacted] , [redacted] To whom it may concern, The borrower’s complaint is regarding their mortgage loan centers on timeframe of closing and a lower loan amount than they desiredThe applicant initiated a loan application on 2/and their loan was cleared to close on 3/ The timeframe was within industry standards being days even though the applicants credit and debt to income ratios were well outside of underwriting standards With low credit scores and very high debt ratios it does take a few extra days for us to have this type of loan cleared to close We regret that the applicant was unaware or did not understand this type of situationThe loan amount is dictated by what can be approved via FNMA’s automated underwriting system Because of the low credit scores and abnormally high debt ratio we were unable to approve a higher loan amount than what was given We would have been more than happy to provide the higher loan amount if we were able to have it approvedThe payments to credit card companies are always sent directly to the borrower so that they can put the checks payable to the credit card companies with their regular payment statements The borrower stated they did so but the credit card company misdirected or misplaced the payment they mailed in This issue is between the borrower and the credit card company and is not related to the mortgage transaction Sincerely, [redacted] President

Revdex.com:
I have reviewed the response made by the business in reference to complaint ID ***, and have determined that this proposed action would not resolve my complaint. For your reference, details of the offer I reviewed appear below
Regards,
*** ***

May 11, 2017  RE: Complaint by [redacted], [redacted]  To whom it may concern, The borrower’s complaint is regarding their mortgage loan centers on timeframe of closing and a lower loan amount than they desired. The applicant initiated a loan application on 2/16 and their loan was cleared to...

close on 3/24.  The timeframe was within industry standards being 38 days even though the applicants credit and debt to income ratios were well outside of normal underwriting standards.  With low credit scores and very high debt ratios it does take a few extra days for us to have this type of loan cleared to close.  We regret that the applicant was unaware or did not understand this type of situation. The loan amount is dictated by what can be approved via FNMA’s automated underwriting system.  Because of the low credit scores and abnormally high debt ratio we were unable to approve a higher loan amount than what was given.  We would have been more than happy to provide the higher loan amount if we were able to have it approved. The payments to credit card companies are always sent directly to the borrower so that they can put the checks payable to the credit card companies with their regular payment statements.  The borrower stated they did so but the credit card company misdirected or misplaced the payment they mailed in.  This issue is between the borrower and the credit card company and is not related to the mortgage transaction.   Sincerely,   [redacted] President

To whom it may concern,   Regarding the complaint by [redacted] be advised that the property she was purchasing from a builder appraised for $ 5,000 less than the purchase price that was agreed upon.  After the appraisal was received it took a substantial amount of time for...

the builder and buyer to agree on how the difference in purchase price and appraised value would be handled.  During this delay Ms.  [redacted]’s credit report aged to expiration and a new credit report had to be pulled.  The new credit report scores were lower than the approved scores and below the acceptable level for approval under the debt to income guidelines of the lower score.  These reports can be provided at the request of Ms. [redacted].  No deposit was received by Swan Financial.  Any deposit in question is between the buyer, builder and realtors involved and not with Swan Financial.  The appraisal was ordered at the request of Ms. [redacted] and needed to be completed to move forward with loan approval.  We regret the fact that the property didn’t appraise for the purchase price and we regret that Ms. [redacted]’s credit scores dropped below the approvable level.  However, none of these factors are the fault of Swan Financial and from the beginning we asserted that the approval we were working under assumed no changes to the borrower’s income, assets or credit.  The builder did sign an FHA addendum to the fact the property must appraise for the purchase price.  We suggest Ms. [redacted] contact the builder in order to seek her refund per the agreement.  A copy of the FHA Amendatory Clause is attached.  We hope that Ms. [redacted] can use this in support of receiving her deposit back from the builder. Sincerely, [redacted] President THE Mortgage Loan Expert Licensed Real-Estate Finance Advisor  Toll Free           ###-###-#### Phone                ###-###-#### Direct Fax         ###-###-#### Email:  [redacted]