The Tiny Spa and Styled

This letter is in response to the customer’s complaint which was filed with the Revdex.com in May 2016.In November 2015, the customer reached out to a Loan Officer (LO) employed at First Heritage Mortgage (FHM) and completed a loan application to obtain a line of credit for the purposes
of purchasing a new home from *** *** Communities (SMC)When the customer first spoke to the LO, they were informed that in order for the line of credit to be approved they would have to improve their qualifying credit score to a minimum of 600, pay off outstanding collections, and that the income earned in needed to be greater than or equal to income earned in 2014.Based upon the contingencies provided by the LQ and an agreement from the customer remove them, SMC ratified a sales contract for the purchase of a homeOnce the sales contract was ratified between the customer and SMC, the customer paid $2,for the initial Earnest Money Deposit (EMD) and then signed a promissory note to SMC for the remainder of the EMD ($17,500) which was to be paid before settlementBetween November and March 2010, the customer paid $6,towards their EMD promissory note.In March 2016, before the scheduled settlement date of April 22, 2016, the customer provided the LO with a draft copy of their tax returns which indicated that they earned $60,less than the previous year, which adversely affected their debt to income ratioFHM also pulled an updated credit report dated March 28, that indicated that the customer's qualifying score was still below the minimum requirements (600) we established for the customerUnfortunately, as a result of these factors, FHM was required to deny their application for a line of credit.It is FHM's policy to have two levels of underwriting review before a decision regarding declination can be made, Note, four other lenders were not able to approve them for a line of credit eitherThe customer's desired outcome is to have $6,of their deposit refunded to them, however FHM does not have any control over SMC’s policies regarding the refund of the EMD as it’s slated in the sales contract which was signed by the customer,It is not standard practice for FHM to decline applications until all avenues have been exhaustedWe are truly sorry for this experience but we absolutely worked hard to provide the customer with line of credit theydesired.Feel free to contact me if you have any questions