Credit decision / Underwriting

On XXXX 2016, I applied for a mortgage loan. I did not have the funds required to close, so the salesperson suggested I set up a payment schedule assuring that the funds would be available at the time of closing. During this period, I submitted deposits of {$4000.00} towards the closing costs and {$420.00} for the appraisal. I complied with everything the loan officer requested, submitting the final documents needed by XX/XX/XXXX,2016.
On XX/XX/XXXX2016, I received a call from the loan officer advising me that ” we needed to lock in a rate ” On XXXX XXXX, 2016 ( the next morning ) I received a call from the loan officer requesting another credit authorization.
I complied and submitted the authorization the same day.
On XXXX XXXX, I also received a letter of Declination stating my loan was ” declined due to excessive credit obligations ” I was disappointed and surprised due to the fact the loan officer gave me the impression the loan was in process. After I received the declination letter, I decided to revisit purchasing a home after resolving ” credit issues ” at a later date. When I contacted NV Mortgage regarding my refund, the lender and builder said my loan was NOT declined due to the reason stated on the declination letter but because I failed to maintain the payment schedule.
I stated that the declination letter does NOT state that reason and I requested a refund of my deposit and appraisal fee.
I was then contacted by the salesperson who informed me that unless I allow NV Mortgage to resubmit my loan, the builder would keep my deposit and perhaps hold me liable for loss of sale. I asked the question why do I have a legal document that is being disregarded? No acceptable reason could be given. The sales person further stated, my deposit would be refunded if declined a second time. Reluctantly, I agreed, due to the fact nothing had changed except for the fact, I now have a car payment.
I purchased a vehicle after receiving the declination letter.
On XXXX XXXX, 2016, a second application was submitted.
I spoke with the lender, who informed me that my ” debt ratio was fine even with the new car payment! I find it odd and questionable that a month later, my ” excessive credit obligations ” are no longer an issue! I informed the builder and the lender that I have moved on and perhaps will revisit the possibility of purchasing a home at a later time.
I then received a call from the VP of NV Homes in an attempt to encourage me to purchase a home in a development that has not sold any homes! XXXX XXXX XXXX XXXX XXXX XXXX informed me that my deposit would not be refunded but he could guarantee me a home loan. When I asked about the rate and mortgage payment, XXXX XXXX could not answer the question.
It is obvious, that the builder can not sell these homes and would do whatever it takes to make a sale before the end of the year. I am also interested in how I could be approved so easily now after being declined a month ago.
I am not interested in a high interest sub loan that would create huge debt and hardship.To this day, I have NOT received a letter regarding the default of the payment schedule nor any additional documents referring to the loan process. I feel that I have been more than patient with XXXX only objective is to sell a home and not taking into consideration the customers ‘ needs and or concerns. I entered the payment agreement with the understanding that if my loan was not approved, I would get my money back. Furthermore, as a consumer, I feel that NV ‘s deceitful practices should be evaluated and memories of the mortgage crisis several years ago are brought to mind.
are brought to mind.
that lead to foreclosures and or bad loans.

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