This company contacted me and offered to refinance my home and during the process which took close to 8 months ended in a denial of credit.
During the process I was contacted by the lender a couple of times to provide more information in which I did as this all started in May of 2014 and in November of last year I was notified that since the IRS had not posted my amended returns on their website my loan would have to be resubmitted and would have to order another appraisal in which I agreed to pay for again, in January of 2015 I received an email saying my load had been conditionally approved and was sent to under writing after several attempts to find out the status of the loan I received an email telling me there was an error in submitting my load to underwriting and that my load could not be approved at this time due to a error from my mortgage company not reporting my late payment of 2 times in 2014 even though I have had this loan for 8 years never been late or missed a payment, they had my statements from the mortgage company for the last six months and all the information was there for them to see the late payment fees but yet they said they did not know I had been late making 2 payments.
I would like to be refunded for the money I spent is having my home appraised 2 times 950.00 and for having to spend 500.00 to have an accountant do my P&L to submit to Milend as this was money spent that I feel was a waste of time and energy 8 months with the end result being denied a loan for a very poor reason.
Contact Name and Title: **** ********
Contact Phone: **********
Jeremy *******, a licensed loan officer, took an ad call from Mr. ***** ******** on 6/9/2014. On 6-18-14 the first appraisal was completed at a cost to the customer of $450 to a third party appraisal company. After receiving the appraisal, the file was submitted to processing, which is standard protocol. The processor, Ms. ***** Daniels, reviewed the tax returns and noticed that they didn't match 4506T. We order a 4506T transcript, as required by underwriting guidelines, on every file. The numbers were off by ten of thousands of dollars for 2013 and 2012. In order to continue the refinance, he had to send in amendments to the IRS for each one to reflect the actual money he made that matched the transcripts. Months had passed before the IRS completed this process. Due to current underwriting guidelines from the **** ***** ***, we were forced to deny the file.
Mr. ******** notified us that the tax returns were amended and accurate. We again started the file for Mr. ********. Due to the time frame between the last appraisal, we notified Mr. ******** that a new appraisal would have to be performed at his cost. He agreed and we proceeded with the file again. The next FHA appraisal was done on 11/05/2014 at which time we waited on ***** to send in the corrected Tax Returns and P&L items needed for his trucking business, which took some time. Mr. ******* pulled a new credit report as well which reflected an old bankruptcy.
Again, we submitted his file to processing. While in processing, there are many documents ordered ranging from verification of employment, verification of mortgage, 4506T, SSA, SS89, HOI updates, etc. The verification of mortgage took a while to get in, when received, it reflected several late payments on his mortgage subsequent to his bankruptcy.
We continued underwriting and set secondary on the task of finding any lender that would service the loan. None was found. At this point, the file was declined. We are still searching for an answer as to when he can refi, if at all at this point.
Our company has incurred well over $5,000 in man hours associated with Mr. ******** loan. Mr. ******** incurred $500 to get his taxes done accurately. I would suggest he speak to the accountant that did his tax return incorrectly.
As stated previously, the appraisal were ordered at the customers behest to third party appraisal companies.
As we always strive to do, we work hard to close every persons loan that engages to do business with Milend. Unfortunately, every loan doesn't close. It would our company to refund appraisal fees for every appraisal that doesn't come in at the value needed or for every file that doesn't close. In particular, we spent a lot of time working for Mr. ********, with no income on our end.
Should Mr. ******** wish to chat about it, he can call me during business hours.
President Milend Inc.
submitted this to processing on 12/23/2014 at which the file was delayed in getting a response due to holiday and processor being out sick. Once the file finally got submitted to underwriting on 1/30/2015, they ordered a payment history since the mortgage was showing up now on a BK and it showed he was late and behind on mortgage payment for half of 2014 before he came to us looking for a refinance. The credit report never showed this nor did the desktop originator. After we updated Mr. ******* about the denial, the borrower mentioned he knew he was late all those months, but never cared to share this with us. Since the credit report didn't show this, we had no way of knowing. The numerous 30 day lates from 12/2013 to 6/2014 were the reason of his denial.