This is a formal complaint against Gateway Mortgage Group, LLC , located at 1255 W. 15th Street, Suite 250, Plano TX 75075 (specifically the Cynthia A. Guerra, Loan Officer NMLS#: 326169 and Lori Mahler, Senior Processer), for the mishandling of my loan application process. They misrepresented and delayed the stages of the process by having myself and my realtor under the assumption that the loan application process was in good standing.
The following is a brief synopsis of the misrepresentation. All correspondence to support the misrepresentation can be submitted to you under separate cover:
1 The contract with the seller had a deadline of 1/8/13, which the mortgage company had a copy of. They had all documents and paperwork necessary to make a determination whether to approve or deny the loan, on 12/28/12, 12/31/12 and 1/3/12, in time to make a determination before 1/8/13.
2. The next correspondence sent to me advising that the application process had moved into the Underwriting stage was on 1/2/13. They were still asking for documents that they already had. In additional they kept asking about my funding accounts, which they had clear information on the types of the accounts in their possession (44 pages of my financial investments accounts from UBS Financial). It had been explained to them that they were not retirement accounts, they were investment accounts. There could be no misunderstanding of the type funding I had available to me.
3. The next correspondence received from them on 1/8/13 was advising me that the process was moving along nicely and the next stage was the ordering of the appraisal for the property. Still no determination whether my loan application was approved. At this stage I would think they would have already determined that my loan was going to be approved, especially since they were moving forward with the appraisal. I received my copy of the appraisal on 1/15/13.
4.They made it appeared the process was moving along so well that an appointment for 1/26/13 was set up to complete the second inspection on property (repairs done by the seller) and an appointment for closing for 1/30/13. However nor myself or my realtor had yet to receive a formal approval or denial.
5. On 1/22/13 I received a call from Lori Mahler indicating they could not approve my loan because the funding available to me did not meet requirements of Underwriting to approve the loan. This was 20 days from the date (1/3/13) they had all the documents of the type of funding available to me, to make a determination. The official loan denial was not received until 1/24/13. At that stage there was not enough time to locate and go through another loan process to meet the closing deadline (1/30/13) for the property.
This was a waste of my time, the realtors time and my out of pocket money ($360.00 for the inspection and $460.00 for the appraisal).