RP Funding Worst Mortgage Company EVER Maitland Florida
The first part of our journey with them seemed fine. We got our pre-approval for a conventional loan and I promptly sent the documents they requested. My husband had recently received a raise and promotion by his company to X amount yearly but when we received his first pay stub, it was divided into hourly + overtime pay and not a salary pay. It's the same amount each week and it does add up to the X amount yearly we had specified. I brought this to the attention of my loan officer, Bob, when I e-mailed him the copy of the paystub and I asked him directly if it needed to be changed or not. No comment was made by him. It could have been changed to salary right then but since they didn’t see it as a problem, we left it.
We found the house we wanted & performed all the necessary paperwork and signing of the application and disclosures. We proceed on to underwriting.
We then receive a call that there was an issue. They just now realized Mark's pay was not salary and said because he hasn't received overtime for 2 years, they would not be counting his overtime pay into his income. They proposed a solution. They said since I am a SAHM and receive no income, they could take my name off the loan and that would change our debt-to-income ratio and it should be fine then. We consent and are sent to underwriting AGAIN.
They then realize that both my husband and I's names are on most of our debts and it does not change the ratio to their liking. We are then asked to acquire a letter from his employer stating that he is paid X amount yearly but is paid via hourly plus overtime instead of salary. They say that this, according to our loan officer's boss, would work for them. We are sent to underwriting yet again.
ONE WEEK BEFORE CLOSING We get another call. Nope, the letter wont work because again, he hasn't had overtime pay for 2 years. SO! Their next solution to our problem is switching us from conventional to FHA because FHA has better debt-to-income ratio limits. Fine, we consent and move on to underwriting again. All the while, myself and my agent both ask our loan officer REPEATEDLY if we are still on track for closing. YES he says, he hasn't heard otherwise was his response. We are
sent the FHA application and promptly sign and return it electronically.
ONE DAY BEFORE CLOSING myself and my agent are after this lender, asking how we were looking for closing that next day. Our file was still in underwriting. All my loan officer could say was that no one had told him any differently about closing tomorrow and no one has asked for an extension. He was on top of it and this was his first priority.
My agent gets a phone call at 4:58pm from RP Funding stating that they needed a 2 WEEK EXTENSION due to more issues needing clarified. They JUST NOW discovered that our current home that we own is an FHA loaned home. Just now. SO, due to them JUST NOW discovering this, we have to have an appraisal done of our current home and this appraisal has to come out to have 25% equity or we will not meet FHA's guidelines on a new FHA loan. Steve Dickmann went on to say that this appraisal would be rush ordered and that RP funding would, infact, pay for this particular appraisal. This was the day before we were supposed to close, at 4:58pm on a Wednesday. I never received a call. At this point, everyone knows about this extension and loan issues EXCEPT for me. I have to e-mail my loan officer to find out what exactly these issues were. THEN, after that e-mail, I receive a call about it.
Thursday-i hear nothing about this rush order appraisal. Friday –I email them about it- Bob gets back to me and says I'll find out right now. 4 hours later, I receive a call from Bob. He states before they will pay for an appraisal, they need to get my file in order and make sure it all checks out with FHA guidelines. These people were no where near ready to close my loan on time. Funny enough, the documents that Bob requested were ones that were sent 2 weeks prior. And the other document was a bank statement which was sent in the very beginning, during the pre-approval step. But he didnt have them. He found them both in his email inbox while I spoke to him on the phone. He said he would update my file with these documents and get it to his boss to get the appraisal ordered. I hear nothing the rest of the day.
Monday comes around and my agent asks for an update on this appraisal. Apparantly, it was supposed to be PERFORMED on Monday and instead, it hadn't even been ordered. No response to my agent was given. I myself sent another email, not a very nice email mind you, to Bob and his boss, Steve, and a few hours later finally get a phone call. They still havent ordered my appraisal because they dont want to spend money on an appraisal until they make sure everything else checks out. They decide that our debt-to-income ratio is STILL OFF for an FHA loan and that my husband and I have to pay off a couple of our interest-free loans totalling $3,000.00. THEN, after that is done, our ratio should be fine and they would order the appraisal at their cost.
SO! They just now decide, after switching from conventional to FHA due to debt ratio's over a week ago, that this debt ratio still wont work due to the way my husband is paid. Need I remind you that ALL of this could have been avoided if they would have said during the pre-approval process that his pay method was an issue, because it could have been fixed right then and there.
We have paid for inspections, survey, and appraisal. We have spent over $1500 on this home. We have lost it due to their delays and their neglect. They were no where near ready to close on our loan and kept misleading us. They should have spoke up in the beginning of this process that husbands pay needed changed. If that was correct in the beginning, none of this would have gone wrong and we would have our house right now. Instead, we get to start all over again with house hunting, paying for all the costs again for a new house. RP Funding should be responsible for part, if not all, the expenses we lost due to their ignorance. If we had known our DTI was still off the week before closing, we would not have spent $500 on a survey. They should have known all issues long before closing date.