This letter is in response to your correspondence received by Guild Mortgage Company (“Guild”) on September 28, 2016, which was submitted through the Better Business Bureau (BBB). Thank you for the opportunity to review and address your concerns.
Your correspondence relates to your dissatisfaction with the service you received. Additionally, you requested reimbursement for various fees in connection with your loan transaction.
Guild understands that the process of purchasing a home can be stressful at times; thus, we empathize with your situation. We regret that your experience did not meet our standards.
You were prequalified for an FHA 30 Year Fixed loan on 08/02/2016; this was not a preapproval. The pre-qualification letter was based on the information we had at that time. A pre-qualification is not an indication of a loan approval. It is required that the loan be reviewed by underwriting in order to be approved. You submitted your loan application on 08/23/2016. On 08/31/2016, you received a telephone call from the Loan Officer Assistant, advising you she still needed the Award letter for your SSI income that you listed on your loan application. …show more content…
Once your husband’s income was excluded, the debt-to-income ratio (DTI) was now above 50%, which exceeded FHA DTI ratio limits. Additionally, there were two accounts you were disputing on your credit report. The loan processor began the process to have the disputed items removed, which took several weeks to accomplish. Once the two items were removed from your credit report, your credit was re-run and your Fico scores decreased substantially, as a result of a new adverse item discovered on the report. Unfortunately, due to the decrease in your FICO scores, you no longer qualified for the loan and the application was
Your correspondence relates to your dissatisfaction with the service you received. Additionally, you requested reimbursement for various fees in connection with your loan transaction.
Guild understands that the process of purchasing a home can be stressful at times; thus, we empathize with your situation. We regret that your experience did not meet our standards.
You were prequalified for an FHA 30 Year Fixed loan on 08/02/2016; this was not a preapproval. The pre-qualification letter was based on the information we had at that time. A pre-qualification is not an indication of a loan approval. It is required that the loan be reviewed by underwriting in order to be approved. You submitted your loan application on 08/23/2016. On 08/31/2016, you received a telephone call from the Loan Officer Assistant, advising you she still needed the Award letter for your SSI income that you listed on your loan application. …show more content…
Once your husband’s income was excluded, the debt-to-income ratio (DTI) was now above 50%, which exceeded FHA DTI ratio limits. Additionally, there were two accounts you were disputing on your credit report. The loan processor began the process to have the disputed items removed, which took several weeks to accomplish. Once the two items were removed from your credit report, your credit was re-run and your Fico scores decreased substantially, as a result of a new adverse item discovered on the report. Unfortunately, due to the decrease in your FICO scores, you no longer qualified for the loan and the application was