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CMG mortgage CMG FINANCIAL 4 days prior to closing on my sellers home, they denied the buyer credit after they had issued a pre approval letter up front. Murfreesboro tennessee
Do not do business with this company unless you are prepared for your closing to be terminated 4 days ( YES thats right- 4 DAYS) before closing due to their buyer's bad credit.
WhAT????? Nope, not kidding. They denied the buyer 4 days before closing. This was AFTER they sent a pre pproval letter up front, After the home inspection, After appraisal, After my seller had done repairs as requested by this buyer, After the seller rented a sorage facility, After she hired movers, After everything had been done and she was ready to move. Of course, she LOST the home she was purchasing.
You understand how absurd this is? The denial letter stated just about every adverse credit issues one person could possibly have: SERIOUS DELINQUENCY, AND DEROGATORY PUBLIC RECORD OR COLLECTION FILED , PROPORTION OF BALANCES TO CREDIT LIMITS IS TOO HIGH ON BANK REVOLVING OR OTHER REVOLVING ACCOUNTS,LENGTH OF TIME ACCOUNTS HAVE BEEN ESTABLISHED, TOO MANY INQUIRIES LAST 12 MONTHS.
Is this enough? So exactly WHY did they even issue a pre approval letter? Why did they let it go this far? Is no one doing thier job at this company?
IF anyone is interested is seeing the denial letter, It is attached to share with you. They even changed the date on the denial letyter tl 2/12 when I was actually notified 2/25/20 AND to further substantiate this, the appraisal had been done after 2/12. We had been told the results would be in on 2/24 & we were waiting on it. If the buyer was DENIED on 2/12 then why did they do the appraisal weeks later?
My client is seeking legal action for damages and I have filed a report with the BBB. We will continue to post complaints in any venue we can find. These people did not even say SORRY! They simply did not care.
I have been selling Real Estate for 16 years and NEVER,NEVER had a closing terminate at the last minute like this. The LOAN OFFICER ( SHE) did not do even the most basic of her job . My client as well as myself are furious about the ineptness of this loan officer and company. BEWARE and find you a reputable mortgage company that takes the time to do their job and care about people. But if you like this type of serivce feel free to contact them today.
2 Updates & Rebuttals
vicki
Whites Creek,Tennessee,
United States
Loan approval given without bare min of verication
#3Author of original report
Mon, April 13, 2020
Why issue a pre aproval letter in the first place? Why is it the real estate agents JOB to do your job?
I was told by the buyers agent that the buyer was good .. He had the loan and was a strong buyer. He sent me the pre approval letter stating clearly the buyer was approved for MORE than contract price.
That should have been enough to proceed.. OBVIOUSLY YOU know NOTHING about how this works or you would know that to wait until all the documentation you refer to is done, the home would be gone/sold to someone else.
We take it on faith that a LO has done thier job when issuing an approval letter. To try to put this back on the agents is simply a ploy to avoid responsibility. Its not our job to do your job. That is why we TRUST that the LO has at the very least done the bare minimum of verification prior to issuing an approval letter. I have been selling real estate for 16 years, sold over 550 transactions & yes some fail due to financing issues but never at the eleventh hour. Good try.
FloridaNative
West Palm Beach,Florida,
United States
Best to remove that attachment
#3Consumer Comment
Sun, April 12, 2020
I understand your frustration. For your sake, it's best to remove that attachment (letter) from this rip0ff report as it still has the consumers name on it and it might be an issue for you in the future due to our national Realtor Code of Ethics.
As a real estate agent you should have been looking for the loan commitment from the lender long before 4 days before closing to protect and inform your seller so she didn't have those additional expenses you list. I agree that the loan officer the buyer had didn't perform her job well at all. But as the listing agent it is on you to check into the buyer prior to the seller accepting an offer.
There are many poorly trained loan officers these days and the only way to get accurate information is to discuss the buyers documentation with the LO prior to any negotiation with the buyer. That is the safest course of action for your seller. Your seller hires you to recognize when an offer is legitimate or not (part of your duties). A buyer that makes an offer without the capacity to close is just hot air/wishful thinking.
The LO is restricted as to personal information they can disclose to you; however, they can disclose IF they have pulled a credit report, the loan type, the status of VOE's, bank statements (not amounts, just that they have documentation and if the amount is sufficient to close) etc. If a LO won't answer those questions or hasn't seen the documentation, then you have one of two things:
(1) a LO that doesn't have a clue or
(2) a buyer that doesn't have the ability to close. In either event, you discuss the issue with your seller and reject the buyer's offer. If you accept an offer, it is on you to stay on top of the process. If you accept an offer without the buyer having provided ALL of the documentation to the LO before making an offer, then you are the agent that hasn't done their job. Did the buyer's agent screw up? Yes. So did you.