Complaints

• Initial Complaint

  04/09/2022

  Complaint Type:

  Order Issues

  Status:

  Answered

  More info

  Reached out to Real Genius for refinancing my home. 2/26. I was locked into 2.75% rate. I provided all my information requested. First it was statements then more documentation and more documentation. I provided everything requested. They made it sound like a sense of urgency to get this loan approved. Next day well we need this and that so we can finalize. Now the supposed days we were supposed to close the 4/6 and 4/8...the now want per diem statements. I am self-employed but in 2019 and 1/2 2020 I worked a 40 hr week full time job and my own business 20 hours outside that so I could be where I am at today. They will only consider W-2 or self-employment. I have plenty of income but not when they only consider one or the other. Then I have to file my taxes 2021 and pay them before I can now get approved. I have been strung along and now I have to pay for the appraisal that was supposed to be included in the loan. I had asked about just sticking with my original mortgage company because it would be easier. They reassured me I would have to go through the same process. Here is what the Underwriter needs for final approval. Is my last email and it's actual payoffs statement with per diem on all my accounts, proof I filed e-tax which I sent multiple times. Proof I paid my federal tax for 2021. No guarantee if I spend all this money to pay my federal tax I will be approved. It's just one thing after another. I have submitted a ridiculous amount of documentation over and over. This company just wastes your time and money and gives you a mistaken belief if you just send then next few documents the loan will be finalized .

  Business response

  04/26/2022

  Ms. ******** locked her loan  on 3/1/2022. We received the borrower’s 2020 and 2021 tax returns within 48 hours of application.
  The Loan was underwritten on 3/4/22 and it was relayed to the borrower on 3/7/22 that there was an issue with her debt to income ratio. The borrower’s income in 2020 was significantly less than the income reported on the 2021 returns. Because this was a VA loan and the borrower is self-employed, we are required to take a 2 year average of income.
  It was then brought to our attention by the borrower that she was injured in 2019 and 2020 and this was the reason her Self-employed income was significantly less.
  The VA underwriter was able to make an exception to use the income filed for 2021
  When we received the transcript order, the IRS showed no record found for 2021. It came to our attention that the borrower only had just filed the 2021 returns on 7th of April.
  On 4/11/22 Management reached out to the borrower and finally after a few attempts of leaving messages back and forth, we were able to talk to the borrower.
  Typically, when we cannot obtain transcripts from the IRS we ask the borrower to show evidence that they have paid the corresponding taxes but the borrower was not able to provide this, since the cash out from the refinance was going to be used to pay the IRS.
  We made an exception to allow the borrower to pay the IRS and other debt at closing in order to qualify for the refinance.
  This loan has now closed.
  
  

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