| Issue |
Applying for a mortgage or refinancing an existing mortgage
|
| Timely |
Yes
|
| Company |
SoFi Mortgage, LLC
|
| Product |
Mortgage
|
| Sub Product |
Conventional home mortgage
|
| Date Received |
2021-06-15
|
| Submitted Via |
Web
|
| Company Response |
Closed with explanation
|
| Consumer Disputed |
N/A
|
| Date Sent To Company |
2021-06-15
|
| Company Public Response |
Company has responded to the consumer and the CFPB and chooses not to provide a public response
|
| Complaint What Happened |
I understand that this bank is trying to do everything by the book, but in their quest to do so puts a tremendous amount of stress on the buyer. I provided everything they asked for, and it still didn't suffice. It was particularly problematic when it came to liquidating crypto for part of the down payment. So I found a workaround in the form of a gift from my partner. Then they wouldn't let him sign it electronically through adobe sign or docusign. Do they not understand that it is way easier to forge a written signature than it is a digital signature that they can trace? Also, they allowed for everything else to be e-signed. On top of all this, the lender waited until a couple of days before close to tell me this. So at this point, it was either jump through all the hoops or lose $ XXXX in earnest money. After my partner signed the gift letter, XXXX requested more documentation, citing XXXX XXXX guidelines. Not sure why I was told this after going through the whole process of getting it signed. Part of all the confusion stemmed from the lack of SOFI properly educating me on the type of loan I was receiving. I had no clue that it was a XXXX XXXX loan versus an FHA or some other kind of mortgage. So when I tried to research on my own, I was receiving conflicting information. Finally, in addition to signing the gift letter ( a legal document ), they asked me to type a blurb stating that I would not be paying the funds back. So a legal document was not even good enough for them. After all of that, they requested that my partner sign an affidavit saying the house would be his permanent residence, even though we don't live in the same state due to our careers. Again, something they told me after I went through the whole process. I was clear from the beginning where the funds were coming from. Even the title company and lender were shocked by how difficult the lender was being.
Further, SOFI waited until the last minute before requesting proof of funds. Had they set a deadline, I would have had it done. Instead, their procrastination pushed the deal right to the brink. I then had to sign an extension with the buyer, which cost me more money. XXXX being ill-prepared, almost lost me my {$20000.00} in earnest money. Ultimately, I had to walk away from the deal with SOFI and paid cash instead, which, had I done from the very beginning, would have saved me a lot of time, money, and heartache. I am extremely fortunate that between my partner and I, we were able to come up with the money.
Overall this process was so frustrating that I never want to apply for a mortgage again. As a first-time home buyer, this should have been a life milestone, but instead, it was a nightmare. SOFI should really be investigated for its lending practices.
|
| Consumer Consent Provided |
Consent provided
|
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