PMAC Mortgage Services Mortgage Complaint

PMAC Mortgage Services Mortgage department,

Conventional adjustable mortgage (ARM) Application, originator, mortgage broker California

I was approved for a loan and received the good faith estimate. The loan terms subsequently changed - days before the close, but we were past the scheduled close date, my seller was anxious, and my family was staying in a hotel because our house had been sold, we continued to close. We completed the soft close at the escrow company on - -, 2015, and the final close was supposed to be completed on - - -. PMAC lending services failed to fund the loan at this time. They claimed that they were waiting for receipt of an IRS transcript. This document was subsequently received but they still have n't funded the loan. I have been strung along for over a month with excuses and as of yesterday, I learned that they has decided not to fund the loan because they are having difficulty selling the loan. It seems that they have been stalling '' on the loan close while they tried to sell my loan. It seems that the investor originally slated to purchase the loan decided they did n't like the property for their portfolio ( - condo ), even though this has been known since the appraisal in -. The property appraised above the purchase price and my 20 % down money is fully documented. My seller is obviously as frustrated as I am, and I am now forced to close on a inferior loan immediately because my seller has run out of patience. I will be forced to pay extra finance charges until I can complete a refi which most companies require a - wait period after loan close. I am looking for information on specific protections in place to protect against fraudulent behavior like this.