United Shore Financial Services, LLC Mortgage Complaint

United Shore Financial Services, LLC Mortgage department,

Conventional fixed mortgage Application, originator, mortgage broker Maryland

I am submitting this complaint against the CFPB and United Wholesale Mortgage. On - -, I initiated a request to refinance - existing mortgages from ARMs to 15 year fixed mortgages to lock in today 's very attractive mortgage rates. I have owned and occupied my primary residence for 24 years with a requested loan to value ratio of 37 %. I have a second home which I have owned for 11 years with a loan to value ratio under 50 %. My credit rating is over -, and I have a high net worth with more than adequate resources to qualify for this refinancing. To make a long story short, I provided over - pages of financial documentation in support of these loan applications. At every step along the way, I asked for a copy of the policies regarding the security of my information, and how the information would be used. At each step


initiation of this process. I subsequently pulled my applications. UMW now holds more of my private financial information than my tax accountant, investment manager, bank, credit card companies and insurance agents combined. I pulled my application because I have no control over how this exhaustive file of my highly personal information will be used, and am very concerned that it be bundled with my loans and remarketed without my notification or control. This would put me at greater financial risk than at any other time in my life. I submitted the information solely for purposes of qualifying for these refinancings. Just yesterday, - - - ( the mortgage broker ) contacted my tax accountant for more filings! I am including CFPB in this complaint because you seem to be at the heart of these requirements despite your web site proclaiming how you 've simplified the process and rigorously tested your new requirements. I find these new requirements to be highly abusive and putting highly qualified consumers with excellent credit records at much greater financial risks than ever before. UMW, in their delayed response to my questions, claims to now be required to keep my financial records for seven years even though I have requested that my applications be pulled.