Gateway Funding Mortgage Complaint

Gateway Funding Mortgage department,

Conventional fixed mortgage Application, originator, mortgage broker Texas

We locked up the mortgage rate for a mortgage application in - -. The locked-in rate was valid for 45 days. - requests many documents separately over numerous times. Our turn-around time for all the requested documents was less than - hours. Many of the requested documents were redundant. eg. request a copy of passport and work visa. The mortgage application process took so long that our 45 days lock-in period has expired on - -. Due to the upward trend of the mortgage, we end up paying extra penalty $1500.00 to buy points in order to get the same mortgage rate. When we asked - why the application process took that long. - blamed the long delay on getting ready for the title report. Then, we asked for the name of the title company, that we deal with our application, two times. - did not provide us with the name of the company. Therefore, we can not verify the long process was caused by the title company. From our previous 20 mortgage applications experience with mortgage application, the earliest title report which was ready within the same day ; the longest title report was ready within the same week. There are many title company out there. When one title company fail to provide the title report within a week, mortgage broker should choose another tittle company. We were forced to pay a late mortgage penalty for our previous mortgage company. We were promised our mortgage application would be funded -/-/-. Therefore, we thought we did not need to pay our -/-/- mortgage payment, in our previous mortgage. We received phone calls from collection agency threatening us our house would be foreclosure within weeks if we did n't pay our -/-/- mortgage. Debt collectors also threatened to report our late payment to all three credit bureau.