BBVA Compass Mortgage Complaint

BBVA Compass Mortgage department,

FHA mortgage Application, originator, mortgage broker Alabama

BBVA Compass is not following FHA 2016 guidelines, therefore consumers are being cheated and priced out of the home buying market due to its miscalculation of federal student loan monthly payments. It is calculating Income Based Repayment ( IBR ) the same as deferred student loans and states even if there is a $ - monthly payment on the statement and on the credit report, this 2 % rule applies. BBVA Compass is determining monthly payments by calculating 2 % of the student loan balance. This is very unfair to consumers and goes against FHA guidelines. When confronted with this shocking revelation, I asked to speak with a supervisor and was transferred to a supervisor in -, T-. He was very combative and argumentative, insisting that FHA guidelines states 2 % of the student loan balance should be used when determining monthly payments for IBR even if both the statement and credit report state a $ - monthly payment.