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My mom have applied for the loan, and she was approved. However, my home purchase was done with the power of attorney. It was a foreign national home loan as well. Long story short, after submitting all the documentation, my loan went to the processing. I was asked to submit the additional documentation. Meanwhile, the appraisal on the property was ordered and my credit card was charged. Before that, I have contacted the loan officer and the processor ( Nick, Murphy and Jenn Cutler) and asked them to put the appraisal on hold because I needed to make sure that I am able to provide the asked documentation. I did not receive a response from them, and I have contacted the appraisal company directly and asked them to reverse the charge on my card. The charge was $650.00, which is a lot of money. I just wanted to make sure that I am able to provide the asked documentation and the loan will not be denied, while in processing. The appraisal company was very responsive and took care of it right away. However, shortly after this phone call, I received a call from Nick Murphy and his manager. They made a very clear accusation that I was a"straw buyer" because I was using my mom's identity to buy a house. I was shocked and speechless. As a result, the loan was denied . I knew that my purchase was complicated because I was using POA. My mom gave me the POA because I speak better English and she wanted me to help her with that transaction. I also was told by Nck and his manager that I was using my mother's name because I wanted to make a fraudulent purchase and use her lack of knowledge of English. I have explained numerous times the purpose of the POA. I wanted to make sure that the company is able to accommodate the purchase and I have been open with them and transparent to make sure that the financing will go through. Well, it did not turn out so well. I learned a very valuable lesson to stay away from Sprout mortgage and I still can not believe that I was accused of being a "straw buyer".
We wanted to buy a single family rental property for slightly over $200, 000. Both buyers had FICO scores over 800. Both buyers have not been late 1 day on a single payment in at least 15 years. We have equity in 6 other properties in excess of $1.5 million with an overall loan-to-value of 35%. The LTV of the subject property was 52%. It took over 2 months to get a final approval. What was supposed to be a Low-Doc loan required more paperwork than we have ever given to lenders since 1974. During the approval process mortgage rates dropped to the lowest in 3 years but they locked our rate a full 1% higher. They insisted on mortgage conditions we have not ever had. We could not change lenders because they had already insisted we pre-pay over $3, 000 in costs. Their underwriting fees were extremely expensive but because of their delays it was too late to change. We could go on and on with horror stories about this lender but we hope you get the picture. These people are the worst we have ever seen and we have been in their business for over 30 years. DON'T DO BUSINESS WITH THEM!