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Guild Mortgage Case Study

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This letter is in response to your correspondence received by Guild Mortgage Company (“Guild”) on October 27, 2016. Thank you for the opportunity to review and address your concerns. In your correspondence you express concern that the information on your loan application appeared inaccurate and incomplete. Specifically, the documentation you provided pertaining to your assets was not included on the final loan application. Additionally, you question whether your interest rate would have been lower had your complete assets been considered. You were also frustrated that you were required to sign your loan documentation three times. We regret that your experience did not meet your expectations and apologize for any misunderstanding. With respect to your assets, based on the underwriting recommendation (DU) in accordance with Fannie Mae Selling Guide, assets totaling $34,394.00 were required to be verified; with the exception of cash on hand, all available funds greater than the amount required to close were added to cash reserves. The assets were taken from the loan application (1003) to satisfy the aforementioned amount. Further, the additional assets listed on your initial 1003 were not necessary to credit qualify and therefore removed from the final 1003. …show more content…

Largely, your interest rate may be significantly different depending on what loan type you choose. In your case, you chose conventional financing. A conventional mortgage is a loan that conforms to established guidelines depending on the amount of the loan and the amount of assets has no impact on your interest rate. The interest rate you received was the most favorable rate available at the

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