ComplaintsforVeteransLoans.com

• Initial Complaint

  03/06/2022

  Complaint Type:

  Billing Issues

  Status:

  Answered

  More info

  I have been dealing with this mortgage company since September of 2021. Mortgage Company guaranteed a fixed interest rate of 2.75% on roughly $160,000 for a property sale price of $290,000 for a term of 30 years. On October 21st 2021 I inquired with the mortgage company if they would require a new survey. The title company was happy with the survey they had on file. Mortgage company said they would personally talk to title company. A closing date was set for Dec. 29th. On December 15th mortgage company said they required a new survey. All survey company’s were roughly 8 weeks backed up. The soonest a survey company could perform a new survey was the end of February. Survey was complete on February 28th 2022. March 1st 2022, I informed mortgage company that the survey ground work was complete. On March 2nd 2022 I inquired with the mortgage company if my guaranteed interests rate was still 2.75%. No answer that day. On March 3rd I asked again if my interest rate was still 2.75%. They called me to inform me that because the closing date got moved backed the best interest rate they could provide was 3.75%. The only reason closing got moved back was because the mortgage company never communicated that they would in fact need a new survey and the survey companies were backed up. I asked about getting a new survey 8 weeks prior to them telling me that they indeed required one. I feel they intentionally deceived me to push the closing date back so they could change my interests rate and make an additional $30,000 off of me.

  

  Business response

  03/16/2022

  Dear Mr. *******,

  We would like to take the opportunity to apologize for the difficulties you’ve experienced during this process. A manager has been in touch with you, and we are committed to doing our best to help you complete this transaction and feel positively about your experience with our company. Unfortunately, the delays regarding the survey were due to an error or misconception on the part of the title company. We were not notified until well into the process that the title company would require a new survey, instead of being able to use the existing one. From the time the issue with the survey became known to us, we were actively working with the survey and title companies to resolve the situation as quickly as possible.

  Meanwhile, your rate was locked in at 2.75%, and you are correct that according to the terms of the lock agreement, it was guaranteed for 30 days. We were able to extend your lock for a maximum of 45 days, and we did so, but after exhausting all extension options, your lock expired. Due to current market volatility, mortgage rates had changed significantly between the original lock date and the final expiration date. At that point in time, 3.75% was the best rate the loan originator could offer, and at your instruction, we did lock the new rate at 3.75%. We hope this explanation, along with our continued efforts to close your loan and provide you with the best service possible will prove to be satisfactory to you. Please do not hesitate to reach out to your loan originator or the manager who has been in contact with you. We hope you will allow us to continue working hard on your behalf and are happy to assist you in any way we can.

*Some consumers may elect to not publish the details of their complaints, some complaints may not meet BBB's standards for publication, or BBB may display a portion of complaints when a high volume is received for a particular business. ↩