ComplaintsforLower.com

• Initial Complaint

  12/28/2023

  Complaint Type:

  Customer Service Issues

  Status:

  Answered

  More info

  Lower.com has been working on a mortgage refinance for the past 3 months and now has stopped communicating with me with no completion. I have emailed, called, left voice messages and they seem to have forgotten business ethics to contact me with any resolution to the refinance. good bad or indifferent, they do not return calls with the final development of my loan. I have worked with them for months now submitting document after document after document, anything the requested and still there is no outcome to the loan. Please have them at least act like a professional and return calls with informtion.

  Business response

  01/10/2024

  Hello ***** ****** and ******* ******,

  We thank you for bringing your concerns to our attention. We want to apologize for any unmet expectations. We esclated your file to be reviewed, and we were able to come up with a solution based on new 2024 guidelines. We did have one of our loan advisors reach out via text but have not heard back. Please feel free to reach back out to us at *************** 

  Thank you

• Initial Complaint

  12/27/2023

  Complaint Type:

  Service or Repair Issues

  Status:

  Answered

  More info

  In August 2023 I applied for a loan from lower.com. I complied with everything they asked for, I was told my credit score was great and now we need you to pay 595.00 for an appraisal, that I would not have gotten but only for the loan, the appraisal came back where they needed and we were golden he says, here it is 4 months later, and no answers. I’ve called and text and nothing until I messaged them today letting them know I was filling a complaint, and low and behold I get a text saying, I’m sorry but the FNMA has me stonewalled. Well I’m not sure who that is but from where I’m standing they should never had me spend unnecessary money for an appraisal I didn’t need. It should not take 4 months to get an answer for any loan. The customer service at this company is the worst I’ve ever had to deal with. For weeks they would ask for paperwork and finally I said do you need anything thing else, they said no your good, then nothing until today. The company should not be rated A+ in my opinion because they have bad practices when it come to customer service and loans. BORROW BEWARE

  Business response

  01/04/2024

  First and foremost, we thank Mr. ****** for taking the time to submit his concern regarding his HELOC transaction that was not able to be completed. Lower strives to provide the best service for all individuals and we apologize for any unmet expectations. We take Mr. ******’s complaint seriously and we have reviewed their concerns with the appropriate parties. After reviewing Mr. ******’s file, it was found late in the process that there were a handful of properties that were in the foreclosure process with the county due to taxes not being paid. Due to complex federal laws, we were not able to lend to Mr. ******.
  As far as the appraisal it is a third-party fee and Lower cannot issue a refund.
  Thank you

• Initial Complaint

  11/13/2023

  Complaint Type:

  Customer Service Issues

  Status:

  Answered

  More info

  When I started the process with Lower I let them both know I had a primary and a construction loan on my house. I was not interested in paying those off because the rates were 3.5% and 4%. They assured me this wouldn't be a problem and it never came up again. Two months go by, two appraisals, and we're finally closing. They refused to send me the closing statement before closing. They said it is not required for a HELOC. The first time I saw it was when the notary was at my house. Without asking, they had the construction loan being paid off with my HELOC. The amount was $230,000. My rate would have gone from 4% to 13.5% plus they were charging 1.5% at closing. This is predatory lending. Lower needs to refund the two appraisals they required me to order. If they had been honest, I wouldn’t have needed the appraisal. That’s why they need to refund.

  Business response

  11/14/2023

  We thank Mr. ********** for raising their concerns to our attention. After a review of the complaint regarding the appraisal and loan structure issues, we can understand Mr. ********** frustration.
  We have issued a refund via check for the appraisals that were completed for the purpose of the loan Mr. ********** applied for.

  Thank you

• Initial Complaint

  09/20/2023

  Complaint Type:

  Customer Service Issues

  Status:

  Answered

  More info

  It wasn't until my mortgage loan was sent to Lower, LLC that I had issues. Being in bankruptcy is hard enough, but Lower, LLC tried to make it nearly unbearable.

  I already cannot access my loan information online or by automated phone menus. I have to wait to speak to a person about my account. My lawyer had to 2 letters, months apart because Lower, LLC would not send me my statements. They did not posy any of my 2022 payments to my account until the end of 2022. I was paying biweekly through my bank since July 2022. Then in April AND June, the company sent my payments back to the bank with NO explanation.

  When i spoke with Lower, LLC customer service, they had no idea why my payments were returned. I finally spoke with my bank who told me the 2 random payments were sent back for incorrect routing number... HOW ARE MY PAYMENTS BEING SENT BACK WHEN THEY'VE BEEN RECEIVED AND POSTED FOR MONTHS!!! And they weren't even sent back/"refunded" consistently... just enough times for my bank to CANCEL my bill pay.

  Now i call monthly a week before the due date and they tell me if I pay too early, my payment doesn't post immediately. I was also promised a print out of my account history because after all this, the balance owed is always incorrect... according to the customer service rep every time i call to make a payment and inquire about the statement amount.

  Business response

  10/06/2023

  Dear ******,
  
  Thank you for taking the time to share your concerns regarding your loan servicing experience. It’s never our intention for our customers to feel as if they did not receive the level of service he/she anticipates and we regret any shortcomings she experienced and we understand your frustration. Rest assured that Servicing Management is reviewing this information and we will be in touch with you as soon as the review is complete to provide a detailed explanation and to address your concerns.
  
  Thank you 

  Customer response

  10/25/2023

  Regarding complaint ********, Lower, LLC still has not reached out to me.  They have sent me a notice of a missed payment which is incorrect.

  Business response

  10/25/2023

  Ms. ********* previously contact Lower in September 2022 regarding this matter. At that time it was determined that a system stop on Ms. *********** account was preventing the generation of a statement. The system stop was subsequently removed. At this time Lower reached out to our servicing platform vendor for assistance in determining why statements were not being generated even though the stop was removed. During this time Ms. *********** mortgage was subsequently transferred prior to bringing resolution to this matter. 

• Initial Complaint

  08/26/2023

  Complaint Type:

  Billing Issues

  Status:

  Answered

  More info

  I refinanced my home loan with Lower in 2021. Since they started losing profits, they started purposefully blocking my payments and then charging me late fees every single month. I called about this issue 3 times.

  Then, I go to close my home and YET AGAIN, they are charging me late fees when I paid the mortgage well before the 16th of the month. I have a 800 credit score and have paid every bill my entire life on time. Their payment processing system is a scam that is set up to charge extraneous late fees due to THEIR ERROR. I started taking screenshots to prove this.

  So, if I don’t get a FULL refund and more for my wasted time, I will take them to court. I have the evidence to back up this issue. Furthermore, several other customers on here have complained about the exact same issue. Obviously, they are aware of this but refuse to fix it since they make more from customers not willing to fight this than just giving people the money back THEY STOLE from them.

  Every month since April 2023 (April, May, June, July and August), they block my payment which says “additional payments not allowed as one is already scheduled”, so I assumed it was just saying it went through, they NEVER SEND CONFIRMATION EMAILS of payments so my hands are tied that it accepted my payment.

  Then, when I login in again it only allows me to pay AGAIN after the late payment period, All this after I entered my mortgage payment.

  This is a scam!

  I want all the late fees I paid refunded or I’ll go to court. They are aware and ignoring this issue. The people on the phone argue with me as if they don’t already know this is an issue. FIX IT.

  Refund me April, May, June, July, August 2023 late payments. $157.50 (31.5 x 5) and more for my efforts and wasted time.

  I’m closing on my house next week and now my closing bill from lower shows another late fee because they DID NOT process my payment as I requested. I’m fed up bc I have to pay it to close on my house.

  Business response

  09/01/2023

  Hello ******, Thank you for taking the time to submit your complaint. We strive to provide the best service for all individuals and your feedback is taken seriously. We apologize for any shortcomings in your experience during loan servicing. We show you were only charged once for a late fee in regard to your June 2023 mortgage payment. These was due to you making a payment on 6/21/2023. We have attached your mortgage history with us for your review. No other fees have been charged to you. If you would like to speak with us again in the future, please feel free to call us at ###-###-#### or email us at ************************** Thank you - Lower Serving Team

  Customer response

  09/01/2023

  as shown above in my closing statement YET AGAIN charged a late fee (see my closing statement) when I AGAIN processed this on time. Even in JUNE I was not late and NEVER refunded the fee. Lower knows about this payment processing issue and I can see from numerous complaints I am not the only one. Please sign me up for the impending class action lawsuit and I will challenge this endlessly until I am refunded in full for both months. They have failed to refund me or fix their payment processing issue that appears to be done on purpose to get money from customers as the company has grown too fast and has to downsize. This is a scam. Refund me and stop lying or I will see you in small claims. Google reviews, bankrate get ready for more bad reviews that could have been prevented. 
  
  Regards,
  
  ****** ******

   

  
  

  Business response

  09/06/2023

  Hello ******, 

  After communicating your concerns with our servicing team. We have agreed to take your late fee of $31.15 and applying the funds towards the principal balance of your mortgage. 

  Thank you

• Initial Complaint

  08/10/2023

  Complaint Type:

  Service or Repair Issues

  Status:

  Answered

  More info

  Lower llc/ ******** ******** ******* had the mortgage and escrow account for 3 years. After the transfer of the loan a month ago to the new provider I received a tax lein on my property that had been filed. Lower llc didn’t pay the bill and now that it’s transferred they claim no responsibility. New company says they don’t handle that as well. I don’t feel the fees and daily per diem are my responsibility. The principal amount of the taxes I am good with paying. I do not feel paying the fees and interest since they were billed. I only received the tax lein after the fact. I want them to pay the interest and fees.

  Business response

  08/14/2023

  Hello ****,
  We strive to provide the best service for all individuals and your feedback is taken seriously. We
  apologize for any shortcomings in your experience during loan servicing. We were able identify a second tax parcel that was not included in the origination of your loan. We have communicated with ***** and provided the second parcel information. ***** should be making the correct adjustments. 

  We will be in touch with you directly and if you would like to speak with us again in the future, please feel free to call
  us at ###-###-#### or email us at ************************** Thank you - Lower
  Serving Team

• Initial Complaint

  06/20/2023

  Complaint Type:

  Service or Repair Issues

  Status:

  Answered

  More info

  I am transitioning out of the Army due to a Medical separation and moving out of state so we started to look for a home, we were recommended ** ***** with homeside mortgage as our loan officer.

  When we started the loan application I was told that i could not use my active duty income since I was getting out within the next couple months, I already had VA proposed ratings memo with total amount id be receiving so they said I can use that as income and that I also need a job offer letter not a problem I secured a job April 25th and let the loan officer know, he requested a few more documents like a DD-214 which I did not have at the time because I was still active duty so then he asked for a statement of service (not sure exactly why that was needed)

  after that I didnt receive a response from him for 5 days so we were looking for another lender I let him know we went with someone else and he let us know that he would like to continue working with us and for us to not be out $1000’s of dollars in case the loan fell through and that we have a lot of documents already with him so we continued services with him.

  April 27th I sent him a DD-214 worksheet which is exactly how the official dd214 would look and I sent him the VA ratings memo, and job offer letter. He gave us a pre approval letter April 28th and we started searching for homes. All the documents were given to him and there were no issues he never mentioned not being able to use the VA ratings memo until it was being sent to underwriters that we started having a bunch of issues with the VA ratings memo they kept going back and forth on whether or not they are accepting it.

  I didn’t really hear anything over the next week or so until I was told may 22nd that we may not be able to close on the 9th of June because of that document I asked multiple times do we need to push our movers back do we need to push our move out of housing date back, I wasn’t given a straight answer.

  I called the VA myself and asked them can they use the VA ratings memo to underwrite the person I spoke to said yes we see this all the time we have no issue. I also had them update my COE. I notified the loan officer and he responds with “Fantastic” so they remove the funding fee from the loan and proceeds with sending us documents to sign.

  We were sent a pre disclosure on May 26th. We were told we’re good to close on the 9th of June so we proceeded with our move out date and made it to South Carolina. We were staying in an Airbnb for a week until our closing date.

  On June 6th I got a call saying we can’t close they won’t accept the VA ratings memo so we have to move closing to the end of the month. So we tried the route of asking the seller if we can rent the home from him until we can close at the end of the month he said no. It was our last day in the Airbnb and we had no clue what was going to happen so I asked the loan officer how many days we should get another Airbnb they’re non refundable he said until the end of june based on the timeline

  so we went ahead and booked an Airbnb mind you were a family of 5 and living in a hotel is not a great option we also were told it’d be until the end of the month so an Airbnb was just a better option so we could have a sense of normalcy. The seller asked if there was a way he could help and got lindsey graham ( the senator) to send a congressional letter to the VA.

  I received a call from the VA June 9th at 7pm and she let me know they got the letter and that we can use the VA ratings memo they use them all the time. I notified the lender and we got a clear to close for June 14th.

  Now we are out $3500 because the Airbnb is non refundable and they could not let us know ahead of time before we left our home that we would not be able to close on the 9th. I have tried to ask them for help in this situation but all the loan officer is saying is it’s not my fault I did nothing wrong I told you from the beginning that it wasn’t good enough but you wanted to proceed. That is not true at all. We had no knowledge the lenders underwriters would push back on the VA ratings we were strung along this whole process with them telling us all the paperwork is good and now we pretty much threw away $3500 and they do not care about the situation they put us in we have 3 small kids and this has just been an extremely difficult process with this company.

  When I also mentioned to the loan officer that I had spoke to the VA myself they said they never received my loan file his response was “I don’t know what that means” so how could they “push back” on something they were not given a chance to look at.

  Our closing date never should have been cancelled and we should have never had to spend money on an Airbnb because they neglected to send the loan file to the VA for approval.

  Business response

  06/29/2023

  To whom it may concern:

  
  Thank you for escalating Mr. ********* ********** (“Borrower”) concerns to our offices. The documents submitted to our attention by the BOFI were escalated to Lower’s Compliance and Customer Care Departments for review.  After a thorough investigation and consultation with the relevant parties involved with the transaction, I would like to provide an explanation of our actions in accordance with federal regulations and VA guidelines.

  
  Firstly, it is important to note that as a lender, we are obligated to comply with federal ability-to-repay regulations, as outlined in 12 CFR §1026.43 et seq. These regulations require lenders to exercise appropriate due diligence to ensure that customers can repay the proposed mortgage debt responsibly. Our actions were in accordance with these regulations to protect both the Borrower’s interests and our institution's obligations.

  
  Furthermore, with regards to the "VA ratings memo" mentioned in the complaint, it maintained conspicuous disclaimers stating that any disability compensation referenced in the memo was an estimate and not a final amount. In light of this information, enhanced due diligence was necessary due to the Borrower’s elevated debt-to-income ratio (approaching 60%), which could potentially impact his ability to manage the mortgage payment responsibly.

  
  In accordance with VA’s published underwriting guides for disability income, it is stated that the disability claim is to be "completed." Since the memo referred in this matter indicated that the disability income was "estimated" and "not final," it was reasonable for us to conclude that the amount provided was not the final disability income. Furthermore, as the Borrower had new employment without a history of earnings from the new position, Lower’s Underwriting Department followed VA guidance and requested the final disability amount from the VA to ensure that there would be no change to the estimated disability income. This was done in order to prevent putting the Borrower in a potentially poor financial position.

  
  We were pleased that our offices received the final disability amount from the VA on June 9th, and based on this information, the Borrower’s transaction was approved and subsequently closed. It is important to note that no commitments to lend or loan approvals were issued to the Borrower until the loan was fully unwritten and approved, in adherence to our internal policies and procedures.

  
  After thoroughly reviewing the complaint with all associated parties involved, we could not identify any policy or procedural disparities in our handling of this matter. Our actions were in line with federal regulations, VA guidelines, and our commitment to responsible lending practices.

  
  Additionally, I would like to emphasize that our licensed employees consistently strive to apprise our clients of the underwriting requirements and provide regular updates as the transaction progresses through the origination process. We understand the importance of clear communication and transparency in ensuring a smooth and efficient mortgage application experience.

  
  Furthermore, our team is dedicated to meeting projected settlement dates and closing deadlines to the best of their abilities. While unforeseen circumstances can occasionally arise, we make every effort to adhere to the agreed-upon timeline and keep our clients informed of any potential delays or changes.

  
  We value Mr. ********** business and take all customer feedback seriously. We understand that the mortgage application process can be complex and occasionally frustrating. We apologize for any inconvenience or confusion he experienced along the way.

  Customer response

  06/29/2023

  [If you do not say why you are rejecting the company's response, BBB must close your complaint.] 
  
  Complaint: 20213169
  
  I am rejecting this response because: I think you have a lot of wrong information my disability claim with the VA is not complete the estimated ratings are not “final” just yet you also did not receive anything on June 9th regarding A completed claim that would be impossible because my last day in the Army was June 27th  and I can’t “double dip” and receive VA disability and Active duty pay at the same time so there was no way they received a completed disability claim. This is not about debt to income or any of that this is about your loan officer telling us we are closing on the 9th and us asking multiple times are we good and so we proceed with our move and then get told 2 days before closing we cannot close until the end of the month causing us to have to pay $3500 in an Airbnb for our family to live comfortably. Take responsibility for that. 
  
  Regards,
  
  ********* ********

• Initial Complaint

  05/12/2023

  Complaint Type:

  Service or Repair Issues

  Status:

  Answered

  More info

  We sent a personal check for a large sum to pay off our loan. The check was deposited by Lower. However, they never credited our account. We have called over 5 times and e-mailed several times. We have not gotten a resolution or a call back from the company. Our loan is still not showing the monies. We have already sent copies of the deposited check to Lower.

  Business response

  05/23/2023

  First and foremost, we wanted to thank the ****** Family for allowing us to respond to their concerns. It is of our utmost importance to ensure our clients are fully satisfied with their experience at Lower LLC. Lower LLC takes all its customer feedback seriously and our Company strives to achieve an exceptional level of satisfaction with all its borrowers. Accordingly, the Care Department and the Servicing Team reviewed the contents of the ****** Family’s concerns with respect to the check they mailed in to pay off their loan.
  
  Due to the check not being certified funds nor a wire from an ordered payoff. The Servicing team did need additional documentation to confirm the funds did clear the bank.
  
  Our Servicing time was able to complete their research and post the funds to the Wright’s Mortgage completing their payoff.
  
  The ****** Family is welcome to contact our servicing team with any further questions.
  Email: *************************
  Phone: ###-###-####

• Initial Complaint

  05/11/2023

  Complaint Type:

  Billing Issues

  Status:

  Answered

  More info

  I have excellent credit and 100% timely payment history. My experience with previous lenders in the last 3 years has been 100% easy. I paid my mortgage by the due date for two years and there were no worries. While my monthly payment would increase, due to increased escrow payments after an increase in property tax and/or insurance, the increase at most would be $10-$20.

  Lower LLC is the worst financial company in which my mortgage has been sold to. I’ve accrued three late payment fees since being with them only a year. After their recent escrow analysis, and due to what I was told by Lower management was an error on either their behalf, my monthly payment has increased by $200 as of June 1.

  Additionally, Lower’s customer service on the management level (***** **** & ********* ******) is (word rejected) poor. The late payment fees started last year a few months after my mortgage was sold to Lower. When I called Lower the first time, the rep verified I submitted the payment on time and waived the fee. When it happened the second time, I paid the fee.

  I called not too long after paying the fee and spoke with a rep who informed me many customers complained about Lower’s payment processing (early/late). She stated in the future if it occurred, reach out to her and she would waive the fee. It did not happen for a while but when it did, I reached out and of course could not get her on the phone. I spoke with **** (very nice). She stated her supervisor ***** ****, stated I should email documentation from my bank stating Lower showing the date Lower ran the payment.

  As instructed, I did so and did not receive a response. When I followed up on 4/19, I spoke with **** again. She transferred me to ***** **** (****** supervisor). Initially ***** restated what **** previously informed me-I needed documentation from the bank. When I informed *****, this was previously sent, the conversation quickly changed to refuting the information provided by the bank. She then became unprofessional and thought she would attempt to scold me and humiliate me by starting her comments/questions with,” I’m not trying to be funny”. This conversation quickly got out of hand.

  Fast forward, 5/10/23, I received a notification of Lower’s escrow analysis stating escrow was $1,386.00 short, and increasing my monthly payment to $200 as of 6/1. I thought for sure this was a mistake as the mortgage company has the responsibility of providing the customer with the required escrow amount to be paid monthly. This is not decided by the customer or a multiple-choice option.

  When I reviewed my 2022/2023 property tax and insurance renewal, the total increase between the two totaled ($368; app.$31/mo.). The escrow analysis also included my escrow payment history and disbursements (tax and insurance) for the timeframe of 4/2023 of 5/2023. Based on the payment history, all disbursements were paid in full with the current monthly escrow amount. Additionally, the escrow analysis included an estimate for 6/2023-5/2024 escrow disbursements, using the current tax and insurance figures, but with higher escrow payments (increase of $200).

  I immediately called Lower. Their hold message warned of high call volume due to the recent escrow analysis. Evident there are many customers not happy. The first rep I spoke with *****, was honest stating she was learning the escrow process and after a while of her typing and chatting to get answers for my questions, she realized she couldn’t properly help me and transferred me to ***** ****. Yes, just my luck I was transferred to ***** again. After several minutes of ***** explaining to me how Lower hired her as a manager, because she was such an expert at escrow with her previous employer, she then began to give explanations of my increase that made no sense, and I was able to refute. ***** finally gave up with the excuses and informed me, when transferred to Lower, Lower mistakenly calculated my monthly payments, based on an outdated homeowner’s insurance policy (policy rate at the time of closing in 2021), and decreased my payments.

  Hence in her words, I now must “play catch up” to avoid my escrow account going into a negative. This is unheard of- a company miscalculating escrow and using incorrect information to do so. To add insult to injury, once I began questioning ***** as to how this could happen, I could hear her typing and chatting. She became unprofessional yet again, and finally informed me her supervisor ********* ****** instructed her to end the call as we had been on the call for an hour. Further, if I did not understand or had additional questions, I needed to send an email. WHAT?!?! I am a paying customer who is asking for an explanation/understanding of where my money is going and how this error in escrow occurred, and I’m told to email???? This is unacceptable.

  Business response

  05/23/2023

  First and foremost, we wanted to thank Ms. ******* for allowing us to respond to her concerns. It is of our utmost importance to ensure our clients are fully satisfied with their experience at Lower LLC. Lower LLC takes all its customer feedback seriously and our Company strives to achieve an exceptional level of satisfaction with all its borrowers. Accordingly, the Care Department and the Servicing Team reviewed the contents of Ms. ********* concerns with respect to her escrow account and payment history.
  
  Our Servicing Manager was able to speak with Ms. ******* and offered a solution adjusting her escrow shortage and provided information on how to setup autopay for her mortgage payments.
  At this time we believe Ms. ******* is satisfied with our solution.
  
  Ms. ******* is welcome to contact our servicing team with any further questions.
  Email: *************************
  Phone: ###-###-####

• Initial Complaint

  05/10/2023

  Complaint Type:

  Customer Service Issues

  Status:

  Answered

  More info

  I refinanced my home loan with Lower.com in June 2022. They did not use the money at closing for escrow to pay the property insurance. My property insurance went delinquent in January 2023. When I filed a complaint with Lower.com requesting they use the designated funds from closing to pay property insurance they sold my loan to another mortgage financer and drained my escrow (which was supposed to be for 2023 insurance and taxes) to pay delinquent property insurance. Now my new escrow account is almost nothing and my property insurance bill is due in June 2023. My new mortgage company raised my escrow payment by $500 to cover the loss of escrow. Lower.com sends me to various customer service reps when called and say they will make it right but have yet to do so.

  Business response

  05/19/2023

  We thank Mr. ***** for raising loan concerns to our attention. After a review of the complaint regarding the purported issues consummating his transaction from 2022, we can understand Mr. Hayde's frustration. We were able to research and locate a copy of a cleared check that was sent by the 3rd party title company to the insurance company. We have provided a copy of the cleared check. 

  If Mr. ***** has any additional questions, he can contact us directly at ************** 

  Thank you

*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. ↩