ComplaintsforLower.com

• 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

• Initial Complaint

  05/01/2023

  Complaint Type:

  Billing Issues

  Status:

  Answered

  More info

  We have been with lower for almost 2 years. All was ok until we were approved for a forebearance due to my husband cancer diagnosis so we had full approval with all back up documentation on when to start payments again. We started the payments again at that time and then a couple months later they sent us a letter that our account was behind due to unpaid months which was not true! After contacting them multiple times and going back and forth they found their mistake and corrected it. Leaving us having to fix our own credit!! after that all was ok for almost 4 months and then IT HAPPENED AGAIN! SAME ISSUE! SAME THING! only this time, no letter stating anything was wrong. ANd a woman showed up at my doorstep checking "who lived here" from Lower. After we called they said same thing...supposedly unpaid months but we have receipts for everything and copies of all the checks. AGAIN they screwed up our credit and we are being passed around from collections to customer service, im sending certified letters and no manager can make themself available to us when we call. THis is unacceptable!! I FEEL LIKE THEY ARE TRYING to be deceitful with our loan and are trying to pull something on us. Im ready to go to a lawyer next !!!

  Business response

  05/23/2023

  First and foremost, we wanted to thank Mr. ******* for allowing us to respond to his 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 your concern with respect to your payment history and credit.
  
  Our servicing team was able to review Mr. *******’ complaint and submitted a credit correction updating the credit for September and August 2022. Thereby removing the delinquencies that were reported from the forbearance.  Mr. ******* should see the updated credit reflect in 30 – 45 days.
  
  Mr. ******* is welcome to contact our servicing team with any further questions.
  Email: *************************
  Phone: ###-###-####

• Initial Complaint

  03/27/2023

  Complaint Type:

  Billing Issues

  Status:

  Answered

  More info

  On 2/7/23 Lower received a payment of 1887.38 which was placed in suspense balance for my mortgage. Shortly after my loan was transferred to ****** ****. The new servicer has not yet received these funds causing my note to now be 21 days past due.I would like my funds transferred to the new servicer immediately.

  Business response

  03/27/2023

  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 reviewed the contents of your concern with respect to your payments and loan servicer transferring to ****** **** ******* (**********).
  
  On February 7th, 2023, Ms. ******** submitted a payment of $1,887.38, or half of her total payment due for March 2023 for $3,774.76. These funds were placed into suspense, as it was not the full payment due. On March 1st, 2023 Ms. ********** loan was transferred to ****** **** *******, with loan number ********** for a balance of $470,250.00, as Ms. ********** first payment was due to ****** **** *******. As of March 23rd, 2023, Ms. ********** funds of $1,887.38 were wired to ****** **** ******** Wire confirmation **********************.
  
  Ms. ******** is welcome to contact ****** **** ******* to confirm the funds received and applied to her account.

  Business response

  03/27/2023

  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 reviewed the contents of your concern with respect to your payments and loan servicer transferring to ****** **** ******* (**********).
  
  On February 7th, 2023, Ms. ******** submitted a payment of $1,887.38, or half of her total payment due for March 2023 for $3,774.76. These funds were placed into suspense, as it was not the full payment due. On March 1st, 2023 Ms. ********** loan was transferred to ****** **** *******, with loan number ********** for a balance of $470,250.00, as Ms. ********** first payment was due to ****** **** *******. As of March 23rd, 2023, Ms. ********** funds of $1,887.38 were wired to ****** **** *******. Wire confirmation **********************.
  
  Ms. ******** is welcome to contact ****** **** ******* to confirm the funds received and applied to her account.

• Initial Complaint

  02/07/2023

  Complaint Type:

  Service or Repair Issues

  Status:

  Answered

  More info

  I was working with a loan advisor **** M. He failed properly communicate I contacted several times by phone and via text message. There has been no response. This company is horrible their communication is terrible. I also contacted their customer service and this was even worse. I spend over $600 when **** knew that the loan would not be approved he wasted my time and my money. I took a hard inquiry in my credit when there was no intention of funding a loan. I would like a refund and an apology from **** personally for his lack of communication.

  Business response

  02/15/2023

  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 reviewed the contents of your concern with respect to your loan application and experience.
  
  On January 05, 2023, Ms. ************ applied for a refinance with our Loan Originators for a loan of $527,065.00 based on preliminary information. Subsequently, an appraisal was ordered on January 06, 2023, through a third-party Appraisal Management Company to confirm the value of the subject property. On January 18, 2023, The appraisal was completed and the value, unfortunately, came back at $595,000 which fell short of the value needed for Ms. ************ to complete her cash-out refinance. Due the appraisal being a direct 3rd Party fee we are unable to issue a refund for services completed.
  
  If any loan products come available on the market that allows for different guidelines regarding Loan-to-Value, or Debt-to-Income Ratios, we are sure to contact Ms. ************ accordingly.

  Customer response

  02/15/2023

  [If you do not say why you are rejecting the company's response, BBB must close your complaint.] 
  
  Complaint: 19345726
  
  I am rejecting this response because: I spoke with the customer service representative and ***** and he was supplying help with getting my money back. This company is wasted my money and my time. The representative **** has not followed up and spoke with my about this account. No one wants to take accountability for the mistakes and a lack of communication. I would like to proceed with the loan. And no one is contacting me back. This is unacceptable. 
  
  Regards,
  
  ******* ************

• Initial Complaint

  12/09/2022

  Complaint Type:

  Customer Service Issues

  Status:

  Answered

  More info

  I sold my old House in Manassas on 10/14/22. I checked that morning on the Lower.com Loan Portal to make sure I got the amount of the left over Escrow. I wanted to check again that night and the Account said "Paid In Full" and wouldn't let me see any more information. I waited a couple of weeks then called Customer Service to see what the Status of my Payout was. The Rep said it was mailed on October 21st and give it 7-10 Business Days. Since it was still within that Time Window I said I would wait. I waited a month then called Customer Service on 11/28/22 to ask for the status of my Escrow Balance Check. She said she didn't have my Current Address on File and that is what probably is holding the Check up. That's funny since all my other Mall got Forwarded to my New Address with no problem. Just somehow not this Check. I gave her my New Address Information and she said the Check will be re-issued for the new House Address. I am at the new 10 Business Day mark and NO CHECK! Next week it will be two Months since I closed this Loan and still can't get my Money! These companies are quick to take your Money but extremely slow to give it back.

  Business response

  12/18/2022

  Mr. ******:
  
  First and foremost, we wanted to thank you for allowing us to respond to your 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 and Servicing Department reviewed the contents of your concern with respect to your payoff, escrow refund disbursement, and the chain of events.
  
  On October 14, 2022, your loan was paid in full, from the sale of your home located at ***** ******** ***** ********* ** ****** On November 7, 2022, an escrow refund check was mailed to the mailing address on file, ***** ******** ** ********* ** *****. On November 21, 2022, you called our servicing team to inquire about your escrow refund check. Approximately a week later you reach out to our servicing team on November 29, 2022, to follow up on your escrow refund check. It was identified that the mailing address needed to be updated. Your mailing address was updated to ***** ******** ***** *********** ** ****** On December 9, 2022,  you submitted your complaint to the Better Business Bureau, which was shared with our servicing team for review.
  December 12, 2022, our servicing team reached out to you to obtain wiring instructions to wire your remaining escrow funds to you. On December 13, 2022, your remaining escrow funds were sent to you via wire.
  
  Mr. ******, we sincerely apologize for any unmet expectations regarding your experience relating to the servicing of your mortgage loan. You are welcome to reach out to our offices directly if you have any additional questions.

• Initial Complaint

  12/05/2022

  Complaint Type:

  Billing Issues

  Status:

  Answered

  More info

  We refinanced our mortgage with ****** **** ******* ****** *** back in June. They then sold off our new loan to ******* ***. We made 2 payments totaling $2,620.98 to Lower, LLC only to be met with a delinquency notice from Andrews in the aforementioned amount. The money was never transferred to the new servicing lender and despite multiple calls to recover my money Lower has failed to make any resolution. They continue to tell me 7-10 business days only for there to be no additional loan activity two weeks later. All the while Lower is holding on to my money interest free and we had to pull out of savings so as not to have any late fees.

  Business response

  12/12/2022

  Mr. ********:
  
  First and foremost, we wanted to thank you for giving us an opportunity to respond to your 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 and Servicing Department reviewed the contents of your concern with respect to the payment history and the chain of events.
  
  As stated in your complaint, you completed a refinance transaction in June 2022. Your first payment to Lower LLC was due for August 2022, which you made on August 1, 2022, for $1,310.49. Your loan was purchased by ******* ***, on July 18, 2022, with a first payment due to ******* *** on September 1, 2022. On September 1, 2022, you made a payment to Lower LLC, and subsequently, your loan was transferred to ******* *** with the principal payment of $270,019.01. As noted, you communicated with the servicing team on October 10, 2022, and November 10, 2022, in regard to your payments being sent to ******* ***.
  December 7, 2022, your September 2022 payment was transferred to ******* ***, after escalating to the servicing manager.
  
  Mr. ********, we sincerely apologize for any unmet expectations regarding your experience relating to the servicing of your mortgage loan. You are welcome to reach out to our offices directly if you have any additional questions.

• Initial Complaint

  11/23/2022

  Complaint Type:

  Billing Issues

  Status:

  Answered

  More info

  I pay my mortgage with an automatic electronic payment every month on time. Lower started sending bills stating I was three months behind on my payment. I worked with customer service to track down the payments. I sent them proof that the money left my account and went to Lower electronically. The issue was never fully resolved. I keep getting bills stating I am one or two months behind on payments. Today I got a call from their collection department. This is silly. I have proof that I paid. Why they are unable to locate the payment needs to be resolved. My bank has verified that they sent the money to the correct account. I don't know what else to do. We need to resolve this situation. Get rid of the late fees and undo any negative credit reporting.

  Business response

  11/29/2022

  We thank Mr. ***** for raising his loan concerns to our attention. After a review of the complaint regarding the purported issues regarding his payments, we can understand Mr. ***** frustration. Given the contents of the submission, we are completing an audit to identify any disparity and provide remediation options once the analysis is concluded. We will provide updates as they occur and request any additional details from Mr. *****. Our offices have every desire to conclude this matter as quickly as possible and first we must complete a full investigation of all of the facts surrounding the matter. Thank you

• Initial Complaint

  11/22/2022

  Complaint Type:

  Customer Service Issues

  Status:

  Answered

  More info

  I was lied to about my type of loan. I was supposed to get a fixed rate. I also made a phone call right in the middle of signing my paperwork to **** **********. He said it was a fixed rate. Why would we agree to an adjustable rate to lower our payments. I didn’t see anywhere where the rate was adjustable and just took his word. I did 2 loans and signed several documents but apparently they sold my loan to another company. As the rates keep going up so does my payment. Now we can’t afford this loan and now probably will lose our house. What an unethical way of doing business.

  Business response

  11/23/2022

  On January 27, 2022, Mr. ****** applied for a refinance and HELOC combination product. The combination product allowed Mr. ****** to borrow up to 90% equity from his property, as compared to traditional standalone HELOC products that generally limit loan-to-value ratios to only 80%.
  Federal and state disclosures were sent to Mr. ****** was sent initial disclosures that were signed on January 27, 2022. This included documents of “What You Should Know About Home Equity Lines of Credit”, “Important Term of Our Home Equity Line Of Credit”, and “Acknowledgement of Receipt of 'What You Should Know About Home Equity Lines of Credit' (HELOC)”. The required disclosures listed the various terms and conditions of the transactions, along with good faith estimated costs of nominal settlement services.
  On February 1, 2022, Mr. ******** application was sent to our operations staff for review before being submitted to underwriting. On March 15, 2022, Mr. Strawn’s application was approved, and Mr. ****** signed the closing documents on March 19, 2022.
  At the time of settlement, on March 19, 2022, Mr. ****** received the Notice of Right to Cancel. This federal disclosure details Mr. ******** rights under the Truth-in-Lending Act (TILA) to cancel his loan within three business days following settlement, at his discretion1. The disclosure states that Mr. Martin has a legal right to cancel his loan, without cost, no later than midnight of March 23, 2022.
  Mr. ****** chose not to exercise his rights under TILA, and Mr. ******** new mortgage and HELOC were subsequently funded following the recession period. The funding on the loans allowed Mr. ****** to receive $87,374.30 cash-at-closing and effectively removed his existing monthly mortgage insurance.
  We have included the prime rate history for 2022 which affects the Index portion of Mr. ******** HELOC.  We understand Mr. ******** frustrations with his HELOC rate increases over the past few months.  Unfortunately, the Prime rate increases are controlled by the Federal Reserve. We have included the following table of recent Prime Rate changes for reference.

  On January 27, 2022, Mr. ****** applied for a refinance and HELOC combination product. The combination product allowed Mr. ****** to borrow up to 90% equity from his property, as compared to traditional standalone HELOC products that generally limit loan-to-value ratios to only 80%.
  Federal and state disclosures were sent to Mr. ****** was sent initial disclosures that were signed on January 27, 2022. This included documents of “What You Should Know About Home Equity Lines of Credit”, “Important Term of Our Home Equity Line Of Credit”, and “Acknowledgement of Receipt of 'What You Should Know About Home Equity Lines of Credit' (HELOC)”. The required disclosures listed the various terms and conditions of the transactions, along with good faith estimated costs of nominal settlement services.
  On February 1, 2022, Mr. ******** application was sent to our operations staff for review before being submitted to underwriting. On March 15, 2022, Mr. Strawn’s application was approved, and Mr. ****** signed the closing documents on March 19, 2022.
  At the time of settlement, on March 19, 2022, Mr. ****** received the Notice of Right to Cancel. This federal disclosure details Mr. ******** rights under the Truth-in-Lending Act (TILA) to cancel his loan within three business days following settlement, at his discretion1. The disclosure states that Mr. ****** has a legal right to cancel his loan, without cost, no later than midnight of March 23, 2022.
  Mr. ****** chose not to exercise his rights under TILA, and Mr. ******** new mortgage and HELOC were subsequently funded following the recession period. The funding on the loans allowed Mr. ****** to receive $87,374.30 cash-at-closing and effectively removed his existing monthly mortgage insurance.
  We have included the prime rate history for 2022 which affects the Index portion of Mr. ******** HELOC.  We understand Mr. ******** frustrations with his HELOC rate increases over the past few months.  Unfortunately, the Prime rate increases are controlled by the Federal Reserve. We have included the following table of recent Prime Rate changes for reference.
  
  Date Prime Rate
  March 17, 2022 3.50%
  May 5, 2022 4.00%
  June 16, 2022 4.75%
  July 28, 2022 5.50%
  September 22, 2022 6.25%
  November 3, 2022 7.00%
  
  We sincerely apologize for any unmet expectations regarding Mr. ******** experience relating to the HELOC transaction. Our team will continue to keep him posted of any material changes to his account. The Mr. ****** is welcome to reach out to our offices directly if he has any additional questions.

  
  
  We sincerely apologize for any unmet expectations regarding Mr. ******** experience relating to the HELOC transaction. Our team will continue to keep him posted of any material changes to his account. The Mr. ****** is welcome to reach out to our offices directly if he has any additional questions. 

• Initial Complaint

  11/17/2022

  Complaint Type:

  Service or Repair Issues

  Status:

  Answered

  More info

  My husband and I recently refinanced our home and took out a HELOC of $46,000 to use to pay off some debt, and to use any extra for home improvements. When doing this we stated to loan officer to roll the $10,000 closing cost for the refi. onto the refi. for our home, but what he did instead was put the $10,000 closing cost onto our HELOC. He also sold our HELOC to another company w/o notifying us that this was taking place. We are now left with $10,000 less and did not pay off the debt we wanted paid when we took out the heloc.I have reached out to them numerous times about this and the loan officer does not reply to my phone calls or text messages. We are so frustrated and sickened by this, we just want them to make it right., not sure what to do.

  Business response

  11/25/2022

  To whom it may concern:
  
  On July 21st, 2022, the ******* Family sign to complete a refinance and HELOC with Lower LLC.
  On July 25th, 2022, new mortgage and HELOC were funded, after the 3-day rescission period. The rescission period allows for the ********* to review and confirm their new refinance transaction.
  On November 17th, 2022, the ******* Family a complaint in regard to how their HELOC was structured. Attached is the HUD-1 document that was signed on July 21st, 2022.
  
  Unfortunately, we cannot alter the structure of how their mortgage or HELOC was set up.
  We encourage the ******* to contact their current HELOC servicer, Department of Commerce FCU to see if there are any options to refinance only the HELOC or extend the line of credit.
  
  We sincerely apologize for any unmet expectations regarding ********* experience relating to the HELOC transaction. Our team will continue to keep him posted of any material changes to his account. The ******* Family is welcome to reach out to our offices directly if he has any additional questions.

• Initial Complaint

  11/15/2022

  Complaint Type:

  Billing Issues

  Status:

  Answered

  More info

  When I first contacted Lower, I asked if they offered no closing cost HELOCS. I was very clear that I was not looking for a HELOC that didn't require cash at closing (closing costs folded in). The man I dealt with throughout the process said they did. After we discussed the project, he recommended getting a second mortgage for a portion of the amount, with a HELOC as a backup in case costs went over the expected amount. This made sense because interest rates are going up and we proceeded with the process. I received several disclosures during the process regarding the mortgage, which included normal closing costs. I do not recall ever receiving any disclosures about the HELOC. Additionally, at one point in the process, I asked if I should increase the amount of the mortgage and not get the HELOC. The man I dealt with said I should just go ahead with the HELOC in case there was a need for extra money, so I didn't have to go through the loan process again. In hindsight, this seems to be motivated by collecting an additional loan fee. I was also told that payments on the HELOC didn't need to be made unless we used money, so I was surprised to receive a bill with an interest payment. The lending institution sent me a copy of the HUD, which we did sign, with the closing costs on it. This was certainly an oversight on my part. I didn't look at it closely enough during the closing, but I wasn't expecting surprise closing costs to be added. Additionally, the closing was very rushed, but that's another story. When I contacted Lower, they said the origination charges for the mortgage were waived, but not for the HELOC. This was never mentioned during the mortgage process. I paid $4312.50 in origination charges on the mortgage. I'm fine with that - it was all disclosed prior to closing. I would like the application and origination fee of $2395 charged on the HELOC refunded. I was not made duly aware of these charges during the loan application process

  Business response

  11/18/2022

  To whom it may concern:
  
  On August 26th, 2022, the **** Family completed refinance with a simultaneous HELOC.
  On November 8th, 2022, ***** **** reached out to Lower’s Customer Care in regard to their experience.  Lower’s Customer Care agent responded to the email (******** ********** **** ****** ***********.
  On November 9th, 2022, ***** **** reached out again to Lower’s Customer Care department.
  Lower’s Customer Care agent responded to the email (Subject: [********* ************
  On November 14, 2022 ***** **** reached to Lower’s Customer Care in regard to their experience, and lack of response. Lower’s Customer Care agent responded to the email and updated the email subject line (Lower LLC Customer Care | Regarding your HELOC). At this time Mrs. **** responded after Lower’s operating hours, and received a response on November 15, 2022.
  Mrs. ****** concerns were escalated to the Branch Manger to review.  On November 15th, 2022, the Branch Manager approved funds of $2,395 to send to you in Good Faith to cover the HELOC origination charges.  Tracking Number: **** **** ****
  We sincerely apologize for any unmet expectations regarding ****** experience relating to the HELOC transaction. Our team will continue to keep him posted of any material changes to his account. The **** Family is welcome to reach out to our offices directly if he has any additional questions.
  
  
  Sincerely,
  *************
  Customer Experience Manager
  Care Phone: ###-###-####
  Care Email: **************

*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. ↩