Product: Mortgage

We are reporting a concern we have with a recent transaction with XXXX XXXX XXXX/XXXX XXXX XXXX. We recently ( XX/XX/XXXX ) closed on a 30 year fixed rate loan and had several issues arise that I don't believe were dealt with in a ethical/legal manner. 

We had received pre approval with XXXX XXXX of XXXX XXXX  XXXX and went under contract on our property on XX/XX/XXXX. We knew interest rates were rising so we immediately went to work to lock down our interest rate. On XX/XX/XXXX XXXX sent us over the hard documents showing the 4.5 % interest rate available that day as well as as the fees associated with the loan. We discussed questions that evening as well as the next morning at XXXX via phone. At that time we were told we couldn't lock in a rate until the new rates came out around noon. At XXXX we requested the rates which were given to us as 4.25 % for a 15year and 4.5 % for a 30 year. I called him at XXXX to lock in the rate, but he was unavailable until XXXX. At that time I called him to verbally lock in a rate of 4.5 % for a 30 year fixed loan. At that time he said he would submit the rate lock, he said nothing about needing any other follow up from us or needing us to sign any sort of documentation. 

From there we heard nothing else from XXXX XXXX. We started receiving emails from XXXX XXXX ( XXXX XXXX XXXX ) requesting additional documents and then XXXX XXXX ( XXXX XXXX XXXX ) also requesting documents. We promptly sent over all documentation and checked in continuously to make sure they had everything they needed and nothing else was needed from us. At no point during any of these emails or phone conversations was anything regarding interest rates brought up. 

On XX/XX/XXXX we received an email from XXXX with a few more things we needed to do to finalize our loan, one of these things was " please get with XXXX to get the rate locked. '' Very confused to hear there was an issue with our rate we had locked 3 1/2 weeks prior we immediately emailed XXXX at XXXX. Over the next 2 days we exchanged numerous emails and had a couple phone conversations with XXXX regarding the issue. He acknowledges that the rate should have previously been locked at 4.5 % and reassures us he is working to get the issue corrected. We check in with him several times a day and are repeatedly told it is being taken care of, " almost finished up '', " shouldn't be much longer '', '' for some reason it was not locked when I swear I submitted it. Hang in there I am working to get you the best possible rate ''. By the evening of XX/XX/XXXX we are losing patience with his progress as no resolution has been presented, and call to tell him we want the name of someone else who can help us. He sends us over the contact information for the CEO of XXXX XXXX XXXX XXXX XXXX. 

On the morning of XX/XX/XXXX we call XXXX and explain the situation to her. She tells us she will work with XXXX to find a resolution. At XXXX XXXX sends an email update that " so far working with corp we are around {$60.00} per month difference. '' we voice our concern that {$60.00} per month is {$20000.00} over 30 years. We again email XXXX disappointed in the resolution. XXXX is not disputing that the rate was suppose to have been locked in, but they are unwilling the follow through with it. XXXX 's response was that " there was never any documentation locking a rate. '' XXXX continues to email us that he is working on it. At XXXX we ask him what the worst case scenario is and he tells us that currently the best rate we can get is 4.875 %, but he believes he may be able to get to 4.75 %. At this point we bring up waiving fees to help compensate for the increase in interest rate. My good faith estimate shows {$1200.00} in origination fees and we request they all be waived. At XXXX we email XXXX to ask how long we have to get this issue resolved before it affects our XX/XX/XXXX closing date. She says that they must send the closing documents by XX/XX/XXXX. 

On the morning of XX/XX/XXXX XXXX is still updating us that he is working on a resolution. My husband calls XXXX to try to get a resolution. They discuss an interest rate of 4.875 % with origination fees that can't be waived, but says they can waive the {$350.00} application fee. That is the best resolution they are willing to offer. With just days before closing we have the choice to take this resolution or walk away from the current loan and find another lender ( which would void the current contract on the home as we would not be able to set up new financing in time for closing ). As a military family dealing with the logistics of a 1600 mile move with kids we did not feel like it was in our best interest to start our home search over again. Although we were unhappy with the resolution we decided to sign the new documents they sent over and decided to file a complaint once the process was over. 

Later that evening we review the documents again and realized our closing cost fees had actually gone up not down like expected. Upon closer examination we were now being charged 0.25 points ( {$650.00} ). XXXX had previously told us the 4.875 % was without points, and XXXX had told my husband there were origination fees with the 4.875, but never explained that we were paying for points to lower the interest rate. We send our concerns to XXXX and he agrees the 4.875 % should be with no points. He again tells us he will work on it. By XXXX we are again losing patience and call XXXX. She says there is nothing she can do to help, and offers to let us speak to her CEO XXXX. On a 3 way call XXXX admits that he is embarrassed for the company, but says he is unwilling to sell a loan at a loss to his company. During this conversation we also find out that we can no longer close on our home on XX/XX/XXXX because the loan estimates and closing documents can't be sent on the same day. XXXX offers to transfer our loan elsewhere, but informs us it will take another company atleast 10 days to close on the loan. The call is ended saying XXXX and XXXX with discuss a resolution and follow up in the morning. No other resolution is ever presented. 

My husband and I again discuss our options. We contact another lender to see how long it would take if we restarted the loan process and were told 2 weeks. We have our real estate agent ask the sellers if they would be willing to give us a 2 week extension to find a new lender, they were not. We decide to move forward with the current mortgage company as we felt we had no other choice. 
On the morning of XX/XX/XXXX we compared the closing disclosures sent over on XX/XX/XXXX to the original good faith estimate and found a discrepancy regarding title fees. The GFE listed {$600.00} in titles fees including {$75.00} in lenders title insurance. The closing disclosures listed {$850.00} in title fees including {$250.00} in lender title insurance. I emailed XXXX for an explanation of the difference. On XX/XX/XXXX I forwarded that same email to XXXX and XXXX, none of the 3 ever responded. 

At closing on XX/XX/XXXX my husband was there for over an hour waiting for the lender to wire the money to close. Despite having a confirmation number the transfer didn't come through. The next day we found out the lender wired the money to the wrong account number which delayed everyone getting paid. 
In summary we had a disappointing experience with many lessons learned and in the end we are unhappy with the resolution despite giving the company multiple chances to correct the issue. My 3 main concerns are 1 ) we did not receive the 4.5 % interest rate we locked on XX/XX/XXXX, 2 ) we were charged 0.25 points incorrectly, 3 ) and our questions regarding the title fees was never addressed. The customer service we received is unethical and I am hoping the CFPB is able to address. I hope you can help us come to a new resolution and address the issues we experienced. Please contact me if you need copies of any of the emails or text messages exchanged.