Consumer complaint received 2018-11-07
Company: TD BANK US HOLDING COMPANY
State: FL
Product: Mortgage
Sub-product: Conventional home mortgage
Issue: Closing on a mortgage

Complaint:
During the month of XX/XX/2018 I started seaching for a new house and was referred to TD bank by an employee I know. He specifically referred me to a loan officer. During the Month of XXXX I submitted an offer for the house I chose for $ XXXX which made qualify for a promotional rate of 4.5 % with 1/8 of a point, which I locked. 
A week and a half after, the appraisal came at $ XXXX. Since the offer was contigent on appraisal, I offered the owner $ XXXX, which he accepted. The loan officer mentioned that he might not be able to keep the same rate and the rate would be higher. However, the following day he stated he got an excetion to keep the original rate in order not to have to re do everything. Following that, I received the lock rate agreement with the same rate 4.5 % with 1/8 of a point for the new amount to be financed ( $ XXXX ) based on the new sale price of $ XXXX. 
During the month of XXXX, I received a new lock rate agreement for the $ XXXX with a higher rate of 4.875 with 3/8 of a point. I believed that was a mistake since the loan officer had stated he was able to get the original rate, so I did not sign it. 
Closing had been set for XX/XX/2018. On XX/XX/XXXX I received the Closing Discloure draft and it had the higher rate ( 4.875 with 3/8 of a point ). I inmediately raised the discrepancy to the loan officer and he said that he had not send the initial lock rate and asked me who had And I forwarded the informatikn to him. He then replied that the person was out of office and that he would check the next day. On Friday he said that bank would not change anything as that was the rate ( which was not the one I had signed ). On monday, XX/XX/XXXX I contacted him and his manager to request an escalation of this issue. Closing date came ( XX/XX/XXXX ) and I did not hear any update from any of them, and was left with no option than to sign/ close under duress as I did not want to lose the house and risk any additional financial burden. 
Two hours after closing, the loan officer called me and asked me if I would consider a rate change to 4.625 %. I replied via email stating that I did not think that was fair as it was a higher rate with 3/8 of a point which I paid at closing. 
I was told that the team were reviwing the issue. It was not until Monday, XX/XX/XXXX when the loan officer emailed me claiming that since I had agreed verbally ( which is inaccurate ) and viewed the second lock rate ( which I did not approve as it was not what the officer had mentioned ) the bank will not proceed with any changes and would only refund the appraisal cost and underwritter fee. To me that is not a fair outcome and I had no option but to state that if that was the final outcome of the investigation I have no option but to accept it. I also mentioned I did not feel it was fair as I am sure the investigation revealed many gaps in their internal processes which created the confusion and instead resolving them they are taking the easy and unfair resolution which is to penalize the end user

Company response to consumer: Closed with explanation