Consumer complaint received 2023-10-12
Company: Barrett Financial Group, L.L.C.
State: AZ
Product: Mortgage
Sub-product: Conventional home mortgage
Issue: Closing on a mortgage
Sub-issue: Closing disclosure or other related disclosures

Complaint:
To Whom It May Concern, On XX/XX/2023, I received a Closing Disclosure from Barrett Financial Group , L.L.C . with the estimated disbursement date of XX/XX/2023. This Closing XXXX had a charge of XXXX XXXX discount points ( {$1800.00} ) being charged at closing. 

However, on XX/XX/2023, I received a new Closing Disclosure that had a charge of XXXX XXXX discount points ( {$4700.00} ) being charged at closing. There were no changes to the loan amount, interest rate, or any other valid change of circumstance. Also, all of the other costs stayed the same. The discount point charge in XXXX XXXX was the only item that changed between the two CDs. We also did not require a lock extension, as we had over XXXX weeks left on the lock. 

I did not receive anything detailing a change of circumstance, nor did I see any changes in the loan from XX/XX/2023 to XX/XX/2023. As the origination fees have a zero tolerance for changes unless there is a valid change of circumstance, I believe Barrett Financial Group , L.L.C . illegally charged me XXXX XXXX in discount points ( {$2800.00} ). 

On XX/XX/2023 I requested multiple times via email that the Loan Officer, XXXX XXXX, honor the CD from XX/XX/2023, as I had not agreed to any changes to that CD. The Loan Officer refused to honor the XX/XX/2023 CD. The Loan Officer provided no reasoning for his refusal, other than that he wanted the additional compensation ( Specifically, the Loan Officer stated that the discount points were his only source of revenue and that even with the additional discount points he would be losing money by closing the loan. I believe that this may have been another deceitful tactic, with the aim of deterring me from escalating the issue, as my understanding is that Barrett Financial Group , L.L.C . was acting as a correspondent lender, and as such, their fees would typically include much more than just the discount points, and those fees are hidden from the borrower on the CD. ) At this time the transaction was already significantly delayed, and the seller had already agreed to XXXX purchase contract extensions to cover lender delays. The seller threatened to not extend closing a XXXX time. To avoid losing the home, I had no choice but to close the loan, which contained the additional XXXX XXXX overcharge in discount points. 

On XX/XX/2023 I escalated this issue to XXXX XXXX, the Regional Vice President of Barrett Financial Group , L.L.C . I have reached out a few times since. I have not received a resolution. 

As there was no valid change of circumstance, I believe Barrett Financial Group , L.L.C . illegally charged me XXXX XXXX in discount points. Therefore, I am requesting a full refund. 

I have attached key supporting documentation. However, I would be happy to provide any additional supporting documentation, including email or text message communications, to assist in resolving this matter. 

Thank You

Company public response: Company has responded to the consumer and the CFPB and chooses not to provide a public response
Company response to consumer: Closed with explanation