Consumer complaint received 2021-03-11
Company: Freedom Mortgage Company
State: GA
Product: Mortgage
Sub-product: Conventional home mortgage
Issue: Applying for a mortgage or refinancing an existing mortgage

Complaint:
I was contacted by Freedom Mortgage that, as a courtesy, they could reduce my monthly payment without adjusting the term. It was portrayed as a courtesy and not as a full blown refi. There were to be no closing costs and all I needed to do was answer a couple simple questions regarding my current financial status. 

I considered this a great service as I have two loans with Freedom Mortgage, never missed or was late on a payment, and have a credit score over 800. 

On the morning of Thursday XX/XX/XXXX the sales rep ( Badge XXXX XXXX took my info and simply said she would call me back once everything was complete. No additional details or information was provided and nothing further was to be done from my side. 

She called back that same day : XXXX - no voicemail XXXX - no voicemail XXXX - voicemail " Hello this is XXXX giving you a call from Freedom Mortgage. Please give me a call back when able. My number is XXXX. Thank you. I look forward to speaking with you soon. 
XXXX - no voicemail No other messages or calls were received after this. 

Wednesday XX/XX/XXXX A letter is received stating : " We have received your request to withdraw your loan application and have cancelled your application request. '' I made no request to do this. 

Thursday XX/XX/XXXX I call Freedom Mortgage and get transferred to the sales agent above. She states that since I did not contact her within 3 days then she is obligated to cancel my loan. First time ever hearing that requirement. 

PLEASE NOTE : 1. She never stated any timeline to complete this refi process during the phone call review 2. She never stated any sense of urgency or timeline in her one voicemail 3. No message was received via e-mail ( all my information is in my profile including secondary numbers ) 4. No additional follow-up happened after that Thursday XX/XX/XXXX by anyone else at Freedom 5. If there was truly a 3 day window to review this application then why is the letter stating my loan has been cancelled dated XX/XX/XXXX ( TWO days later ) 6. She also stated that because it was on a weekend that the deadline hit that there was nothing she could do. 

MY CONCERNS : 1. My credit was hit 2. I have zero to show for it and a truly negative experience with a company I am in good standing with 3. She is obviously quickly selling loans and not positive financial experiences. Churn and burn sounds like the strategy - which leads to mistakes and people being taken advantage of. 
4. There is nothing but smoke and mirrors with this entire process by Freedom Mortgage 's rep. Hopefully this is not the overall strategy and this is only an error by one rep. 

While there is likely nothing to be done to rectify the impacts of this shady sales experience my hopes is that others can learn and perhaps additional measures can be implemented to ensure proper practices. This likely falls under Reg Z.

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