Consumer complaint received 2021-07-07
Company: Better Mortgage, Inc.
State: TN
Product: Mortgage
Sub-product: Conventional home mortgage
Issue: Closing on a mortgage

Complaint:
I am writing this to let you know that I am highly dissatisfied with services provided by Better mortgage. 

Sorry to say but the kind of services Better Mortgage is providing to their customers is unacceptable. I will definitely write my feedback and will share the experience with the top leadership of Better Mortgage. 

Firstly, it all started with getting the property checked for appraisal. It was discussed with me several days ago that appraisal will be done for the property but never scheduled on time and conducted 3 days prior to closing due to which my closing date was at risk. I requested the appraiser to share the report asap in a day so I can meet the closing date. 

Secondly, at the last minute I am given the new rate table and asked to finalize in 15 mins to meet the Monday closing. 
I called in the first week of XXXX and informed Better Mortgage that the property will be used as an investment property instead of Primary residence. Two days prior to closing I am given new rate of interest and asked to decide with in 15mins. 

Thirdly, why do they inform customer at last minute. New closing date XX/XX/XXXX was at risk and I am informed one day prior to closing on XX/XX/XXXX. I had to involve their customer support team lead to get the closing on time. Title company did not received wire money from Lender till XXXX CST on XX/XX/XXXX though closing date and time agreed was noon on XX/XX/XXXX. Closing disclosure had incorrect escrow calculation and I was charged around {$140.00} extra each month that I had to correct while I was reviewing the documents at closing company. 

I am told at the beginning of each call that line are recorded. They have all the recordings to check and validate what/why/where/how/when things went wrong. 

Here is what I have discussed with Better Mortgage, From day one my intent was to lower the rate of interest whether it is for 10 or 20 or 30 year term. I am ready to accept the loan for 30 year but the interest rate difference is too much from what I locked initially with the company. Why should I suffer because of company 's internal issues? I will be paying XXXX extra as interest due to change in loan terms. Better Mortgage can't present this to me at my last minute. 
I understand investment rates are slightly higher but they should have presented me with the new rate table when I updated the Occupancy clause. They assigned thousands of tasks during the loan process but none of them discussed the investment rate of interest. I requested Better Mortgage to give me the lowest rate of interest ( 3.37 % ) and waive off the point fee of {$5900.00} as a part of compensation for the mistake that happened by their team. 

Below is the series of interactions that happened with Better Mortgage. 
XX/XX/XXXX : Initial Loan estimate was provided and Locked XX/XX/XXXX : Notified Better that I plan on using the property as Investment property XX/XX/XXXX : Occupancy clause was updated in the loan estimate and rate was locked XX/XX/XXXX : Appraisal discussion happened with Better XX/XX/XXXX : Appraisal visit was scheduled for XX/XX/XXXX XX/XX/XXXX : Appraisal was completed and report provided same day XX/XX/XXXX : XXXX XXXX  CST - Rate of interest changed due to which I couldn't close on XX/XX/XXXX XX/XX/XXXX : XXXX concession provided by Better Mortgage XX/XX/XXXX : Initial closing date that was not met. Requested Better Mortgage to proceed as I need to close property at earliest and decided new date as XX/XX/XXXX. 
XX/XX/XXXX : Better Mortgage inform that closing for XX/XX/XXXX is difficult to meet. 
XX/XX/XXXX : New closing date Let me know if you have any questions.

Company response to consumer: Closed with explanation