Consumer complaint received 2021-04-16
Company: Brightfunders, LLC
State: CA
Product: Mortgage
Sub-product: Conventional home mortgage
Issue: Applying for a mortgage or refinancing an existing mortgage

Complaint:
On Wednesday XX/XX/XXXX I applied for a mortgage refinance with XXXX. XXXX XXXX acknowledged the application and we finished signing the initial refinance documents on XX/XX/XXXX. A signed copy of the refinance documents arrived at my home a week later. On XX/XX/XXXX I submitted my credit card information to pay upfront {$500.00} for the necessary appraisal. The appraisal took place on my home on XX/XX/XXXX. 

This is when XXXX became negligent with my financial interest. I did not hear back from XXXX XXXX after the appraisal so I sent a follow up email on XX/XX/XXXX inquiring about where we are at in the process. On XX/XX/XXXX he responded with the following message : " Everything is going well so far. We are in set up for processing and underwriting waiting to get picked up at the moment. I will send another soon! '' This caused me to believe that I was in good hands and that I would be able receive the historically low rate of 2.75 % for my 30 year fixed rate refinance so I did not pursue any other offers. 

On XX/XX/XXXX I still did not hear back from my refinance so I sent another follow up message. XXXX responded with the following : " We are still in the que waiting to get picked up by processing and underwriting. Everything we need is ready to get worked. XXXX is getting to all the loans as fast as they can. '' By XX/XX/XXXX I still did not receive a follow up so I sent another email to check in and cc 'd XXXX XXXX - Vice President of Lending for XXXX so that he would be in the loop. 

On XX/XX/XXXX XXXX responded with the following ; " Just like I said last time, I am doing everything in my power to get this closed ASAP. Because there are loans in front of yours, they are going to be underwritten first just like it is for all clients. I do not have the power to underwrite myself or I would have this thing done already. I understand your frustration with the length of time but I am frustrated as well. I do not get paid unless the loans close so believe me I want this loan to close just as bad as you do. '' By XX/XX/XXXX I still had not received communication and started to feel really uncomfortable because rates were no longer historically low. I checked in by email again and received the following response on XX/XX/XXXX from XXXX XXXX : " Hey XXXX, Your loan is in line to be worked on by underwriting '' On XXXX, XXXX I received the following message from XXXX XXXX : " We got your loan picked up by processing and underwriting '' I confirmed that I was happy to move forward and finally close my refinance, this led me to believe that I was secure moving forward. XXXX responded with the following : " Sounds good. I really appreciate your patience. More updates to come! '' That was the last I heard from anyone at XXXX Since then, neither XXXX or XXXX have responded to my emails or phone calls. My last attempt to contact XXXX was on XX/XX/XXXX I feel that I have been wronged because at every step of the way since XX/XX/XXXX, XXXX led me to believe that my best interest were going to be taken care of. At the time I started the process I was set to receive the following terms : Refinance XXXX at 2.75 %. 
-Monthly XXXX XXXX XXXX  of XXXX -Estimated Escrow of XXXX -Total is {$1400.00}. 
Savings per month : {$150.00} -Savings over 360 months : XXXX. 

Essentially, since I missed the historical low rates at that time. I feel that I have been cheated out of {$54000.00}. I feel that I was left hanging out to dry and my sense of trust has been harmed.

Company response to consumer: Closed with explanation