Consumer complaint received 2021-03-10
Company: CALCON MUTUAL MORTGAGE LLC DBA ONETRUST HOME LOANS
State: VA
Product: Mortgage
Sub-product: Conventional home mortgage
Issue: Applying for a mortgage or refinancing an existing mortgage

Complaint:
I had two refinance mortgages in process with CalCon Mutual ( One trust Home Loans ) and in the process of reviewing the application I was informed that they would not be able to execute one of my two loans. It was a XXXX XXXX refinance for a primary home. On XXXX XXXX I had a call with the loan officer of record and was informed that a commercial loan XXXX and my wife had would count against me under their guidelines as a " personal '' financed property and that my only option was to pay off a smaller investment property with cash to free up the space to finance my primary. 

After a lengthy discussion and obvious frustration on my part, because the commercial loan is not in our names personally as indicated by the documentation provided, I told the loan officer that I would just move on.

About 30 seconds after the call ended I text the loan officer back and indicated to cancel the investment refi as well. About 5 min later I received notice from the loan officer that he was mistaken and the loan had not been reviewed for exception yet and did I want to hold off until that information was received. My response was in the affirmative. To hold off on all cancelations until we heard back. 

On XX/XX/XXXX I asked if there was any update via email to which I got a " Nothing Yet '' reply. 

Roughly the 5 days later I received notification in their loan portal of notice of cancelation for both loans. To that point, I never requested cancelation of the Primary loan, only the Investment. I also should have received a notification of Denial for the primary not cancelation. Lastly, I should not have received that at all since according to all communication I was still waiting on a reply on the exception. 

I received a reply from a corporate employee that indicated that the LO made a large mistake and was likely to be replaced as 'this would have never happened if a good LO was doing the loan '. 

On roughly XX/XX/XXXX I send the text message information to the corporate office for review. On XX/XX/XXXX I follow up again. 

Today is XX/XX/XXXX and upon checking again, I was informed that I would need to communicate with the XXXX. Upon being added to the email chain I was informed that nothing would be done. 

The additional background here is that I had this company do a purchase prior to this and was in the process of also exploring employment with them. Seeing how all of these loans were handled I had informed that that I was not interested in employment with them as I didn't feel there was a quality match. Again paraphrase. Upon notifying them of this decision, The loan simply stopped and all consideration ended. I would hate to think that this effected the review of the mortgage for accuracy in underwriting and closing but the timing and circumstances are certainly suspect at best. 

I also received notification that they were covering rate lock extensions and with the market turning it was getting expensive. I would suspect that hedge cost was also a consideration in the decision as the delay was not borrower related. 

This loan was to be a 2.875 % 30 year fixed on a XXXX primary loan. ( roughly ) The savings represents more than {$800.00} a month in interest and I certainly worth fighting for. 

The bottom line is that considering the communication I received, I strongly believe a mistake was made and the loan should not not have been denied. I also believe that it was inaccurately handled with regard to withdraw with denial and for those reasons I am asking the CFPB to open a case file and review the chain of events. 

I attached documentation from the corp employee indicating that a mistake was made in consideration of the commercial loan. See email from XXXX XXXX to me on Wednesday XX/XX/XXXX at XXXX For this reason alone, I strongly fee the loan should be reinstated and allowed to close as planned. 

I attached the " Notice of Denial '' which you can also see is incorrectly formatted to show Borrower requested cancelation. That is not accurate. I expressly wanted to continue and voiced that in the text message of which you have a copy attached. ( I am the thumbs up reply ) And again, I was told the loan was being denied and as a result only requested cancelation of the XXXX XXXX XXXX.

Company public response: Company disputes the facts presented in the complaint
Company response to consumer: Closed with explanation