Consumer complaint received 2021-03-17
Company: WINNPOINTE CORPORATION
State: CA
Product: Mortgage
Sub-product: Conventional home mortgage
Issue: Closing on a mortgage

Complaint:
References : Lender = Interactive Mortgage ( NMLS ID : XXXX ) Loan Officer = XXXX Loan Processor = XXXX Loan Manager = XXXX Loan Director = XXXX Date Issued = XX/XX/XXXX Purpose = Refinance Product = Fixed Rate Loan Type = Conventional Loan ID # XXXX Loan Amount {$580000.00} To whom it may concern Ive had a very unpleasant experience with Interactive Mortgage, the lender, for my home mortgage refinancing. I was made to wait for more than 3.5 months after loan approval and they did not honor the locked-in rate of XXXX %. What is the point of an approved loan, locking in the rates and the contract, if the lender can not honor the locked-in rate to the consumer? Interactive Mortgage caused unintentional delays ( missed emails, phone calls, voicemails, lack of response, people not doing their job ) or intentional delays ( as the rates were an all-time low, they intentionally slowed down as higher interest=better lender commission? ) on my refinance application, which resulted in me losing out on my locked-in rate of XXXX  %. I hereby request them to compensate me for all the stress, time wasted and financial loss Ive suffered because of them. If they had honored the locked-in rate and closed timely : - If wouldve had monthly savings on my mortgage for 4 months ( their delays + the time its taking me now to apply for another refinance with a separate lender ). 
- I wouldve gotten my refinance at a locked-in rate of XXXX %. As of today XXXX XX/XX/XXXX XXXX, the interest rates have increased, and other lenders are quoting me at XXXX %, or more. 
- It wouldnt have hit my excellent credit score. Why unnecessarily do an inquiry and hit consumer credit report if the lender can not close the loan on time? Now, they dont want to reverse the credit check. 
- It wouldnt have resulted in unnecessary stress and wastage of my precious time. 

XX/XX/XXXX The mortgage refinance rates reached an all-time low. 
I wanted to take advantage of the all-time low rates and decided to shop for refinance rates. 
I contacted a refinance lender. 
Surprisingly, without even contacting them, I also received an offer from " Interactive Mortgage by mail, offering me a low refinance rate. 
I received formal rates from several competitive lenders, including Interactive Mortgage. 
All the rates at the time were low and close to XXXX %. 
I opted for refinance from Interactive Mortgage, because they offered me XXXX %, compared to the next best 2.675 %. Both XXXX discount points and no cost. 
The application/paperwork was created and completed during the XXXX time frame. I submitted the required documents on XX/XX/XXXX, signed a disclosure contract with Interactive Mortgage for a locked rate of XXXX % and it was submitted for processing on XX/XX/XXXX. 
The loan officer mentioned to me that the loan would be closed within a month. 

XX/XX/XXXX No communication from Interactive Mortgage for a ~month. 
The loan processor reached out to me on XX/XX/XXXX requesting some additional documentation. 
I responded back immediately and provided the requested information within 24hrs to the loan officer and loan processor. There was ABSOLUTELY no delay from my end through the entire process. Whenever any documentation was requested, I turned it ASAP or within 24hours. 

XX/XX/XXXX Subsequently, I contacted both the loan officer and the loan processor via emails, phone calls and voicemails, and there was just no response. If there were any delays, they could've kept the process transparent, but they kept me in the dark without replying. But I eagerly kept following up. 

XX/XX/XXXX On XX/XX/XXXX, I heard from the loan officer that the loan processor had not even reviewed the documents I had emailed them on XX/XX/XXXX because he missed my emails and calls. That was very careless of them because I had contacted both the loan officer and the loan processor via emails and phone calls and voicemails, and they didnt do their job. 
Subsequently, I contacted the loan officer via emails, phone calls and voicemails, and there was limited response. I kept following up as usual. 
On XX/XX/XXXX, the loan officer contacted me and told me that the loan finally got approved, but the rates had gone up, as the locked-in expired. I was in no mood to pay a higher rate for no fault of mine and requested them to honor the locked-in rate. 
On XX/XX/XXXX, the loan officer mentioned to me that theyre unable to offer the locked-in rate and wanted me to pay a higher rate. I was in no mood to pay a higher rate for no fault of mine and requested them to honor the locked-in rate. I escalated this situation to their loan manager. 
On XX/XX/XXXX, the loan manager reached out to me stating theyre unable to offer the locked-in rate and wanted me to pay a higher rate. I was in no mood to pay a higher rate for no fault of mine and requested them to honor the locked-in rate. I escalated this situation to their loan director on XX/XX/XXXX. 


XX/XX/XXXX On XX/XX/XXXX, the loan director reached out to me stating theyre unable to offer the locked-in rate and wanted me to pay a higher rate of XXXX %. I wanted them to honor the locked-in rate or at least offer me a rate better than XXXX %. 
On XX/XX/XXXX, the loan director reached out to me stating the rate for me had increased to XXXX %. 
At this time, I was also in talks with another similar lender and they were offering me XXXX  %. So, it made me realize that the loan director was lying. I requested for a better rate. 
On XX/XX/XXXX, I was offered a rate of XXXX with no cost. I was sent disclosures with misleading information stating I, the consumer, was requesting changes to the loan. I requested clarification on this and did not receive any response. 
On XX/XX/XXXX, I was told that the rate went up again and that they would reach back to me with other options/programs. I havent heard back since. 


Happy to share specific proofs, evidence and any other information to support my claims as necessary, later. I hereby request your understanding and efforts in obtaining justice.

Company response to consumer: Closed with explanation