Consumer complaint received 2021-09-14
Company: Brightfunders, LLC
State: CA
Product: Mortgage
Sub-product: Conventional home mortgage
Issue: Applying for a mortgage or refinancing an existing mortgage

Complaint:
1. Completed a home loan refinance application for a rental property on XX/XX/XXXX refinance amount was XXXX at an interest rate of XXXX, 30 year fixed loan. 

2. The loan officer had assured me over a period of 3 months that all was fine, that it was just a process. Eventually, he stopped returning my calls. I was never given a reason why my application was denied. 

This process has been very stressful and has caused me to have missed opportunities to be approved by other lenders during a time when rates were low for investment property refinancing. 

Below you will see all the attempted communication with Loan Officer and how I was ignored. More important, there is documentation showing that the application was completed and signed. Other documentation required for the loan had already been submitted. 


XX/XX/XXXX ( email from Loan Officer ) provided an informal loan estimate. 

XX/XX/XXXX XXXX ( email from XXXX XXXX  ) loan estimate ready to be signed XX/XX/XXXX Loan application signed was signed. 

XX/XX/XXXX approximate date received letter from Homeside Financial dated with signature for the loan application was needed. 

XX/XX/XXXX ( Text ) me to the Loan Officer : I am not sure what signature is missing on my XXXX XXXX. Please let me know or send me the document that needs to be signed. Thank you, PS happy my residential home went through. 

XX/XX/XXXX Placed phone call XXXX XXXX spoke to Loan Officer. I asked him about a letter received stating my application needed to be signed. He indicated not to worry, that they have to send the letter out because the loan is taking a long time. He informed me that I did not have to do anything. I asked him if my rate would be the same, because the loan was taking such a long time to be processed. He told me the rate was already guaranteed. 
Note : I did not doubt him because the loan on my primary residence took several months, and he had just completed that loan. 

XX/XX/XXXX ( Text ) to loan officer : Hello... just want to know how the loan is coming along for the XXXX property. Do you think it will take another month or two? 

- Loan officer : Should be coming along in 20 days. Just checked with operations team. 

- Me : sounds good XX/XX/XXXX ( Text ) to loan officer : Checking on the loan for the XXXX XXXX  XXXX. How is that coming along? No response. 

XX/XX/XXXX Phone call XXXX XXXX to Loan Officer to see how my loan was progressing. Message left. Call not returned. 

XX/XX/XXXX ( Text ) - Me : Hi ( Loan Officer ) I have not heard from anyone. Hoping it will close soon. Let me know how were doing in the process. 

- Loan Officer : Hey ... Ill have an update of you the EOD today XX/XX/XXXX Placed phone call XXXX XXXX to Loan Officer to see how my loan was progressing. Message left. Call not returned. 

XX/XX/XXXX Placed phone call XXXX XXXX to Loan Officer to see how my loan was progressing. Message left. Call not returned. 

XX/XX/XXXX Placed phone call XXXX XXXX  to Loan Officer to see how my loan was progressing. Message left. Call not returned. 

XX/XX/XXXX Placed phone call XXXX XXXX to Loan Officer to see how my loan was progressing. Message left. Call not returned. 

XX/XX/XXXX Phone call XXXX XXXX to Loan Officer to see how my loan was progressing. Message left. Call not returned. 

XX/XX/XXXX ( Text ) Me : Hello ( Loan Officer ) welcome back from the XXXX XXXX XXXX XXXX. I am still interested in my loan even if it means I have to wait so please just keep me in the loop... No Response. 

XX/XX/XXXX Phone call XXXX XXXX to Loan Officer to see how my loan was progressing. Message left. Call not returned. 

XX/XX/XXXX ( Text ) Me : Hello ( Loan Officer ) just let me know if my loan is still going to be processed. No Response. 

XXXX XXXX XXXX XXXX XXXX and XXXX Phone calls and emails. 

XX/XX/XXXX Outgoing call to Customer Care unit and spoke to a customer care representative. I explained to him that Loan Officer was not returning my calls, nor responding to my text messages, and I had wanted to speak to Loan Officer 's supervisor. Customer care representative took down the information and said he would reach out to Loan Officer and have him call me back before escalating it to a supervisor. 

XX/XX/XXXX calls XXXX XXXX outgoing 10 min XXXX XXXX incoming 12 min Call to XXXX and spoke to another customer care representative. I explained to him that Loan Officer was not returning my calls. I explained about all the text, phone calls, emails, and application. He suggested that I send as much documentation I could to him. I sent him a copy of the signed application, text messages, etc. He was to follow up with Loan Officer and promised that I would hear back from them. 

XX/XX/XXXX emails - Sent copy of signed application, emails to and from Loan Officer, and picture of text messages to and from Loan officer to customer service. 
- Return email from customer service confirming that the items were received and that he would be reaching out to Loan Officer. If no response from Customer Service he would escalate to team lead. 

Various calls to and from XXXX Customer Care Unit. 
XXXX call with XXXX ( info not recorded ) XX/XX/XXXX outgoing/incoming XX/XX/XXXX outgoing XXXX ( 3min ) XX/XX/XXXX incoming XXXX ( 7min ) XX/XX/XXXX outgoing XXXX ( 2 min XX/XX/XXXX outgoing XXXX ( 8 min ) XX/XX/XXXX incoming XXXX ( 7min ) I again reach out to XXXX Customer Service because I had not heard from anyone. Spoke again to the same customer service representative. He was surprised that I had not yet heard from Loan Officer, as he had made contact with him, and he was to reach out me. However, the Loan officer did inform the customer service representative that I was well aware why the loan did not close. And that he had thought that I was already working with another lender. I explained to the customer service representative that I had not been working with another lender. And that Loan Officer was not telling the truth. He never returned my calls. 

XX/XX/XXXX email Customer Care As per our discussion this past Monday XX/XX/XXXX, you had discussed this case with I believe 2 managers. I was to receive an update on the loan before the end of this week. So this is a friendly reminder that I have not heard from anyone as this Friday morning XX/XX/XXXX. 

XX/XX/XXXX received phone call from a Manager : explained the situation to her. I sent her all the documentation that I had sent to the XXXX XXXX XXXX, the application, etc and explained what had occurred. She indicated that she would get back to me before the end of the business day. 

XX/XX/XXXX, received call with explanation. 
1. Most likely human error occurred. The loan agent quoted me an interest rate for a residential property not an investment property. During the time of my application the lowest rate she was providing was XXXX. She then stated that sometimes when completing estimates the default is for a residential. I explained to her that I did not believe that this was a human error as there were four opportunities to catch the error. 
a ) The loan officer had just completed my residential loan, so he knew that this second loan was an investment property. 
b ) He sent me loan estimates with two options for my investment property. 
c ) I received and signed a formal loan estimate with my application. 
d ) The loan officer was experienced and should have known that the rate was too low for investment property. 

Conclusion as of XX/XX/XXXX At this time they could provide a rate of 4.0. I told her that was not acceptable. During the time of the application process, I could have received a loan for 3.0. I did not go that route because I had already a loan application with a lower rate from XXXX. I also informed her that I never received a letter as to why my application was denied or the why the loan was cancelled. She indicated that she would get that letter to me. I did inform her that I would be placing a complaint with Consumer Financial Protection Bureau as well as contacting an attorney. She said that was fine.

Company response to consumer: Closed with explanation