Consumer complaint received 2018-12-30
Company: JMAC LENDING INCORPORATED
State: TX
Product: Mortgage
Sub-product: Conventional home mortgage
Issue: Applying for a mortgage or refinancing an existing mortgage

Complaint:
I applied for loan with JMAC Lending on XX/XX/2018 My initial loan officer was XXXX XXXX. We talked on the phone on XXXX XXXX and discussed my lending needs and tight time frame for closing. We discussed several loan options and locked a rate of 3.375 % for 7 Year ARM. An appraisal was ordered and I submitted 100 pages of documentation. It seemed that I was submitting documentation every single day. We waited for what seemed an eternity and the loan was finally approved on XXXX XXXX.

Since the closing date was supposed to be on XXXX XXXX, my realtor after conferring with JMAC drafted an a contract amendment for the seller to extend the closing date. The seller signed the extension, but I had to pay an option fee to get the contract extended and put up additional earnest money. The seller was not happy, as I was purchasing the property significantly less than his asking price and the house was appraised at {>= $1,000,000} and I was purchasing the house for {>= $1,000,000}. In addition, according to my agent, he had lost two other offers because of California Loan Companies. 
Thinks now looked good to close until I was notified about a week later that JMAC would most likely not be able to make the new closing date that was signed in the extension and I would have to ask for another extension. At this point, I decided to cash in investments and close with cash or risk losing the deal. 
I discussed this with my loan officer, and he said we could close with a different type of loan after I had a closed with cash to get my money back out. He said the new process would be very fast since I was already approved, they had all of my papers, and hopefully we could use the appraisal that was just completed. Shortly after that, we agreed upon a new rate of 3.875 % and moved forward I good faith to close on a new loan. Loan disclosure statements were sent to me to sign which I promptly signed electronically A new appraisal was ordered and charged to my credit card, after being told that the first appraisal would work. In the second appraisal, the house was appraised at {$1.00} million ; I was only financing {$750000.00}. After several weeks passed, I sent an email requesting the stratus of loan. I was told that my loan officer and loan processor were no longer with JMAC and that my loan had been reassigned. 
The new loan officer and processor requested numerous other documents. In addition, they sent me a new loan disclosure for 4.875 % a full 1 percent higher that my approved loan disclosure and 1.5 % higher than the original rate of 3.375. % Thinking this was an error, I sent an email back to loan processor of why the rate was higher. I later received notice that a notice that they could not honor the first loan disclosure because that loan is not available in Texas. I said the new rate was unacceptable. I was told that they would check with the manager. I was asked for more papers which was submitted but never contacted by the new manager. 
After sending several emails, I decided to apply for a loan wit the mortgage company. My loan went very fast and now have my mortgage and at higher rate.

Company public response: Company has responded to the consumer and the CFPB and chooses not to provide a public response
Company response to consumer: Closed with explanation