Consumer complaint received 2021-11-08
Company: Bay Equity LLC
State: GA
Product: Mortgage
Sub-product: Conventional home mortgage
Issue: Applying for a mortgage or refinancing an existing mortgage

Complaint:
My Realtor XXXX XXXX with XXXX XXXX XXXX, tele # XXXX, XXXX received a flyer from XXXX XXXX XXXX # XXXX and GA # XXXX c/o Bay Equity Mortgage stating part of there products and services was 100 % Financing with XXXX months Bank statements , which is what I was looking for. I contacted XXXX XXXX on the same date and he sent me the same flyer, that we have as evidence. He sent me the information to register and begin the application process, which i completed the application on XXXX/XXXX/21. 
On the same date of XX/XX/XXXX21, I received an email stating that I needed a XXXX XXXX XXXX and to meet that requirement. I needed to pay down XXXX XXXX XXXX {$2000.00} dollars ( I have documentation of that transaction ). I was puzzled by the credit score and contacted XXXX XXXX as I had pulled my credit and it was XXXX. He stated that they use a middle score and I was a XXXX and needed XXXX points for there program and paying down the card he could re-score me and I would be over XXXX XXXX score. 
On XX/XX/XXXX21, I paid the card down the $ XXXX and submitted him the letter from XXXX XXXX showing the balance.. I didn't hear from XXXX XXXX and contacted him and he then requested the proof of ownership and existence of the business. I submitted those documents to him. After I had not heard from him, my realtor contacted him as well and he didn't reply to either one of us and when he did eventually reply to my realtor it was with some sarcastic remark regarding the length of time it was taking for the re-score. Because of my work as a XXXX XXXX XXXX and XXXX, I travel extensively. I had emailed and called XXXX XXXX on several occasions with no response. 

On XX/XX/XXXX2021, I contacted his supervisor XXXX XXXX XXXX # XXXX -XXXX # XXXX, Tele # XXXX and email XXXX. I stated to XXXX XXXX that I was having problems with XXXX XXXX and couldn't get him to respond to myself or my agent. XXXX XXXX stated that they had terminated XXXX XXXX XXXX for misrepresentation??? I inquired as to when he was terminated and he stated XX/XX/XXXX2021. I then inquired as to what exactly did he mean that XXXX XXXX had been terminated for misrepresentation. He went on to say that the program that I signed up for DIDNT EXIST, they don't offer 100 % financing with XXXX months Bank XXXX? I was incredulous and asked him what did he mean when I was looking at a flyer with XXXX XXXX and Bay Equity 's name stating he worked for Bay Equity  Mortgage  and they offered 100 % financing with XXXX  months Bank statements along with other products and services. XXXX XXXX stated that was why they fired XXXX XXXX, they don't offer those services. I was furious and had him contact my Realtor/AgentXXXX XXXXXXXX and we conducted a three way conversation and he apologized and stated that they didn't offer those stated programs. My agent, told him that I had turned in a XXXX day notice to my landlord in anticipation of buying and closing on a house and we both stated that they had a Fiduciary responsibility not to have him misrepresenting the company to the public.. 
We asked him what kind of resolution were they offering and he stated that they were in the process of cleaning up the mess XXXX XXXX had left as he had numerous clients that he made the same misrepresentation too, but he would see what he could do and would call us back. On this same date of XXXX XXXX called and stated that they couldn't offer any resolutions. 

Upon further due diligence we learned they have a 1 star out of five star rating with the XXXX XXXX XXXX This company is clearly committing bait and switching and Fraud and Misrepresentation in advertising and offering products and services that do not exist!!!

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 monetary relief