Consumer complaint received 2021-11-02
Company: EMBRACE HOME LOANS
State: IL
Product: Mortgage
Sub-product: Conventional home mortgage
Issue: Applying for a mortgage or refinancing an existing mortgage

Complaint:
I have submitted an application for re-finance with Embrace Home Loans as a response to their offer in the mailbox. Embrace Home Loans offer was as given below in quotes. All of the conditions in the offer were met by myself. Embrace Home Loans was not able to beat the competitor 's offer until the day of this complaint. When I asked to pay me {$500.00} as mentioned in the offer, they were giving excuses of all sorts. I was unable to provide the Loan Estimate from another lender as somehow I misplaced that document. Instead of Loan Estimate, I provided the final Closing Document with all correct costs in all categories, and that was rejected by Embrace Home Loans saying they only need Loan Estimate. When Embrace Home loan mentions the loan estimate can change until the loan is closed, the final Closing Document from another lender is rejected. 
I see this is not honoring the offer and creating a honey trap for the customers and taking all original documents from them ( even from the other lender ) making the information of the customer vulnerable for leakage. 

Embrace Home Loan Offer in the mail ( I also have hard copy of this if required ) : " Embrace will beat any competitor 's offer or give you {$500.00}. If you've received a competing offer, tell us about it. As long as you've submitted an application with us requesting the same terms, we will give you our offer through an official Loan Estimate ( or a revised Loan Estimate if you've received a previous offer from us ). If we don't beat the competing offer by making an offer with a lower APR, we'll give you {$500.00} - no more questions asked. A qualifying competitor 's offer must have the same terms as the offer requested from Embrace and be obtained within one week of applying with Embrace. You must present sufficient proof of this Offer to qualify for the {$500.00}. An official Loan Estimate without any obvious errors is considered sufficient proof, although Embrace will also accept various other forms of evidence as sufficient. Once presented with sufficient proof of a qualifying competitor 's offer, Embrace will have three business days to issue a Loan Estimate ( legal binding good faith estimate of loan costs ) with the same terms and lower APR. Otherwise, you are entitled to {$500.00}. Remember that even an official Loan Estimate is subject to change based on a lender receiving new or different information than reasonably relied on in providing the Loan Estimate. This is not a guarantee of the final terms that will be provided at closing. The terms and costs disclosed in the Loan Estimate may change within legal limits. The same is likely true for the competitor 's offer. For this and other reasons, you may choose to continue with your application with Embrace even if you do receive the {$500.00}. Maximum claim of one offer per application. Limited time offer only - must submit an application to Embrace Home Loans within 30 days of this advertisement to qualify. ''

Company response to consumer: Closed with explanation