Consumer complaint received 2021-11-04
Company: Social Finance, Inc.
State: TX
Product: Mortgage
Sub-product: Conventional home mortgage
Issue: Closing on a mortgage

Complaint:
On XX/XX/XXXX we applied to refinance our mortgage loan with Sofi. We signed disclosures and provided all documentation as requested by the loan officer based on emails received until XX/XX/XXXX when i was pre approved. 
Then, everything stopped. I contacted Sofi Loan originator and Member Specialist starting on XXXX to find out the status of the loan. Several emails were sent by me and the Loan originator to the Member Specialist with no result. Finally, on XX/XX/XXXX I contacted Sofi management making them know how disappointed I was about the lack of communication/interest in my loan. On XX/XX/XXXX I was contacted by an Operation Manager who apologized for the previous Member Specialists lack of communication and that they assigned you a new Member Specialist that was a lot better with communication. 
The new Member specialist asked for a couple other documents that we provided right away. We then were notified that our closing date was set for XX/XX/XXXX ( but cancelled ) and then XX/XX/XXXX and that I will have to pay about {$200.00} for closing cost at closure. Nevertheless, on XX/XX/XXXX I received a call from the Member specialist that the closing will have to be cancelled because they missed a document ( Home Equity Refinance Disclosure ) that I needed to sign since I are from Texas. This will also require to wait 12 days before closure. It is to note that the disclosure was only a notification but the specialist want me to just sign somewhere and return to them. 
On XX/XX/XXXX I communicated to the Member specialist my dissatisfaction for the continuous cancellations and that we wanted assurances that the third time was going to be the charm. 
I also asked several questions ( answers in parenthesis received on XX/XX/XXXX ) : 1. Are you going to send us another closing package with corrected amounts, dates, etc.? I guess we need to start over with the XXXX signatures. ( You may get another closing disclosure but this will NOT reset the waiting period. It is just for you to see the current actual numbers if anything was updated ) Yes, the lock has been extended and your interest rate is the same. 
3. When is our first payment will going to be now? - Since we are closing in XXXX your first payment will be in XXXX. 

It is interested to note the email that the Member specialist sent on XX/XX/XXXX asking : " I believe 12 days was the time frame for the TX HELOC waiting period, is this calendar days or business days. I would like to re- schedule the closing today, but need to know the earliest day the member can close. '' This shows the lack of knowledge of regulations. 
That same day I asked again about the closing documents : " Am I going to get a new set of CD? The current final documents have different numbers, dates, etc. Is that also going to affect the closing date? I expect that we will know soon what are the closing cost, closing date, etc. '' On XXXX I was notified of the ( third ) closing date was set for XXXX. 
On XXXX I again communicated to Sofi 's Member specialist my concerns about closing : " I received the invite for closing scheduled for XX/XX/XXXX. Do you know when I am going to get the final Closing Documents? The current final documents need several updates. I would like to know at least how much is the cash to close. Would my wife and I need to sign new documents? '' Late XXXX I finally got a call let me know that the closure cost were now $ XXXX!!!!! This was due that since the loan took so long to process we now were less than 2 months from paying the taxes, insurance, etc. 
What really made us to be concerned us was that the member specialist suggest that to " help us '' Sofi could add the extra $ XXXX to our loan. This suggestion made my wife and I very concerned about Sofi 's ways to do business and made us loose trust on Sofi.

After three months working on our refinance and three unsuccessful closing dates, we decided that we rather not do business with Sofi since we consider that we were unfairly treated by Sofi and that they either wanted to deny us the loan ( discrimination? red lining? ) or wanted to make more money increasing the loan amount as suggested.

Company response to consumer: Closed with explanation