Consumer complaint received 2018-10-25
Company: PRIMARY RESIDENTIAL MORTGAGE
State: FL
Product: Mortgage
Sub-product: Conventional home mortgage
Issue: Closing on a mortgage

Complaint:
Our down payment ( {$140000.00} ) was from the sale of our home in XXXX XXXX, FL on XX/XX/XXXX, funded by their company ( XXXX ), as this was our primary residence, we sold it and put the proceeds down on this home on XXXX XXXX. I have enclosed the XXXX from the sale for your review. The purchase price of the home was {$270000.00} and we had asked them for a mortgage for {$130000.00}. Based on two years of tax returns ( both corporate and personal ) the initial acceptance letter was issued by XXXX XXXX on XX/XX/XXXX for the purchase price and pending underwriting review and approval. Each of our credit scores are 800+ each. 

Inasmuch as the stocks that were liquidated, it was due to the fact that Mrs. XXXX stated that the underwriter would not approve the amount, but would approve {$110000.00} and we would have to come to the table with the difference ( which was already in the bank, proven to the company with statements ). When Mrs. XXXX did not answer our phone call on XX/XX/XXXX regarding this situation, we decided that we would alleviate any further stress with them by cashing in {$50000.00} worth of stock, now lowering our loan to {$80000.00}. The following morning, we relayed this information to her and her comment back was we are not going to make any money on this loan, albeit your interest rate was 4.99 %. On Friday, we locked the rate at 4.875 % and this was done with Mrs. XXXX. 

The stock was issued a 1099 as the dividends of the stock were put back into stock, never realizing any cash value to Mr. XXXX. 

There was also my IRA that was not taken into consideration, as they never asked for it. 

The following week was horrendous. They did not use the P & L sheets provided, they picked and chose what information they needed, including interim statements and payoff of credit cards, which we provided in a timely manner. During this time, there was no mention of buying points to change the DTI ratio from XXXX XXXX, or anyone else at the company ; as our only contact was Mrs. XXXX. 

On XX/XX/XXXX after the money had been transferred, Mrs. XXXX called and stated that there was a {$33.00} discrepancy on the XXXX for the sale of the property in XXXX XXXX and underwriting was not going to approve the loan without proof. They did the loan on the home in question, and less than 24 hours before we were to close, they wanted to audit their books at our expense. We provided them the XXXX ( please see attached ) which gave them the information which the underwriter needed and the loan was approved. 

On the day of closing, XX/XX/XXXX ; it was only when our title company stated we would be short for closing after transferring the amount requested by Mrs. XXXX based on the CD that we approved on XX/XX/XXXX we went back to the bank for yet another check. ( See enclosure ) A total of more than {$7000.00} was paid in closing costs for an {$80000.00} loan. At no point was this information relayed to us by XXXX. This business practice could have cost us the house, without the proper funds at closing, we would have lost everything, and become homeless. 

Once again, I feel that sometime during the process, XXXX should have been required to make a phone call or even an e-mail stating that we had to buy points, or there was an issue at all with the loan. I/We feel that this was predatory in nature and we are not the only customers that have been treated this way, and have been unwilling to come forward. 

We are asking that this be investigated as they could have potentially lost the purchase of our home due to the practices. 

We do not feel that we should have paid these fees, as it was improperly presented and was an internal thing Mrs. XXXX had made mention of to me in passing. 

Thanking you for your time and patience. 

XXXX XXXX XXXX XXXX

Company public response: Company disputes the facts presented in the complaint
Company response to consumer: Closed with explanation