Consumer complaint received 2018-12-31
Company: SFMC L.P.
State: TX
Product: Mortgage
Sub-product: FHA mortgage
Issue: Applying for a mortgage or refinancing an existing mortgage

Complaint:
We saw the new home and signed contract on XX/XX/2018 with our XXXX Sales Rep. 
We brought our own financing, and was going to use them, until XXXX said if we use their " preferred '' lender, we could save the title policy fee, in the amount of $ 3200+ dollars. 
We opted to use XXXX XXXX XXXX ( XXXX  preferred lender ) because our Senior Loan officer said he could meet and beat our current financing that we brought, and to save on the title policy. This was a huge mistake, and headache from day 2. 
That Tuesday, the XX/XX/2018 someone at XXXX XXXX office sent our confidential info to our current potential mortgage co, contract and all, essentially ending that relationship, should the XXXX XXXX XXXX fall through. Someone from XXXX  also told our current mortgage lender, verbally, that we were using a different lender. Our existing finance co emailed us of the disclosure, and said they were shutting down our request for financing. 

XXXX XXXX did not answer specific questions about buying down points. We told everyone we were buying down points to the floor ( Sales Rep, Sr Loan officer, Loan Officer Associate, to ensure we could sustain our mortgage, and investment. Despite multiple attempts to get info on the phone, and mainly email. Both contacts skirted our particular questions about buying down points, and the APR over a period of 30 day close process. Our Sr Loan Officer did NOT lock in our rate, and the Fed jumped, causing our " new '' rate to be higher. Despite being told he would meet and beat our rate, and lock in our rate. 
When I reached out the day of closing, yet again, asking about buying down points, to the floor, and asking who I make the check out to, and what type of payment was preferred, I was told, if we did, that it would delay closing and have to go back to underwriting delaying our close, which in turn caused a chain of events to unfold. This scared us as consumers, because researching XXXX and XXXX XXXX yielded info that both keep money of customers, if something falls through. We felt trapped either way. ( I was also told by our Sr Loan Officer, that noone keeps their original mortgage, and that we should just REFI in  less than 6 months, this ticked me off pretty bad. I don't think our rep can predict our current economic climate, and should not be advising people to take a bad mortgage note, just to refi later. This is how the big bust happened about 10 years ago. ) The service first issues, will cost us money every month, for the life of the mortgage, over 360 payments, 30 years. I would really like this addressed. We were under duress, and told by a few, that we could potentially be in breach of contract if we delay. I have spoke to other homeowners, who faced a very similar situation as us with XXXX XXXX XXXX here in our community. We have all of this in writing, and the files are extensive, over 100 emails.

Company public response: Company believes it acted appropriately as authorized by contract or law
Company response to consumer: Closed with explanation