Consumer complaint received 2021-06-15
Company: Freedom Mortgage Company
State: MD
Product: Mortgage
Sub-product: Conventional home mortgage
Issue: Applying for a mortgage or refinancing an existing mortgage

Complaint:
I processed an application to refinance my existing XXXXXXXX XXXX XXXX with its parent company, Freedom Mortgage XX/XX/2021. I was told my refinance would would be completed within 60 days by my mortgage broker, XXXX XXXX. I received an appraisal XX/XX/2021 for a XXXX bedroom XXXX bathroom XXXX story home valued at {$340000.00}. I immediately contacted Freedom Mortgage to dispute this appraisal because the low value prohibited my ability to refinance my loan. I was instructed to provide comps and proof that I purchased a XXXX bedroom XXXX bathroom home. I explained that it was my understanding that they should have title or loan documentation that showed the number of bedrooms and bathrooms in my home. It is my contention that the appraiser never pulled XXXX XXXX records or reviewed my loan documentation that showed the number of bedrooms and bathrooms associated with my loan. After disputing this issue for a month, the home was revalued at {$370000.00} as a XXXX bedroom XXXX bathroom home. 

I purchased XXXX XXXX XXXX, XXXX, MD XXXX XX/XX/2021. I provided documentation regarding the loan payments and insurance XX/XX/2021 to XXXX XXXX. I was asked for this information again on XX/XX/2021 by XXXX XXXX. 

My credit report expired XX/XX/2021, which delayed my loan again. I was required to have my credit pulled again. 

I have a XXXX unsecured personal loan than is directly withdrawn from my bank account and I do not receive a monthly statement for this loan. I provided numerous letters from XXXX bank showing the loan balance and original loan amount. This caused another delay in closing my refinance. 

To further add insult, Mr. XXXX told me last week that my loan was cleared to close. He advised that he would reach out to the title company to have them contact me immediately to schedule closing. I spoke with him again and he told me that the loan was still in process. I expressed my displeasure and asked him what happened, because I was given the impression that we were " cleared to close ''. 

So, I received a call this evening from XXXX stating that I need a new home appraisal and they also need a XX/XX/2021 mortgage statement for XXXX XXXX XXXX. So further explained that there was no record of the mortgage statement that I sent on XX/XX/XXXX. 

To put this in perspective, my mortgage payment will be reduced to {$1600.00} from {$2100.00} so there is no advantage for me to refinance with another company because rates are higher than 2.75 %. 

However, I am requesting that you require Freedom Mortgage to close my loan free of charge. No closing cost, no appraisal fees, my title fees, no credits fees. We would agree that the amount of money that Freedom has made in interest charges for the past few months should cover the cost of any money that they could have made on this loan. If there are unwilling to close my loan free of charge and absorb these fees, please fine them for any applicable predatory lending practices. 

Additional, please require that Freedom Mortgage submit copies of my completed refinanced documents to your agency as a part of this record once complete or be subject to any legal fines that your agency can impose. I want your agency to have proof that my loan was closed correctly for auditing purposes.

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 explanation