Consumer complaint received 2019-12-10
Company: NewFed Mortgage Corp
State: MA
Product: Mortgage
Sub-product: Conventional home mortgage
Issue: Closing on a mortgage

Complaint:
Closed on a Refinance Mortgage with NewFed Mortgage on XX/XX/2019 at XXXX XXXX XXXX, XXXX. | XXXX XXXX XXXX , XXXX, XXXX XXXX XXXX XXXX, XXXX XXXX, XXXX, MA XXXX. From the very outset email communication with NewFed ( XXXX XXXX XXXX XXXX, MA XXXX ) was confusing at best and deceptive at worst. The closing was just as bad if not worse. No consumer would ever be able to read all of the documents that required my signature. 
I had initially sought a refinance with the company that held my mortgage : XXXX XXXX XXXX XXXX. However, they would not inform me if and when I would be reimbursed for 6 to 8 payments ahead. Because of this I decided to seek a refinance elsewhere. XXXX XXXX continued to avoid providing me with the information. I filed a complaint with CFPB and it, at least, got their attention, although they never provided a definitive answer. It became moot because it was taking so long to refinance I would not be paid ahead by the time I closed. 
In the early morning of the closing I attempted top postpone because, according to the disclosure, I had not been given credit for my most recent payment to XXXX XXXX. When I called XXXX XXXX  XXXX they suggested I call NewFed. I called NewFed and they suggested I keep the appointment and they would check with XXXX XXXX and provide the update to XXXX aXXXX  XXXX. 
During the appointment with Attorney XXXX I what he had heard from NewFed for the update of my payment. He indicated that he was unaware of it and had not been contacted by NewFed. He told me not to worry because XXXX XXXX would have to reimburse me. 
On the following Monday I received my XXXX XXXX statement, and had they checked, they would have seen that XXXX XXXX had received my payment. The refinance should have been a lower figure and I would not have needed a reimbursement. 
Compounding the problem is that I received a letter from XXXX XXXX notifying me they had purchased the loan. I'm now stuck with XXXX XXXX. One of the incentives for me to refinance was to extricate myself from a company I believe to be similar to a criminal organization. 
NewFed never even hinted that they would sell the loan. In fact, one of the reason I chose NewFed was that XXXX XXXX had informed me that it would only cost me a few hundred dollars when I select to pay down a portion of the loan. I had discovered that instead of making payments ahead it is better to save additional money and, when it reaches a few thousand, apply it to the loan to reduce the principal. I would not have agreed to the NewFed loan had I known I would be stuck with XXXX XXXX or any other company that could not assure me an easy way to periodically reduce the loan. Now I have to look into selling in order to payoff the loan and free myself from XXXX XXXX. I'm actually embarrassed to be associated in any way with XXXX XXXX. It's no surprise to me that they would be doing business with a company like NewFed that seems to operate in a similar way. NewFed and XXXX XXXX, working together, certainly do not appear to consider the interests of the consumer.

Company public response: Company believes it acted appropriately as authorized by contract or law
Company response to consumer: Closed with non-monetary relief