Consumer complaint received 2021-10-21
Company: Cherry Creek Corporate, LLC
State: CA
Product: Mortgage
Sub-product: Conventional home mortgage
Issue: Applying for a mortgage or refinancing an existing mortgage

Complaint:
XXXX XXXX XXXX XXXXCherry Creek Mortgage offered a very low cash out refinance rate with low costs. I did have to pay the appraisal out of pocket which was different than other loans. We first spoke to the company on XX/XX/XXXX and completed the application and disclosure paperwork on XX/XX/XXXX. Our interest rate of 2.75 % was locked on XX/XX/XXXX. Over the next week they asked for information and I provided it all within days of being asked for it. The only piece missing initially was a requested letter about my wife 's employment status. We put in for it but her employer is based on the east coast and we did not have the letter right away. About 8 days passed before the next communication with the loan company requesting some additional information which I provided. I got an email on XX/XX/XXXX stating that they were able to submit the loan based on only my income which negated the need for the requested letter about my wife 's employment. Great I thought. Cross that off the list. Then on XX/XX/XXXX I got a loan cancellation form saying that " borrower withdrew '' the loan application. I sent a flurry of emails asking what was going on? I did not withdraw anything, in fact I just received an email stating my file was submitted to underwriting the day before? I got a very nasty reply from the loan officer XXXX XXXX stating I was not trying to move my file forward and look at this list of things I did not do. I was baffled and put off by the email as I had done all requested and I had correspondence from the company the day before stating they were moving along. He told me my rate lock was expired and I would need to pay additional fee 's. We had a phone conversation that afternoon on XX/XX/XXXX where he stated he was sorry for the email he sent and that XXXX XXXXCherry Creek XXXX XXXX the extension fee 's and lets just " get this loan done ''. I was happy with the resolution so we moved on. We scheduled the appraisal and submitted a few more documents requested for our home owners insurance on XX/XX/XXXX and XXXX. All is well again right? Projected close date of XX/XX/XXXX which was the projected close date all along. Then I get an email from XXXX on XX/XX/XXXX stating " your loan will not fund for at least XXXX more weeks and XXXX XXXX XXXX XXXX cant and wont absorb the cost on these lock extension fees. They will have to be absorbed into the loan. The cost is going to be {$1100.00} ''. I was blindsided by this since we had just spoken the week prior and he informed me all was well and they would pay the extension fee 's. I informed them I would not be paying any additional fee 's nor would I sign any new disclosure paperwork. Either they needed to make good on the original offer or I would walk. I also told them I would be filing complaints since I felt this was a bait and switch type situation. They were the lowest offering available at the time and I now feel this was falsely advertised. They lure customers in with a low rate and when they are unable to deliver they needed me to pay more fee 's in order to deliver the loan rate they promised initially. I also felt they tried to cancel the loan and submit paperwork showing we requested cancellation which was false as we never did. The communication was poor and the processors seem to not communicate with the loan officers and I feel at best we were mistreated with poor customer service and at worst they are engaged in deceptive loan practices and should be looked in to.

Company response to consumer: Closed with explanation