Consumer complaint received 2020-02-06
Company: RAYMOND JAMES BANK
State: FL
Product: Mortgage
Sub-product: Conventional home mortgage
Issue: Closing on a mortgage

Complaint:
I am a first time home buyer that was trying to take advantage of the down payment grant program I had available. The process before leading to closing was beautiful. Everything went down hill on my closing date on XX/XX/2019 with Raymond James Bank XXXX XXXX XXXX, XXXX XXXX, FL XXXX. My loan closing time was around XXXX XXXX on this day. Closing documents were not ready, loan processor was fumbling around last minute asking for more documents regarding my taxes even though I provided everything weeks in advance. They wanted me to provide a receipt that my taxes were paid even though I was on a payment plan and was well ahead of my payment schedule and actually had made extra payments. Nevertheless everything they asked hours before closing while I was trying to work, I provided to Raymond James. We went to closing, made it to the title company at time scheduled, still loan documents were not ready, we waited for documents to be sent. Finally when we received documents, I had to carefully review all documents for the first time and noticed that the monthly payments were off, also they had documents that said I was taking out a loan for {$7500.00} for the down payment assistance program that I was under the impression was a grant that would be forgiven at closing. My broker and I obviously had a big misunderstanding but since he didn't make it to closing which he said he normally would be at closing I had no one to question but the title company ( XXXX XXXX XXXX ) located at XXXX XXXX XXXX XXXX XXXX XXXX XXXX, FL XXXX in regards to the paper work and why I was signing it. I was misinformed and told that it was general paperwork for the down payment assistance program. I proceeded to say that this is supposed to be a grant that is forgiven at close and I was confused why I was signing something that said I was taking out a {$7500.00} loan at 0 % which is a different program that is available but not the one I was signing up for. Title company told me well if that is what your broker said then that is what he said. I have reached out to the broker but of course he is claiming according to the email conversation that I never once said that I wanted a grant program even though we had a phone conversation in the very beginning that we discussed about the available programs. In the very first email discussion he had mentioned the grant program and from then on I looked at no other programs for the down payment assistance besides me questioning him if there was anything with lower interest but I never said that I wanted to have a program with lower interest but be placed on a 0 % deferred program vs a grant that I do not have to pay back ever. This is where I believe the miscommunication happened. I have reached out to ask if we can modify the loan to the terms they were when I took out the loan to reflect the grant program. I could pay the difference in closing costs since mortgage broker told me the grant program was a 3 % down payment assistance and the one he had placed me was a {$7500.00} down payment assistance with a 3 % down payment option. I am reaching out for help on this matter because I can not seem to be able to resolve this with lender.

Company response to consumer: Closed with explanation