Consumer complaint received 2023-03-21
Company: Cornerstone First Mortgage, Inc.
State: GA
Product: Mortgage
Sub-product: Conventional home mortgage
Issue: Closing on a mortgage

Complaint:
To whom it may concern, I applied for a mortgage loan with Cornerstone First Mortgage and began my application on XX/XX/XXXX to purchase a home. I went with this company in good faith because my relators husband was a branch manager of the company at the time. I wanted to give both my business because I was appreciative. The week of XX/XX/XXXX, I found out that Cornerstone First Mortgage started a homeowners insurance policy without my consent. I documented fraud with XXXX XXXX XXXX to recoup any funds sent to the company on my behalf. The branch manager apologized for the miscommunication. The policy was not canceled until XX/XX/XXXX. During the negotiations with the seller on the home and up to the time of closing, the branch manager indicated that because we worked on a deal that the seller would fund the closing cost, I did not have to come out of pocket to buy down my rate. 
The week of closing, XX/XX/XXXX, I called the branch manager to find out when my final disclosures were going to be sent to me and what I needed to bring to closing. During that conversation, less than 7 days before closing, he stated that the mortgage company would need XXXX plus dollars prior to closing to buy down the rate of 7.6 to 5.6 percent. I told him in a lengthy text message that I felt as though I was misled and that the company was committing fraud by not being transparent with customers about their loans. I also let him know that I was unable to purchase the buy-down at the time. I then proceeded to ask him, if I am unable to do the buy down my rate could I still afford the loan? He stated that I still qualified for the loan amount at 7.6 percent. The branch manager mislead me several times prior to closing and informed me that I would not need to come out of pocket any money for the buydown. If this matter goes to court and I hire representation, I will ask for the court to subpoena my phone records to provide the text messages as supplementary documentation to my case. On the day of closing, I had to come out of pocket {$1000.00} via wire transfer to pay for homeowners insurance the day of closing. This was supposed to be calculated into my monthly payment but since the branch manager started a policy in my name that I had to cancel ; my homeowners company did not have enough time to send the yearly premium to the closing attorneys. 
On XX/XX/XXXX, I received a notice that my loan was transferred to another company, XXXX XXXX XXXX. Surprisingly enough, I was forewarned by my relator that this may be a possibility. I began making payments to XXXX XXXX XXXX  on XX/XX/XXXX. 
On XX/XX/XXXX, I started receiving phone calls and emails from a loan coordinator from Cornerstone First Mortgage stating that when the loan was sold to XXXX XXXX XXXX  ; the company asked for an audit on my loan. This prompted the loan coordinator from Cornerstone First Mortgage to review my loan application and supplementary documents and call me because my debt to income was calculated incorrectly and according to what they have on record ; I would not qualify due to student loans. This has prompted me to submit a complaint to the company Cornerstone First Mortgage for negligently making false representations and or claims and the lender qualifying me for a loan and rate that was miscalculated ; therefore, I can not afford it. I notified Cornerstone First Mortgage in XX/XX/XXXX and XX/XX/XXXX about how I felt as though their company committed fraud and scammed me. This was on a recorded line and documentation of the phone call should be available. 

As of XX/XX/XXXX, I reached out to Cornerstone First Mortgage for all documents pertaining to my loan as well as all documentation and findings from the audit of my loan. I am waiting to hear back from the lender. 
This is predatory lending. I am not comfortable with how the process went at all.

Company response to consumer: Closed with explanation