Consumer complaint received 2020-02-23
Company: MUFG AMERICAS HOLDINGS CORPORATION
State: CA
Product: Mortgage
Sub-product: Other type of mortgage
Issue: Closing on a mortgage

Complaint:
The cliff note version of what happened is that when I started the loan process, the one thing that I said was that the loan had to close by XX/XX/XXXX. I was told IN WRITING on XX/XX/XXXX that the loan amount would be {$630000.00}, the rate would be 3.75 % IO, the payment would be {$1900.00} and " the loan would take 3 weeks to close ''. ( Written documentation was provided several times ) This was reiterated on XX/XX/XXXX when I was told IN WRITING that " the loan would take around 30 days to finish. '' ( Again, written documentation was provided. ) From that point on, I performed - I did everything Union Bank asked me to do. And yet the loan ( inexplicably ) took more than 120 days to close!!!!! And when it did close, despite the fact that I was told numerous times during the process that there was no rush to lock the rate because the rates don't move much on this type of loan, the loan amount did change to {$640000.00}, the interest rate changed to 4 % ( originally they quoted 4.25 % but they lowered it to 4 % ) and the payment changed {$2100.00}. : - ( The only explanation I was given from Union Bank as to why there has been a more than THREE MONTHS long delay is that underwriting was backed up.??? This delay cost me more than {$3600.00} ( if the loan had closed on time ( before XX/XX/XXXX ), I would have paid approx. $ 2700+ in mortgage payments in XXXX and XXXX but because the loan did not close on time, I had to pay $ 4500+ in XXXX and XXXX!! ) + {$4600.00} increased loan amount and will cost me approx. $ XXXX/month in payments going forward ( $ XXXX ). Not to mention all the unnecessary stress!!!!! The facts are Union Bank set improper expectations and then mismanaged the timeline of my loan. As far as I know, my situation was elevated several times from XX/XX/XXXX - mid/late XXXX so there were plenty of chances for senior management at Union Bank to acknowledge/apologize for the improper expectations ( that they set ), reset expectations and then manage the timeline accordingly. ( Honestly, had they done that, we probably wouldn't be here today. ) But they never did that. They completely bullied me - they tried to blame me for stuff that happened prior to XX/XX/XXXX ( which is irrelevant since it was on XX/XX/XXXX that I was told IN WRITING that " the loan would take 3 weeks to close '' ), they brought up things that were not an issue during the process but then became convenient excuses after the fact, they brought up things that never happened, they made factually incorrect statements, etc. And they suggested that waiving a {$550.00} application fee and the 4 % loan ( still up from any # I had been quoted during the process ) was fair compensation. Considering the delay caused by Union Bank caused me more than {$8200.00} ( more than {$3600.00} in mortgage payments plu {$4600.00} in increased loan amount ) and will cost me $ XXXX/month going forward, I do not agree!!!

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 monetary relief