Consumer complaint received 2022-03-09
Company: AMERICAN PACIFIC MORTGAGE
State: CA
Product: Mortgage
Sub-product: Conventional home mortgage
Issue: Applying for a mortgage or refinancing an existing mortgage

Complaint:
On XX/XX/XXXX, I submitted applications to refinance mortgages on two homes to Vault Mortgage XXXX based on representations by one of their lead agents, XXXX XXXX ( NMLS # XXXX ). XXXX and his associate, XXXX XXXX ( NMLS ID : XXXX ), were vehement that they would be able to fund the loans based on asset depletion since I am retired. They convinced me they could fund the loans because they could place the loans with their parent company, American Pacific Mortgage XXXX. AmPac is not a bank and not bound by banking regulations/limitations on loans, so they said. 
At first, it appeared that they were processing the application. Because of their delays, updated supporting documents had to be resubmitted on XX/XX/XXXX. Again, it appeared some action was happening, but no. On XX/XX/XXXX, applications and documents had to be submitted again. Still no approvals even though XXXX continually claimed that he could complete the refi 's. At his and his associate 's urging, they ordered appraisals for which I was charged {XXXX} and {XXXX} for my home and investment property on XX/XX/XXXX and XX/XX/XXXX, respectively. ( As a side note : the quote for the investment property was {XXXX} and I was promised a {XXXX} at closing. ) Later in the process, it appeared that XXXX and his associate were trying to process my loans using the traditional income method ( not asset depletion ). I insisted that was not viable and that they had promised they could successfully refi the mortgages using asset depletion. They continued to reassure me that they could refi the mortgages. 
Throughout, I was provided quotes for both loans and asked to choose. Updated applications were submitted as requested by XXXX and his associate through XX/XX/XXXX. At that time, I was again assured that with the revised thresholds for conventional vs jumbo loans, I was sure to get approved. 
Then all went silent. After almost three months of no contact, on XX/XX/XXXX via email, I requested reimbursement for the appraisal costs totally {XXXX} since the costs were incurred under false representations. They have not answered the email. 
I feel defrauded. They should not have asked me to incur the costs until their underwriter required the appraisals for confirmation of values. ( As a side note : the loan-to-value ratios were approximately 25 % and 40 %- clearly sufficient equity. ) It is not like the underwriter should have any doubts about value. The Vault Mortgage XXXX offices are in the same zip code as both my properties. My single family homes are in a prestigious area of XXXX XXXX XXXX and they are/should be very familiar with the area. 
Reading more current online reviews, it appears that other individuals have had the all talk, no action results that I encountered. 
I hope you are able to get them to reimburse my out-of-pocket costs and get them to improve their practices to not deceive customers and not have customers incur charges needlessly.

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 explanation