Consumer complaint received 2020-09-24
Company: Better Mortgage, Inc.
State: NM
Product: Mortgage
Sub-product: Conventional home mortgage
Issue: Closing on a mortgage

Complaint:
On XX/XX/2020 I locked in a rate of 2.125 % with XXXX points for a 15 year traditional refinance. At the time of the application I listed the property as a single family residence estimated at {$350000.00} and also disclosed that the property had solar that I owned and made payments on. On the same day I received conditional approval for the loan. Also on the same day I was requested to upload a Mortgage Note or Home equity line agreement for the disclosed XXXX XXXX. I emailed my loan processor that same day to confirm this loan was a personal/merchant loan and the bank confirmed there was no financial relation to the property or mortgage. 

Due to claimed new information that was different from that which I originally provided I received a revised loan estimate on XX/XX/2020 with points now at XXXX. During a phone conversation I had with my loan processor on XX/XX/2020 I was given two key points as to the change. One was identified as my property being identified as a PUD detached, which it is not, and is without question a single family residence. This discrepancy listed its value at around {$340000.00}, below my estimated {$350000.00} for a single family residence. Second issue was with the loan relating to my solar. Better mortgage continued to claim this loan was somehow restricting or involved with the mortgage process. At points claims of " Right to Title '', " Subordinate Lender '', and lien information was suggested. Later that same day of XX/XX/2020 I received an email stating " it is on the title '' and because of this my locked rate could not be honored. Lowest rate offered in that email was XXXX and XXXX points. In a further call on that day I was told by Better mortgage that the Title company was indicating this information. Again I verified with the bank financing the XXXX   XXXX that there was no relation. With these issues I indicated my interest in going to another lender, and Better mortgage offered for me to upload competing offers and they would attempt to match. However, when requested they return to the original locked in rate, they said these issues would now allow them to do that. 

On the morning of XX/XX/2020 I contacted XXXX XXXX XXXX directly to discuss this concern. The representative there said they had not received the title information for the property so at that time they could neither support, nor deny any issue with the XXXX XXXX. At that time, the only information available was primary mortgage loan, that was it. A review of the local county records online gave no indication of any lien on the property. A further request for documents on XX/XX/2020 was responded to on XX/XX/2020 by the county records office with no record of any other mortgage or loan on the property other than the primary mortgage. With the information from the Title company that same morning XX/XX/2020 I requested cancelation of my loan processing. Despite the request, an appraisal was ordered that afternoon, and by late afternoon I received an email claiming " concessions '' were made to return my loan to the original 2.125 % and XXXX only after I requested cancelation of the loan. 

I believe this was a bait and switch tactic. Once locked in at XXXX and XXXX points they proceeded to use false, inaccurate, or incomplete information to first change my points, then deny my rate. I proceeded with another lender and have had no issue with the type of property ( single family residence ) nor the loan for the solar system.

Company response to consumer: Closed with non-monetary relief