Consumer complaint received 2019-08-17
Company: PRIMARY RESIDENTIAL MORTGAGE
State: GA
Product: Mortgage
Sub-product: Conventional home mortgage
Issue: Applying for a mortgage or refinancing an existing mortgage

Complaint:
I’m complaining about a loan experience with Element Funding, parent company Primary Residential Mortgage in XXXX XXXX XXXX, Utah. I’m a first-time home buyer who was excited about buying a home, so I read books and completed a five-hour course on home buying to get prepared. None of the preparation prepared me for the unnecessary problems encountered during the process. I didn’t know that it would cost me XXXX because the company didn’t follow the TRID Rule.  I have been harmed in this process, with the loss of the purchase of the home and XXXX earnest money. I’m writing because I believe that Element Funding was negligent in the process. Below are the events that lead to the loss and the law that identifies negligence.•	On JXX/XX/2019, he received via email pre-qualification papers based on the personal information I provided.•	XX/XX/2019, I signed a contract for a home with a real estate agent.•	XX/XX/2019, Element indicates that it received the contract that contains the address of the home, and all the six pieces indicated below were provided before XX/XX/2019The Law: CFR 1026.2(a)(3)(ii)A creditor is responsible for ensuring that a Loan Estimate is delivered to a consumer or placed in the mail to the consumer no later than the third business day after receipt of the consumer’s application for mortgage.For purpose of the law an application consists of the following, with no exceptions1.	The Consumers Name2.	The Consumer’s Income3.	The Consumer’s Social Security Number4.	The Property Address5.	An Estimate of the value of the property; and6.	The Mortgage Loan amount soughtIn this case the loan officer had all the information stated above as of XX/XX/2019. However, it was not until XX/XX/XXXX that there was notification about an estimate, and I have reviewed all emails received. (Element Funding indicated that they provided an estimate by email on XX/XX/2019 and I signed it. I don’t recall any numbers on the document I signed, although a copy was requested of this email that provided the estimate, it was never received). Even if it were, it was past the 3-day requirement In addition, the numbers I received on XX/XX/XXXX, was in the format below. Down Payment - XXXXClosing Costs - XXXXPre-Paids – XXXXThese numbers were so outrageously high, neither I nor the real estate agent could believe the numbers. Efforts were made to get a break-down of the numbers, not until XX/XX/2019a breakdown was provided by email. At this point, it’s too late, to shop around for a new loan for the property I chose because the contract expired and all of my earnest money was lost. The lender I contracted with afterwards for a new property total fees and down payment was XXXX, almost XXXX less than Element Funding. I know that each lender is different but there must be some regulations that prevents such a wide spread disparity.The lawyer for Element Funding/Primary Residential Mortgage XXXX XXXX at XXXX EXT.XXXX, said that the six pieces of information provided did not constitute an application. The owner of Element Funding (XXXX) Said that the 3 days didn’t start until the information was put into their computer, not when they received it. And I contend that according to your rules, both are incorrect. Furthermore, the rules says that if the estimate is not provided without the consumer first submitting verifying documents or any information beyond the six pieces of information that constitute an application, the Bureau or another supervisory or enforcement agency could analyze the conduct under the prohibitions against unfair, deceptive, or abusive acts or practices in the Dodd-Frank Act.

Company public response: Company believes complaint caused principally by actions of third party outside the control or direction of the company
Company response to consumer: Closed with explanation