Consumer complaint received 2018-10-22
Company: GOLDEN 1 CREDIT UNION, THE
State: CA
Product: Mortgage
Sub-product: Other type of mortgage
Issue: Closing on a mortgage

Complaint:
On XX/XX/XXXX, we Met XXXX XXXX, loan officer for Golden 1 bank. She stated we will be able to get a loan for 6.25 %. She also stated we can lump in the  closing costs with the loan. XX/XX/XXXX we got a call from her stating the underwriter will not allow us to lump in the closing costs because the loan can not be more then 75 % of the value of the home as the second loan was a cash out. She also stated because the line of credit was a cash out, the rate is now 7.25 % First of all, as a loan officer, she should have advised us about all this prior to making us pay for an appraisal out of pocket. We agreed to continue with the loan because XXXX told us that the closing cost will be about {$7000.00}. Then a few days later she stated the closing cost will be exactly {$8700.00}. When we agreed, she sent us a new disclosure for us to sign with the 7.25 % but now the cost was {$9200.00}, just a few days later. After that I received a call from the processor, XXXX XXXX, who stated the closing cost will be {$10000.00}. She also told me that the underwriter is not accepting my husband 's divorce document from 8.5 yrs ago ( that was accepted by 2 other banks ) because it is not stamped, is not the full divorce decree and there is no mention of my husband not having to pay child support. I again submitted the stamped documents, clearly showing on the second page that " there are no minor children from this marriage ''. XXXX also stated we needs to submit a copy of the modified divorce degree from 2 yrs later. ( this was submitted at the initial meeting on XX/XX/XXXX ). I re-sent it but I was informed that it is not acceptable because it does not have my husband 's signature. It has been accepted by 2 other banks and has the attorney 's signature that represented my husband in XXXX. Either way, all the documents, the original and the modified have been stamped as " endorsed and filed '' w the date on them. Again Golden 1 stated we need to go back to court and get the full decree. I was informed about this on XX/XX/XXXX, almost 1 month later. Called the court and they stated they no longer have the documents in house because it has been such a long time. We were instructed to submit a request online to get the documents from a warehouse and wait for a confirmation e-mail in 2 days. Once we get the e-mail, we can contact the court if we don't hear back in 10 business days. Golden 1 locked the rate until XX/XX/XXXX and by the time we get the documents, it would be outside of the date. I contacted the bank to get an extension since they never told us early enough that the documents are not acceptable and never even told us why they are not acceptable when 2 other banks accepted them. We were informed we can get an extension for 7 days. ( They bank never even offered this to us on their their own without me asking for it but would have charged an extension fee ). They also did not advise us about an extension fee but I remembered from previous loans if it does not close in time, either the rate will go up or we have to pay a fee for a rate lock extension. When we were informed about that we got a 7 day extension for free, they were quick to add, we will still have to pay extra because the loan will not close in time. I believe Golden 1 was dragging their feet and this was all about getting additional fees on us. By the way, we picked up the documents from court, and surprisingly, it was the same document ( original and modified decrees ) we already had initially submitted to Golden 1. Since we felt Golden 1 is stalling and is trying to increase the closing cost and fees, we went over to XXXX XXXX and started a loan process on XX/XX/XXXX. Since I paid for an appraisal per the request of Golden 1 Bank 1 month ago, the new loan officer with XXXX XXXX contacted Golden 1 to release the appraisal to him. Golden 1 contacted me and told me I have to withdraw my application from them in order to release the appraisal. I will have to wait for the loan application to be cancelled and then XXXX 's supervisor, XXXX XXXX will release the appraisal but " it is a process '' indicating it will take time. I believe they are stalling so that they would delay closing in a timely manner with XXXX XXXX or are forcing me to pay for another appraisal. 
In addition, I have tried to get in touch w both XXXX and XXXX 's managers. I have not heard back from either. I also requested the contact information for the underwriter 's manager to find out why the documents are not acceptable over a week ago. I still don't have that information. 
Overall my main complaints are : 1 ) quoted me for a lower interest rate to bait me 2 ) loan officer did not advice me about the loan being treated as a cash out so the rate would change 3 ) quickly made me pay for appraisal so I would be financially invested then changed the rate 4 ) they were so letting me know when additional documents were needed 5 ) they were unclear about why documents are not acceptable 6 ) quoted 4 different closing cost in 2 weeks 7 ) trying to increase closing costs with an additional extension fee by not closing in time 8 ) stalling in releasing the appraisal I paid for 9 ) extremely poor customer service

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