Consumer complaint received 2018-01-25
Company: Secure One Capital Corporation
State: CA
Product: Mortgage
Sub-product: Conventional home mortgage
Issue: Closing on a mortgage

Complaint:
We enter contract for a property with a closing date of XX/XX/XXXX. I sign the Good Faith Estimate provided by loan agent XXXX XXXX from Secure One Capital on XX/XX/XXXX. I specifically requested multiple times through confirmed phone conversations and text with XXXX that I did not want an impound account for my 30 year fixed loan. He agreed to remove the impound account and informed me that he added a note to my file that the impound account would be removed.

We wait 1.5 weeks before our appraisal gets completed. Despite legally being required to furnish me with a copy of the appraisal report no later than 3 days before COE, I never receive my report from XXXX or anyone at Secure One Capital. I attempt contact with XXXX several more times, but I never hear from the loan office again until 1 day before closing. On the morning of XX/XX/XXXX, 1 day before closing, I get a text message from XXXX that the underwriter is reviewing my file ( who is related to the owner, so lots of conflicts of interest and nepotism going on ) and that she should be done tomorrow. The underwriting portion of a loan should occur well before 2 days before closing, and despite knowing this, XXXX did not feel obligated to disclose this fact.

On closing day, I receive no communication from XXXX throughout the day despite it being the last day for the deal to be done. He finally responds to my text at XXXX  that he just went to check in on the underwriter to see if there was any progress on my file only to find out that she has red-flagged my loan and has gone home for the day. I ask him why did he check so late, and all he says is that he thought she was working on it. Despite the urgency for us to close on XX/XX/XXXX, he basically did n't even bother to consult with the underwriter anytime between XX/XX/XXXXand XX/XX/XXXX. It is only after I continually called/texted him that he checks at the end of business day. As a result, my real estate agent and I are forced to hastily ask our sellers for our 1st 1-week extension.

Despite never receiving any mandated loan disclosures that would clearly identify all pertinent details such as exact closing costs, loan rates, and monthly payments, we are informed that the underwriter has cleared our loan and that we can now freely sign our final loan documents and other docs for COE. On Wednesday XX/XX/XXXX, I go to sign the final escrow and loan docs. Everything is going fine until I reach the loan documents, which are not only back-dated ( XX/XX/XXXX, XX/XX/XXXX, XX/XX/XXXX), but not even the same loan in which I was originally promised ( undisclosed closing costs, higher monthly payment, impound account, etc ). I call XXXX and ask him why they are not only different, but why are they back-dated for me. He starts yelling at the top of his lungs that they are all back-dated for my " convenience '' and that he does n't know what forms I am speaking about. I try to read the name of the back-dated documents to him, but he continues to yell over me. My escrow notary decides to contact him to ask if it would be okay for me to sign with the current date, and I could literally hear XXXX yell at her from 2 offices down. She comes back defeated and asks me if I had ever seen these loan documents before. I respond that I have never seen these loan disclosures and would never agree to this loan if I was shown this prior to closing. After further examination, it is clear he and Secure One Capital were trying to defraud me, and that the reason why all the forms were back dated was to make it seem like I was notified and agreed to this higher priced loan. They wanted me to sign higher priced loan disclosures in front of the escrow notary that were back dated XX/XX/XXXX ( to override my original GFE ), XX/XX/XXXX( a notice that my loan was changing ), XX/XX/XXXX ( to make it seem like I was properly informed of final loan details and closing costs ), and an undated copy for me to sign on the current date.

We drive the 1.5 hours to get to his XXXX XXXX office and ask him to explain what is going on with our real estate agent present. XXXX looks over the docs and starts blaming " XXXX '' who conveniently did n't show up to work. XXXX also provides no explanation as to why I never received the appraisal report or loan disclosures. XXXX agrees to rewrite the loan to the original terms of our agreement, and offers to shred all of the back-dated and higher priced loan docs he attempted to get us to sign. My wife immediately takes the forms so that he can not dispose of the evidence. XXXX then says that he will get our loan done by Friday, which was the last day of our 1st extension.

On Thursday XX/XX/XXXX, XXXX confirms that we will get funded tomorrow and instructs us to proceed with the wiring of the down payment and closing costs to escrow. Friday comes ( XX/XX/XXXX ), and yet again, no communication from XXXX until XXXX that we will not be funded. Due to XXXX ' late response, we are forced to get another extension -- our second one -- which the seller did not want to do without us paying a {$100.00} per diem. The second extension is agreed upon and has a new closing date of XX/XX/XXXX.

XXXX continues to be uncommunicative and does not even contact me directly to explain anything until XX/XX/XXXX He returns my phone call and states that our loan has " randomly '' been selected by their " QC '' department. He requests additional documentation from me, which I immediately provide in hopes that we do not exceed our extension. At the end of day XX/XX/XXXX, it is clear that we are not going to get funded and that we needed another extension. My real estate agent, XXXX ( the loan officer ), and Seller 's agent have a phone conference and XXXX assures them that all he needs is a 1 day extension until Friday ( XX/XX/XXXX ) to get the deal funded. My real estate agent informs us of this and I inform him to get an extension until Monday ( XX/XX/XXXX ) due to the history of XXXX not keeping his promises of funding dates. Our loan continues to go unfunded Friday ( XX/XX/XXXX ) and ( XX/XX/XXXX ) causing us to require a 4th extension.

At this point, it is clear that XXXX and Secure One Capital will never fund our loan, so in agreement with the seller 's agent and all parties involved except XXXX, we are forced to go with a completely different lender for our 4th extension.

Company response to consumer: Closed with non-monetary relief