Consumer complaint received 2021-10-26
Company: Filo Mortgage, L.L.C.
State: CO
Product: Mortgage
Sub-product: Conventional home mortgage
Issue: Applying for a mortgage or refinancing an existing mortgage

Complaint:
On XXXX XXXX, my mortgage refinance rate 2.625 % locked by XXXX XXXX, Senior Loan Officer ( NMLS # XXXX ) FILO MORTGAGE, LLC ( NMLS ID # XXXX ), XXXX XXXX XXXX XXXX, XXXX XXXX, XXXX XXXX, PA XXXX ). I submitted all documents as they asked me to submit in first week of XXXX. Since then, I have been asking them to complete the process and do the refinancing closing. At that time, I had multiple offer of refinancing my mortgage in 2.625 %. But after 3 months, today they said my locked rate expired on XXXX XXXX and they asked me to lock higher rate. 

But, all the process has been completed after XX/XX/XXXX and they also told me my refinance loan is cleared to closing on XXXX XXXX. If it was expired, why they did all analysis and other processing after XX/XX/XXXX without informing me? 

They informed me that it is taking longer time than usual because someone made mistake on address. Despite of my regular communication, they always made excuse to extend the time. They were saying my refinance loan was clear to do closing on XX/XX/XXXX and today they wanted me to higher rate. They said my rate was expired on XXXX XXXX. 

If interest rate was locked on XXXX XXXX, How come Senior Loan Officer XXXX XXXX, sent me email on XXXX XXXX as below : On XX/XX/XXXX, at XXXXXXXX XXXX, XXXX XXXX XXXX wrote : Hello XXXX, XXXX XXXX is finishing up getting everything corrected on the new loan. You should see a new disclosure sometime this weekend or early next week. 

XXXX XXXX XXXX XXXX XXXX XXXX | NMLS # XXXX FILO MORTGAGE, LLC | NMLS ID # XXXX a XXXX XXXX XXXXXXXX XXXX , XXXX XXXX, XXXX XXXX , PA XXXX i XXXX d XXXX XXXX XXXX If locked rate was expired on XXXX, how come Production Director, XXXX XXXX could sent below email to me on XX/XX/XXXX : On XX/XX/XXXX, at XXXXXXXX XXXX, XXXX XXXX XXXX wrote : Hello XXXX, You loan is cleared for closing. 


Thanks. 
XXXX XXXX Production Director FILO MORTGAGE, LLC | NMLS ID # XXXX a XXXX XXXX XXXX XXXX, XXXX XXXX | XXXX XXXX PA XXXX XXXX XXXXXXXX XXXX XXXX =========================================================== But today ( XX/XX/XXXX ), XXXX sent me email and saying need to relock the rate as per today 's rate which is 2.99 %. She mentioned that, my locked rate was expired on XX/XX/XXXX. Please see her email below : -- -- -- -- -- Forwarded message -- -- -- -- - From : XXXX XXXX XXXX Date : Tue, XX/XX/XXXX at XXXX XXXX  Subject : Re : Closing Cost To : XXXX XXXX Cc : XXXX XXXX XXXX Hello XXXX, To finalize your loan, we will need to relock your rate. As you know, your rate expired on XX/XX/XXXX, so the lender needs the loan to be relocked based on today 's rates to close the loan. 

The best rate today is a 2.99 % with {$1700.00} in lender credits ( {$2100.00} monthly payment ) or if you want to keep the 2.625 %, it will cost an additional {$8100.00} in points. 

Please let us know how you would like to proceed. 

XXXX XXXX Senior Loan Officer | NMLS # XXXX FILO MORTGAGE, LLC | NMLS ID # XXXX a XXXX XXXX XXXX XXXX, XXXX XXXX, XXXXXXXX XXXX, PA XXXX XXXX XXXX XXXX XXXX XXXX XXXX Low Rate Guarantee IF YOU HAVE ANY CONCERNS OR NEED ADDITIONAL ASSISTANCE, PLEASE REACH OUT TO OUR ESCALATIONS DEPARTMENT AT XXXX They extended time until mortgage interest rate remain low. Now Mortgage refinance rate is high and they want me to lock the new higher rate and also want me to pay for interest buy down. 

In XXXX XXXX, interest rate for mortgage refinancing was low. I had multiple offer at that time with low interest rate. Filo Mortgage LLC locked my refinancing interest in 2.625 and I did not have option to shop around because they ran my credit score and if I go to other lender my credit would be impacted. 

Now, Because of Filo Mortgage LLC ( Because of Senior Loan Officer XXXX XXXX and Production Director, XXXX XXXX, Filo Mortgage Company ), I lost my mrtgage refinancing in low interest rate ( 2.625 % ). Their this action will cost me {$50000.00} over thirty year period to pay my current mortgage {$500000.00}.

Company response to consumer: Closed with explanation