Consumer complaint received 2019-04-01
Company: TRIDENT MORTGAGE COMPANY, LP
State: PA
Product: Mortgage
Sub-product: Conventional home mortgage
Issue: Applying for a mortgage or refinancing an existing mortgage

Complaint:
We had a very difficult time getting formal Loan Estimates from Trident Mortgage. We provided more than enough information, property addresses, sale prices, loan amounts, etc. We kept getting " Approximate Loan Cost Illustration '' sheets. We spent days emailing back and forth asking about the Loan Estimate. Even though we asked explicitly we also never received a list of local title services. Trident provides title services. Here is a play-by-play of our email correspondence : We were in the process of shopping for a mortgage with different lenders. We were dealing with Mr. XXXX XXXX of Trident Mortgage. In late XX/XX/XXXX we had provided Trident with our full legal names, income, our W2s, our SSN, and our employment info. We also provided prospective property addresses, estimated sales prices, and the requested loan amount. We did not receive a Loan Estimate but we received an Approximate Loan Cost Illustration. On XX/XX/XXXX we were informed, " ... the Loan Estimate is not issued until after you have accepted an offer on a home. '' On XX/XX/XXXX, I formally asked, Can you send a loan estimate for the property we discussed? ". I received 'Attached is my estimate for *The Redacted Property address*. The file name said 'set ' but it was another ALCI. I  responded 'Thank you I think I had this. Do you have the standard 3 page loan estimate form for our application? '. We received an email back saying 'That does not get issued until you apply for the mortgage. ' We had already provided more documentation and information than was even necessary but were still made to complete an application before receiving the loan estimate. On XX/XX/XXXX we said we, 'want to be ale to use the loan estimate for shopping around. '. At this point we our initial offer was accepted. Mr. XXXX XXXX was on vacation and we submitted the Agreement of Sale to Ms. XXXX XXXX on XX/XX/XXXX and we asked for a loan estimate from her. She responded quickly that she will 'get one to you today. ' We also asked for a list of title service providers. On XX/XX/XXXX we heard back from Mr. XXXX XXXX 'your realtor can provide you with this list. ' On XX/XX/XXXX we received another 'cost estimate ' and it was not the loan estimate. Trident Mortgage had all the information, even an agreement of sale. We responded 'Could we have the formal Loan Estimate please? ' Even though we had provided consent through the web interface, we were told, after asking multiple times that they are not allowed to send a formal loan estimate electronically with our our consent. I had already completed the online documents and even made an account. I finally received the formal loan estimate on XX/XX/XXXX. We had provided so much information and had been requesting it for days. We were told we had to complete the application, get an approved offer, submit more documents, make an account, sign an additional disclosure form. We had also received three documents we were told were estimates but that were ALCI price sheets. We were also told the staff we were working with could not get us the loan estimates and that they had to request it from the 'Disclosures Team '. This is after us asking for days that the disclosures team was introduced. The Loan Estimate did not include a list of title service providers. We never received a list of title services, we did our own shopping around for that eventually. 

We ended up choosing another lender, mostly because of the lack of transparency and what appeared to be a willful disregard for our specific requests. We felt we deserved a formal loan estimate and a list of title services once we gave them our names, SSN,  incomes, property address & value, and loan amount. We were told otherwise.

Company response to consumer: Closed with explanation