Consumer complaint received 2020-04-24
Company: United Shore Financial Services, LLC
State: CA
Product: Mortgage
Sub-product: Conventional home mortgage
Issue: Closing on a mortgage

Complaint:
Hi, We greatly need your help. We initiated a Refinance Loan with XXXX XXXX on XX/XX/XXXX and locked in an incredibly great rate of 2.85 % with cash out. United Wholesale Mortgage ( UWM ) was selected and agreed to fund our loan. We have provided our documents upon request within 24 hrs and have done everything in our power to get this loan closed. We have excellent credit above 800, stable employment with documented income, and our home value is more than 2 times the mortgage refinance amount. We have never missed a payment in over 10 years of home ownership. 

This loan is now over a month and a half into the process and the loan is not closing caused by delays from United Wholesale Mortgage ( UWM ), meanwhile lock extension rates are accruing on our behalf. UWM is unresponsive and we are unclear what is needed to finalize our loan and why our loan hasn't closed. In addition, we do not feel that we should have to pay the loan rate lock extension fees, which are unfairly charged to us, as we have met all requirements in a timely manner. We are being charged nearly {$1900.00} in extension and I was just notified by XXXX XXXX that we are going to miss the close deadline again, meaning even more fees. 

On XX/XX/XXXX, I received notification from XXXX XXXX that UWM was not funding loans and basically leaving borrows out to dry ( not just our loan, but all loans they agreed to finance ). We were told that UWM was not responding to the XXXX XXXX team and delaying the process. Since UWM had not been responding to our Loan Consultant, I took it upon myself to reach out to UWM directly. I first spoke with a service rep who said that contrary to what XXXX XXXX told me, UWM is funding loans and wants business now. I relayed this message to back to our Loan Consultant at XXXX XXXX, who has a paper trail to document their lack of response and delay from UWM. 

I then reached out to the UWM loan Account Executive assigned to our account. He said he was legally not able to answer any questions or help me out, but would get in touch with XXXX XXXX. Nothing was resolved. 

Last effort, I reached out the the AVP at UWM with a detailed email explaining the situation. I have not received a response. 

This has been a very frustrating and stressful process. I realize that things are a crazy with the Pandemic and understand that delays could potentially occur due to people working from home, in addition to the low interest rates that sparked a whirl wind of refinances. I have been patient with the process, but there is a lack of communication and an uncertainty if we are going to get this refinance at the incredibly low rate we locked in of 2.85 %, which will likely not going to come around again anytime soon. 

We want to close our loan with the original terms that we we agreed to. We do not feel that we should be responsible for the fees associated with the delays caused by UWM. 

During this pandemic, I am also working from home, raising XXXX kids and home schooling, yet, I am turning around on all the requests that have been made in a timely manner. I am upholding my end of this loan agreement and have been ready to close this loan for over a month. I ask that UWM do the same. 

Please help us secure this loan that I have invested much time and money ( paid for appraisel ). Please let me know if I can supply any documentation or information that can help out. 

Thank you for your assistance. 
Best Regards,

Company response to consumer: Closed with explanation