Consumer complaint received 2016-08-29
Company: Finance of America Mortgage LLC
State: TX
Product: Mortgage
Sub-product: Conventional fixed mortgage
Issue: Settlement process and costs

Complaint:
My wife and I began the refinance process on our home, signing a loan estimate on XXXX XXXX, 2016 with XXXX Mortgage ( Finance of America Mortgage, LLC ) through XXXX XXXX, XXXX XXXX. The loan for {$270000.00} had an interest rate of 3.5 % with 0.125 % in points ( {$340.00} ). The rate was locked to XXXX/XXXX/2016. On the same date, we are also informed we could choose our own title company because we could get a better rate than the lender preferred company having used the title company recently. On XXXX/XXXX/2016, we provided the lender XXXX XXXX XXXX the name ( XXXX ) and contact information for the title company to be used. On XXXX/XXXX/2016, we received our Closing Disclosure which listed the title company as XXXX and the higher rates we wanted to avoid by using University. We immediately informed the lender XXXX XXXX XXXX that day of the error and requested for the title company to be changed. On XXXX/XXXX/2016, we received a revised Closing Disclosure which did change the title company to University and the lower rates, but the discount points were increased 0.125 % to 0.25 % ( {$680.00} ). We immediately contacted the lender XXXX XXXX XXXX that day and inquired as to the increase in points. He said it was due to the rate lock expiring on XXXX/XXXX/2016, they had to charge an additional 0.125 % in order to keep the same interest rate of 3.5 %. We told them that was unacceptable because the only reason we were closing later was due to their title company error. XXXX informed us that day that he submitted an underage request to his manager for us to get a credit back, that it would be approved in 1 day, saying " OK, looks like we are good with this, '' and also asking us to " SO please move forward with anything else ... '' XXXX also verbally told me over the phone that it would be taken care of. On XXXX/XXXX/2016, we received another revised CD, and again it listed the points at 0.25 %. We again immediately contacted the lender XXXX XXXX XXXX that day of the problem. XXXX did not respond. We received our final revised CD on XXXX/XXXX/2016 ( closing day ), and it still had the problem. We again informed them of the error and they said : " I have requested it last week, will get with upper management again ... '' We decided to close in order to avoid any further issues ( and charges for not closing ) with the lender but in reliance that we would get a credit for the additional points in the amount of {$340.00}. Having closed and received no refund and no word, we contacted the lender XXXX XXXX XXXX on XXXX/XXXX/2016. All we got was that they were working on it with their management. Again we inquired on XXXX/XXXX/2016, and again were given the excuse that the request was submitted and they were waiting for management. Again, on XXXX/XXXX/2016 we inquired and were finally told that we were not going to receive the refund and that they essentially knew that was the case all the way back to closing, but finally made it clear to us.

Company response to consumer: Closed with monetary relief