Consumer complaint received 2020-04-08
Company: SYNERGY ONE LENDING, INC.
State: FL
Product: Mortgage
Sub-product: Conventional home mortgage
Issue: Applying for a mortgage or refinancing an existing mortgage

Complaint:
I was in the process of pursuing a refinance with my current lender at a competitive rate. I contacted XXXX XXXX  XXXX Mortgage on or around XX/XX/XXXX and a mortgage banker offered to provide a quote. The rate was more competitive than I was going to lock with the company I was working with so I elected to move forward with XXXX XXXX XXXX. The banker provided me a list of all required documents which I provided to him over the next XXXX hours. On Monday XX/XX/XXXX, the banker confirmed that my rate was locked XXXX 2.375 % XXXX fixed for {$970000.00} with 0.790 % / {$7600.00} prepaids ) and provided me written confirmation via email along with closing estimates. At this time, I ceased to pursue refinancing with any other companies based on this offer from XXXX XXXX   XXXXOn XX/XX/XXXX, I received the complete XXXX page loan packet from Synergy One Lending, Inc. XXXX XXXX XXXX XXXX XXXX. My wife and I completed all further requirements, electronically signed all documents per instructions and submitted them to Synergy One in a timely manner. The lender 's processing department contacted my title attorney and provided information pertaining to the loan. At their direction, my attorney began title work in the interest of an expedient closing. My title attorney provided the lender with clear title, as well as requested and provided official payoffs for existing loans. The appraisal was ordered, paid for by me, and completed on XX/XX/XXXX. As of XX/XX/XXXX, everything was submitted and completed for the loan to close. It should have been in the final stage of underwriting for final approval. I had incurred fees for the work my title attorney had done on this loan. On XX/XX/XXXX the mortgage banker advised me that he received a company email stating that XXXX XXXX  XXXX would not be able to fund my loan on the terms provided. He did, at this time, offer to proceed at a new interest rate of 2.875 % with {$22000.00} in prepaid costs. After multiple message exchanges, he stated, " I emailed XXXX different National Senior VPs to ask how we can legally cancel a signed rate lock .... '' Since this time, I have had exchanged numerous emails and phone calls with XXXX XXXX XXXX representatives, all in the XXXX office where this loan originated. I have been unable to contact any corporate representation beyond the XXXX office. I have requested in writing an official loan cancellation from XXXX XXXX  XXXX. To date, the only thing I have received is a Statement of Credit Denial, Termination, or Change from Synergy One stating " we don't grant credit to any applicant on the terms and conditions you have requested. Loan program no longer available. '' This document states " application was denied. '' Why would they allow this to go to processing and interact with my title attorney all the way to the final stage for an application that was denied? Furthermore, the signature block for the document is the loan originator 's name and the document is not signed. 

The bottom line is that XXXX XXXX  XXXX provided me, the customer, with a written agreement that I made life altering financial decisions based on. Based on market conditions, it was no longer favorable for XXXX XXXX  XXXX to fund this loan as agreed. They have verbally cited a lack of liquidity in the market. Florida Statutes XXXX require " The mortgage lender shall make a good faith effort to process the mortgage loan application and stand ready to fulfill the terms of its commitment before the expiration date of the lock-in agreement or any extension thereof. '' Regarding the liquidity in the market, FS XXXX also states, " Before issuing a mortgage loan rate lock-in agreement, a mortgage lender must have the ability to timely advance funds on all mortgage loans for which rate lock-in agreements have been issued. As used in this section, ability to timely advance funds means having sufficient liquid assets or a line of credit necessary to cover all rate lock-in agreements issued with respect to which a lock-in fee is collected. '' My written rate lock is effective through XXXX on XX/XX/2020. There is no plausible reason on my end as to why the loan should not be closed. If not for this offer by XXXX XXXX  XXXX, i would have continued this process with my alternate lender and been closed by now. I placed my faith, trust, confidence, and family 's well being in the hands of XXXX XXXX  XXXX. With the change in the markets, I no longer have a competitive option for refinancing. I strongly feel that XXXX XXXX  XXXX should stand by the written offer which I have invested time and money into regardless of circumstances. After all, the first page of of the XXXX page packet they sent me was a letter that started with " Serving our customers is our highest priority and we are committed to CLOSING YOUR LOAN ON TIME, WITH NO EXCEPTIONS AND NO EXCUSES. '' I have attached a copy of the written rate lock, but have over XXXX emails, text messages, and written documents documenting every step of this process that can be furnished upon request. 

XXXX XXXX XXXX XXXX

Company response to consumer: Closed with explanation