Consumer complaint received 2016-04-11
Company: FC LENDING, LTD.
State: TX
Product: Mortgage
Sub-product: Conventional fixed mortgage
Issue: Settlement process and costs

Complaint:
We began our home buying process with XXXX XXXX. During the negation process XXXX XXXX informed us to take advantage of a XXXX % savings we needed to use their preferred lender who was FC Lending. The terms were to include a closing date of XXXX XXXX, 2016. I met with XXXX XXXX on XXXX XXXX, 2016, he quoted me a rate of 3.95 % interest rate and I agreed and ask him to forward the paper work to me to lock in the rate. He explained it would take 48 hours to process the paper work. We did not hear back from XXXX XXXX. On XXXX XXXX, 2016, I reached out to XXXX XXXX to see what why we had not received the paper work locking in the interest rate. He informed me he was no longer working with the XXXX branch of FC Lending. That day XXXX XXXX with FC Lending called and informed us he was now taking over our account and would have the paper work to us that evening. Again we did not receive anything from the lender. On XXXX XXXX, 2016 I contacted XXXX XXXX informing him we still had not received any paper work from FC Lending. At the end of that day, we received a new estimate with an increase in the interest rate to 4.25 %. I immediately got back with XXXX XXXX to ask why the rate had increased. He stated that the rates had gone up in the two weeks it had taken FC Lending to process the paper work and there was nothing he was willing to do. He also stated if we did not agree to the 4.25 % rate, he felt the rates would be increasing the next day. We reluctantly agreed. On XXXX XXXX, 2016, we reach out to the lender we had been preapproved with to see if they would take over this loan process because we felt we were being unfairly pressured into false rates. They informed us they could not reach our XXXX XXXX, 2016 closing date with only 15 days remaining, so we were forced to remain with FC Lending. XXXX XXXX, 2016, we received the final closing disclosure at XXXX XXXX, which we signed and returned that day as instructed by XXXX XXXX in order to make the closing date of XXXX XXXX, 2016. In that disclosure the closing cost were stated to be {$15000.00}, this is the amount we had a cahiers check made out for, and took to closing. On XXXX XXXX, 2016, we arrived at the closing only to find the Title company still waiting on the final documents " CD '' to arrive from FC Lending. The closing included the Title company representative, the builder representative, our real-estate agent, my wife and myself. At the beginning of the meeting we were presented with a new closing disclosure with a new closing cost figure of {$18000.00}, which was the first time we had seen this document. The builder called XXXX XXXX on the phone, he then began to blame everyone in the room for the mistakes on the closing disclosure without accepting any responsibility. We had to leave the closing and go and get a new cashiers check, which we were not prepared for. We had already moved out of our previous home and had the moving company trucks waiting at the new home ready to move us in. At this time we had no other choice but to continue with the closing. We suspected what FC Lending was trying to do was not ethical, but again we had no other choice at this time. We feel we have me totally mislead from the beginning, and that FC Lending should bear all responsibility for the break-downs in their lending practices.

Company response to consumer: Closed with explanation