Consumer complaint received 2016-03-03
Company: CITYWIDE HOME LOANS A UTAH CORPORATION
State: CO
Product: Mortgage
Sub-product: Conventional fixed mortgage
Issue: Application, originator, mortgage broker

Complaint:
We are officially filing a complaint against XXXX XXXX of Citywide Home Loans in XXXX, Colorado. 
XXXX XXXX My husband and I, both XXXX at the time, moved to Colorado and purchased our first home. Being first time home buyers we were not aware that we had options regarding our mortgage broker. Our realtor basically told us, this is who you have to use, submit your information to XXXX XXXX for pre-approval so I can show you houses. When our offer was accepted on our new home, we told the mortgage broker that we were interested in a physician home loan. We actually brought this up on 3 different occasions with him, once by phone between him and I, once with my realtor, and once with my father who we were possibly going to use as a co-signer. XXXX said on all 3 occasions that XXXX were not available in the state of Colorado, as they were illegal in some way under Colorado rules. He stated this so confidently that we took his word for it as we did not feel we would know this states market better than he did and went forward with the loan he did have to offer us. We have since learned that physician loans were offered by at least XXXX companies at that time. So as soon as we realized this, we re-contacted XXXX to discuss and see if he could assist us in getting into the XXXX as we originally requested. He again argued that they were not available to us at that time. We asked that he simply pay the PMI that we had lost over the past 6 months and/or closing costs to get us into the right loan. He refused any sort of compromise or discussion. I reached out to his supervisor who directed me to corporate. We had a discussion with corporate after 2 weeks of " investigation '' with XXXX XXXX. The lawyers first comment to me was, " I understand you are upset because you were n't offered some sort of physician discount. '' Nope, no discount, just wanted a physician loan. Just frustrating that after 2 weeks of investigation, this is all XXXX had expressed to her ; basically, it felt as if they really did no true investigation of the details and matters pertaining to our situation. 

I feel as a mortgage broker he had a fiduciary duty to provide us with the best loan in our economic interest. In our case, this would have been the physician loan. We have also been advised that we also qualified for FHA loans which also were not offered to us and could have been another more beneficial option for us. Now, either he was uneducated on what is available in the market for physicians ( if so, he had a duty to tell us he was unaware of such a loan and we could have done research on our own, rather than stating they are " illegal '' or not available in our state ) ; OR he was aware of these loans but could n't write for it himself and thus make a commission/income placing his own economic interest ahead of ours.

Company public response: Company believes complaint represents an opportunity for improvement to better serve consumers
Company response to consumer: Closed with monetary relief