Consumer complaint received 2016-10-28
Company: Finance of America Mortgage LLC
State: NC
Product: Mortgage
Sub-product: Conventional fixed mortgage
Issue: Application, originator, mortgage broker

Complaint:
I applied for a refinance XXXX fixed loan through eratesmortgage. Their broker XXXX XXXX XXXX has worked with me and we locked the rates at 2.75 % with lender credit {$2200.00}. After that, a man named " XXXX XXXX '' from the Finance of America Mortgage LLC started to process my files and coordinated all the process. 

During the process, I submitted all their required materials in a very short turn around time ( submitted in the same day or next day ). And I kept checking with XXXX and XXXX to make sure my process was going well. However, due to their low efficiency, they told me on XXXX/XXXX/2016 that my rates lock period has been expired. If I want to continue the process, I have to sign a contract that they will change my lender credits to {$1700.00}. 

Every time when I checked with them about the process, I made it very clear in several emails that " please speed up your process and make sure I can close on time ''. Also, I stated in a handful of emails that " I will not accept any change of the rates and lenders credit I have locked ''. In addition, I have already paid them {$490.00} for the appraisal. My credit have got pulled by them as well. Not to mention the time and effort I have spent on this case. 

After they changed my rates ( lender credits ), I have asked them to fix it right. Because as a business, you can not let your customers pay for your faults. But things turned out to be very disappointing. First, XXXX never replied my emails. Second, XXXX told me it 's not his job to make my closing on time. XXXX also listed reasons like appraisal company, title company, and etc are not working for us. He sent me a timeline and told me that he thought he did everything on a timely manner, unfortunately my rates lock was still expired. 

All these unreasonable arguments make me very confused. I thought XXXX was suggesting that his company offered me a good rates and lender credits within a time window that the customer for sure could not be able to close the deal on time. Even though the rates they offered were very attractive, but they know it from the very beginning that I have no way to get it. Then they can let me to sign a contract with much higher rates! If I did not ask them, they will never tell me that my rates already changed from the documentations. 

I am very disappointed of there companies and I feel that I have been tricked. Besides pointing figures, they never offer any solutions to solve the problem. It 's the business ' responsibility to make the customer get what he quoted provided the customer finished his due diligence.In addition, XXXX is the one who coordinated all the process. And the process got delayed and as a customer I suffered financial losses, who should be responsible for it? 

I am also curious that is it planned at the very beginning for all their business? i.e. offer you a good rates to get your business ( then you will not do business with other companies ), but after 45 days they will let the rates lock expired and then ask you to sign for a higher rates??! 

I urge for justifications and clarity, especially for the compensations of my financial losses.

Company response to consumer: Closed with explanation