Consumer complaint received 2016-03-24
Company: CAPITAL ONE FINANCIAL CORPORATION
State: WA
Product: Mortgage
Sub-product: Other mortgage
Issue: Application, originator, mortgage broker

Complaint:
On XXXX/XXXX/16 my wife and I applied to refinance our first and second mortgage and get about {$15000.00} cash back with Capital One. We called after seeing an advertised Jumbo Loan refinance rate of 3.5 %. On XXXX/XXXX/16 we were approved for a loan pending an appraisal of our house. The appraisal eventually came in a bit lower than anticipated and Capital One gave us XXXX additional options to refinance without cash back. We had the option of a loan at 4.0 % with no point, or 3.65 % by paying a point and higher closing fees. My wife and I decided to pay the higher closing fees and take the lower rate. At some point, I received a promotional email form Capital One granting {$1000.00} off closing fees as part of their XXXX XXXX Event. ( My wife and I have Capital One credit cards. ) They agreed to the {$1000.00} discount. ( Although they did n't mention we could have received over XXXX points for refinancing as Venture Card customer. ) After XXXX versions of paperwork with incorrect numbers, they mailed us the correct terms on XXXX XXXX. ( We received the letter on XXXX XXXX. ) At this point we had submitted most of the information they asked for ( Pay stubs, XXXX, assets, etc. ) and obviously qualified for the loan, but had n't signed the application paperwork because we did n't want to sign documents that did n't have the correct numbers. I spoke with XXXX from team XXXX on Wednesday XXXX XXXX and discussed with her how my wife and I could login to sign all of the documents electronically. I hung up with her, looked at the loan paperwork and decided to shop for the title insurance and settlement fees. ( Title insurance fees are listed as fees I can shop for on the disclosure paperwork. ) I found a local company that would provide the services for about {$1500.00} less than Capital One and called XXXX back within 15 minutes of our conversation. She did n't answer, so I left her a voicemail and sent her an email relaying this information and requesting her assistance using the new title company. She never responded to my email or voicemail. Instead, she proceeded to cancel our loan application. I did n't hear back from XXXX on Wednesday, Thursday, or by Friday afternoon, so I called her. She told me that had withdrawn our loan offer on Thursday XXXX, XXXX because we had n't signed the loan documents. I told her according to Capital One paperwork, we had 15 days from the time we received the accurate loan paperwork to sign the documents, and it had n't even been seven ( 7 ) days since we received the correct paperwork. I asked her why she did n't return my phone call or email. She did n't give me a satisfactory answer. 
It feels like our loan was withdrawn because we shopped for lower title and settlement fees. XXXX said she thought had previously agreed to the title and settlement charges, and I said I did n't recall agreeing to the title charges, but is n't my right to shop for the services? Instead of telling me that I would n't be allowed to shop for lower fees, she terminated our application, without ever responding to my phone call, email or contacting us beforehand to let us know why. 
I called back later on Friday and asked to speak to a supervisor, and I was told that no one was available, but my complaint had been escalated and someone would contact me by Monday ... It is Thursday and I have n't heard a word. We think that our loan application was terminated without merit and in bad faith. We know from experience that some banks do n't always play by the rules. My wife recently received a settlement check from the XXXX XXXX XXXX Bank class action lawsuit in regards to paying higher interests rates and fees than her similarly qualified white counterparts. Please investigate our compliant. I am happy to provide all correspondence and paperwork I have with Capital One Bank.

Company response to consumer: Closed with explanation