Consumer complaint received 2016-10-19
Company: PRIMARY RESIDENTIAL MORTGAGE
State: MD
Product: Mortgage
Sub-product: Conventional fixed mortgage
Issue: Application, originator, mortgage broker

Complaint:
XX/XX/XXXX, I contacted XXXX XXXX of Primary residential to see if there were refinancing options for my first home. However, after speaking with her she determined that they would not be able to refinance my home. I informed XXXX that was working with another mortgage company already to finance my home. However, she offered to help find me a loan product her company was offering for the home I was in the process of purchasing at the time. After going over a few loan products with XXXX that were not a great fit for me, she finally said she had found a XXXX loan product that her company had just started offering XX/XX/XXXX. XXXX sent a loan summary to me within about a week of mentioning this product to me. This loan summary looked amazing! It appeared that the loan product she was offering would save me about {$300.00} per month in comparison to the other mortgage company. After the loan summary was sent XXXX began to slowly respond to my text and phone calls. Eventually XXXX sent me a Loan estimate that was still looking good! My closing date was XX/XX/XXXX and it was approaching pretty fast. Two weeks prior to my closing date the appraisal had been completed and XXXX ensured me that we would meet my closing date. However, the week of my closing I called, texted and emailed XXXX and she was n't replying and I was not confident at this point that we would close on time. At the same time, do to lack of communication with XXXX the builders for my home were not trying to wait for me to get final approval from them because the other company I was working with had a final approval in enough time. Thank goodness I continued to work with the other company! I ended up contacting Primary Residential Mortgage to withdraw my application because I did not have any definitive date for close. The day before my closing I contacted the Branch Manager for Primary Residential and expressed my concerns. During my conversation with the Branch Manger it was discovered that XXXX had lied and never informed me that I was being approved for a XXXX loan. I told the Manager that XXXX has never disclosed that to me. After review of my file, the Manager acknowledged that XXXX did submit my loan as XXXX loan product and he apologized for the error and confusing. He advised me that I should continue with the other mortgage company because they were offering me XXXX % financing. This was a very stressful process and overwhelming considering for about 45 days I was under the impression I was getting a XXXX loan and saving money! The day after I closed, I did receive some flowers at my new home from Primary Residential congratulating me on my new home. However, I just felt like the company could 've did more for me monetarily since I was lied to and mislead into thinking I was saving money. This was a horrible experience overall!

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