Consumer complaint received 2016-12-06
Company: Pacific Union Financial, LLC
State: FL
Product: Mortgage
Sub-product: Conventional fixed mortgage
Issue: Application, originator, mortgage broker

Complaint:
I applied for a mortgage re-finance through my current company, Pacific Union. 
The loan officer 's name is XXXX XXXX. 
XXXX XXXX 's cancelled my application because I did not want to " cash out. '' I began the process of shopping for mortgages XX/XX/XXXX. I had to lift freezes on all my credit reports because I had a burglary in XX/XX/XXXX and all my personal information was compromised. Pacific Union was XXXX of XXXX mortgage companies I shopped. 
I got as far as filling out the application, getting the Loan Estimate and other paperwork, giving the loan officer my credit card number to pay the {$450.00} appraisal fee, and sent every piece of financial documentation XXXX XXXX requested. 

XXXX XXXX was very irritated that I could not -- and did not want -- to " cash out '' and in an email ( all of which I have included ) said it was not worth it to re-fi without the cash out. In other words, it was not worth it to him -- he would not make a big enough commission. 

I started shopping around XX/XX/XXXX and XX/XX/XXXX because I believe interest rates are going to go up. Now that XXXX XXXX has been elected, I feel certain rates will go up. I have a first mortgage and a line of equity I wanted to consolidate. The line of equity interest rate increases along with interest rate increases. 

My application provided me a 60-day lock in. I was at the point of going to the underwriter. XXXX XXXX quoted me a conventional loan with a 30-year fixed mortgage rate and all the closing costs ( see attached paperwork ). 


I also provided XXXX XXXX the escrow information -- ie : payments on 1st mortgage and line of equity, property tax, hazard insurance, and a list of financial information ( see emails ) proof of income, tax returns for two years, and two months ' bank statements, insurance declaration page, electric bill, and a few others ( see attached email from XXXX XXXX ). 

XX/XX/XXXX, I received a block grant for a new AC. I told XXXX XXXX. My house already has a new roof, and was appraised well enough to get the second mortgage. The area I live in is a hot market. I also have an absolute sterling record of paying my mortgage both with Pacific Union and with XXXX, the mortgage company before then. 
( XX/XX/XXXX, I did a streamline re-fi that had no costs. ) My credit score put me in the " very good '' category -- I qualified for the mortgage. I have lived in my house since XX/XX/XXXX. 

XXXX XXXX said there would be no issue, but I told XXXX XXXX I did not want to walk out with a huge mortgage. He pressed saying it was good to take money to pay off credit cards. I agree, but my XXXX credit cards amount to about {$5000.00}. But XXXX XXXX wanted to do a total cash out. 

I learned I was not able to do any cash out due to a block grant I have received last year for a new AC. I spoke with XXXX XXXX XXXX of the city of XXXX Block Grant program. This program is considered a " forgivable loan '' for five years ( one year has already passed ) and then it drops off. It is a silent lien that is ALWAYS subordinate to the first mortgage and the only reason it is there is so grants recipients stay in our homes for at least five years. This is so people do not get a grant then turn around and sell the house right away. It does not show up on a credit report because it is subordinate, it is not paid off. 

XXXX XXXX understood this about the grant, that it was a forgiveable loan AND would stay in second place, subordinate to the first mortgage. XXXX XXXX knows this because XXXX XXXX told him. 

But when XXXX XXXX learned that I could not cash out, he grew angry, curt and abruptly cancelled my loan. He stated this in an email. ( see attached ). He would not return my calls or emails. He would not tell me his boss ' name. Next month, Pacific Union phoned me about the re-fi. Then I go the name of XXXX XXXX. And the shenanigans between XXXX XXXX and XXXX XXXX really began.

Company public response: Company believes it acted appropriately as authorized by contract or law
Company response to consumer: Closed with explanation