Consumer complaint received 2020-04-03
Company: MUFG AMERICAS HOLDINGS CORPORATION
State: CA
Product: Mortgage
Sub-product: Conventional home mortgage
Issue: Applying for a mortgage or refinancing an existing mortgage

Complaint:
This is the case of a simple refinancing gone bad that took 101 days to reach closing and as of this date we have not officially closed and I am being told through a third party, that Union Bank is drawing up all new documents. I have not received any communication regarding this development, nor have I ever approved redoing documents again. My last communication by email/phone call was on XX/XX/XXXX, when I rejected their proposal. 
The process began early in XXXX, XXXX with an estimate based on the following assumptions : A ) No Cash out, B ) Roll existing escrow into new Escrow account and finally all related costs to be rolled into new loan. I received an estimate that included a lenders credit of {$2500.00} along with standard refinancing, title and escrow fees. We provided all the requested documents by the lender in under 30 days. I paid the loan appraisal fee of {$550.00}, plus an additional {$170.00} for an HOA certification. The first estimated Closing document, reduced my credit reduced by {$800.00} because when they prepared the original estimate, they failed to recognize the property was a Condo and not an SFR, plus cash out to us for over {$2000.00}. For the next 30-60 days  multiple emails were exchanged, which I was the primary initiator of those emails since I rarely heard from my Loan Consultant and I received multiple Closing estimates that range from large refunds or I would have to pay more at closing. These constant delays and unknowns reached a point where I emailed my consultant ( XX/XX/XXXX ) and told him I was dissatisfied with the progress and communication and wanted to walk away and eat my losses. He convinced me that we were very close to setting a closing date. We finally scheduled a closing on or about XX/XX/XXXX, but the documents were all wrong and, in some cases, double sided printing, which is not allowed for closing documents. I communicated by displeasure with my loan consultant on XX/XX/XXXX. After exchanging emails, another closing was scheduled for XX/XX/XXXX with new documents, we signed all the documents as requested and assumed we were done with this refinancing. 
After closing I requested a Rate Modification from 4.25 % to 4.00 %, which would require minimal documentation. I was told we would need to resign all new documents again and pay a fee almost equal to the amount I was to receive from the closing on XX/XX/XXXX. I rejected the offer and told them to finish the closing already signed. I assumed they were moving forward with the closing and I would not have to make a mortgage payment ( old loan ) in XXXX as part of the refinancing. On XX/XX/XXXX I noticed my original loan was not paid off and replaced with the new loan and after multiple calls to customer service I discovered the refinancing was never processed and if I did not make a payment immediately on the original loan, I would be late. Needless to say, I made the payment and requested the manager of my loan consultant call me to find out what is going on. They allegedly left a message with him and I attempted to contact him with no response. In the meantime, I contacted the Title Company ( the third party ) and was told the original loan was not paid off and Union Bank was redrafting all new documents and there was nothing they could do. On XX/XX/XXXX I contacted the Title Company and was told that there is no payoff of the original loan and there is no record of any new documents redrafted. The documents signed are no longer valid loan documents according to the Title company. So, I am left with my original high rate mortgage, out of pocket {$720.00} and had to make a mortgage payment on an old loan that should have been replaced ( {$2400.00} ) with a new loan starting in XXXX, XXXX.

Company public response: Company has responded to the consumer and the CFPB and chooses not to provide a public response
Company response to consumer: Closed with explanation