Consumer complaint received 2015-04-02
Company: Finance of America Mortgage LLC
State: DE
Product: Mortgage
Sub-product: Conventional fixed mortgage
Issue: Settlement process and costs

Complaint:
I received a refinance quote from XXXX when I started hunting for a refinance for my primary residence. They increased the rate from the base rate to pay for upfront mortgage insurance and to allow a XXXX dollar credit. Effectively paying for all the closing costs except the prepaid items for escrow. We moved along with the application on XXXX XXXX, and locked in that rate. Over the next several weeks I was very prompt about providing docs that were requested ( I had everything on file because I had just purchased the home a little less than a year ago, so all the old mortgage docs were ready to go. ) I began to get worried in the middle of XXXX when I started to realize that I wa n't hearing from the company as much as I am accustomed to when processing a Mortgage. I made a call sometime around a week before the end of XXXX to see what was going on, because I had a mortgage payment coming due. Throughout the whole process I found it difficult to get phone calls returned, but when I finally got a call back this time, the processor said something to the effect of " uh-oh looks like your rate lock is going to expire on XXXX XXXX, we better get moving. '' I made my payment and continued to try and be patient. I was n't receiving any requests for any documentation or anything so I just figured everything was ok. Finally I called back again after the weekend of XXXX XXXX on XXXX XXXX to ask what was going on with my loan, and that is the first time they asked me to sign a rate lock extension. This would have been fine, but they were asking me to accept a reduction in my Lender credit from XXXX to XXXX to pay for the rate lock extension. After volleying back and forth for several days I reluctantly agreed to reduce my credit to XXXX to help share the cost of the rate lock extension on XXXX XXXX. I assumed we were good to go since they were n't requesting any more info from me, and it sounded like the loan was approved and pending. Again i sat back trying to be patient, but I received no communication from XXXX until XXXX XXXX when they asked for a copy of my HUD from when I bought the house. They had that info the same day and the next day they sent out another rate lock extension for me to sign. There was no sheet showing that I was paying for this so I signed and returned it. Finally my loan was cleared to close Tuesday XXXX XXXX, but less than XXXX hours before scheduled closing I got yet another rate lock extension to sign, this time it showed that my lender credit was again being reduced to pay for the extension- down to just under 500 dollars. Immediately I told my loan officer to stop to closing and cancel everything if they could n't honor the deal I had agreed to with the {$1700.00} credit. After a tense Monday i finally heard back from my loan officer that they were going to honor the deal I had agreed to with the manager two weeks before. 
Finally on Wednesday a lawyer came out to my house to close the loan. Unfortunately they had not honored the agreement though, and on the final HUD it was showing that my credit had been reduced to XXXX dollars. On the final HUD they compared the HUD statement to a Good Faith Estimate that I had never even received showing only a 500 dollar credit, so it looked like my credit was supposedly increasing. 
I called the Loan officer during closing and he and his manager convinced me to sign the loan agreement promising that they would work out the difference in the Lender credit. However today they finally admitted to me that they were not going to reimburse me, and said that my loan was " closed. '' Luckily I am still within the three day rescission period, and have sent them a signed notice to cancel the loan. But the entire experience was demoralizing and degrading. Plus I am out the cost of the appraisal and all the time I have invested.

Company response to consumer: Closed with explanation