Consumer complaint received 2018-09-05
Company: ROYAL UNITED MORTGAGE LLC
State: TN
Product: Mortgage
Sub-product: Conventional home mortgage
Issue: Applying for a mortgage or refinancing an existing mortgage

Complaint:
I started this process unfortunately through XXXX XXXX not knowing pressing enter would turn into phone calls from all the lenders available. I got in contact with Royal United Mortgage and the lender seemed to be less pushy so i proceeded with the loan process. I told him I wanted to pay off all loans, refinance my current mortgage, and get some cash to do repairs. I gave him all the information he requested in regards to my pay, the amounts owed and what we wanted for cash. We initially requested XXXX cash in hand which would have came to a loan amount of XXXX. I told him our house should appraise for around the XXXX mark give or take. I gave this number because 6 months prior we had 3 realtors give us the XXXX mark to list our home to sell. The lender looked at the information and said it should not be a problem that we could get 80 % of the appraised value and that we would be below. So i agreed to pay the appraisal fee. The appraisal came back at XXXX way below the value. Now two things happened from here. One the lender quickly told me that he would not be able to do the loan because now they could only offer 60 % so he tried to sell me a loan that we did not want. Second i asked for the loan to be reviewed. I repeat I asked for the review he did not even mention it. He even stated that only 1 out 10 reviews get changed. Low and behold i am one of those ten. It only took another two weeks for the review to come back. Now before this happened. He told me that if the loan comes back at XXXX i should be able to do the loan. I said we need to change the amount to XXXX and he again said that should be fine if it came back at the XXXX. The review came back at XXXX. He again changed the terms telling me he would not be able to do the full amount i asked. He then tried to sell me on switching to a FHA loan. I told him i was not interested. He repeated the FHA option numerous times. Then told me the appraisal wasnt high enough for what we requested because now it shows my income was not high enough. The only reason i even agreed to the appraisal was because i was told that i was way under and there would be no problem in getting the amount requested and thats even with changing the amount by XXXX. Now during this process of waiting for the review i checked my local options and found a local lender that agreed to do the loan with what i was requesting. He said he would be able to use the appraisal from them. So i called and have requested the appraisal in the original format over a week ago and still have not received what i am asking for. I have been told by the lender and two of his managers that i would be sent the appraisal. Every phone call however which was daily they tried to convince me to stay with them. They finally got to a close amount of what i was requesting and this was through the lenders manager. I asked what the rate was going to be and he checked and told me twice that it would be 4.75 i said fine lets get it written up. So again i had to wait and three days later they came back with the final and the rate changed to 5.0 % and the amount was less again. SO everytime i have talked with this company they have gone back on what they said they could do. Also starting the process i was told i could close in shorter period of time, its on day 47 of this. I asked for the orginal formatted appraisal a week ago. Even last night they said they would match the other companies numbers and then said they couldnt today.

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