Consumer complaint received 2017-03-05
Company: Sindeo, Inc.
State: CA
Product: Mortgage
Sub-product: Conventional fixed mortgage
Issue: Application, originator, mortgage broker

Complaint:
I incurred a total of {$4700.00} in additional costs ( not including {$390.00} in attorney 's fees ) as a direct result of the misrepresentations and negligence by my mortgage broker, Sindeo. Sindeo claimed I had final loan certification on XX/XX/2016, when in fact my loan did not have final certification. On XX/XX/2016 ( the week the home was scheduled to close ), Sindeo informed me that the loan would not be financed by the lender due to one corporation owning more than 10 % of the units in the condominium project, which did not meet XXXX conventional financing requirements. Sindeo had more than one opportunity and an obligation well before the week of closing to do their due diligence and uncover this information, including during the home appraisal, which took place on XX/XX/2016 ; and during the HOA certification process, which was ordered on XX/XX/2016. Based on the loan approval, on XX/XX/2016, I removed my loan contingency ( and all other contingencies ). Once the notification from Sindeo that my loan could n't be financed reached the Sellers, a threat to cancel the transaction and pursue my {$10000.00} Good Faith Deposit was made. At this point, I had no choice but to rush to find another lender who could finance the loan utilizing a special program requiring approval under XXXX. I did not have the option to cancel the transaction all together and look for another property because I had already removed all contingencies and I was liable for the entire deposit. The additional loan costs ( and attorney 's fees ) were a direct result of Sindeo 's negligence, misrepresentations, and their providing me with false information. Prior to receiving the notice my loan would not be financed, XXXX XXXX, the agent I worked with representing Sindeo, insured me during at least three separate phone conversations that there was no way my loan would not close barring a change in my employment status. I relied on the information provided to me by Sindeo throughout the financing process and Sindeo did not follow through or fulfill its promises to close my loan. According to Sindeo 's website ( XXXX ), they claim Integrity is one of their guiding principals, specifically : " Guidance : A straightforward process and an Advisor supporting your client every step of the way '' and " Transparency : No surprises, no hidden costs, no industry jargon ''. Additionally, Sindeo had over 60 days ( with a XXXX escrow ), to complete the requirements of loan closing, and they dragged their feet during every step of the process causing unnecessary delays and issues. On Sindeo 's website, they reference : " Speed : Closings in as few as 15 days ''. In my experience, none of these principals were followed and others considering using Sindeo 's services need to be aware of this. Subsequent to the loan denial, conversations and correspondence with Sindeo resulted in no admission of fault, no acceptance of responsibility for the major mistakes they made, and I did not even receive an apology for all of the trouble and additional costs I incurred due to Sindeo 's actions. Rather than take any responsibility in the matter, Sindeo continually deflected blame onto the lender they chose to finance the loan, XXXX XXXX. This is considering the fact that I only hired Sindeo ( not XXXX ) to represent me and work in my best interest to finance the loan. I never even had any direct communication with XXXX ... The only offer made by Sindeo to resolve this matter was a check for {$710.00} that was sent in " goodwill '' to cover the costs I had already paid Sindeo for the loan appraisal ( {$500.00} ) and the HOA Certification ( {$210.00} ), neither of which was actually completed accurately or honestly. After multiple unsuccessful attempts to come to a fair resolution directly with Sindeo, this is my final attempt to work with the company before pursuing further legal recourse.

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