Consumer complaint received 2022-11-02
Company: UNITED BANKSHARES, INC.
State: MD
Product: Mortgage
Sub-product: Other type of mortgage
Issue: Closing on a mortgage

Complaint:
On XX/XX/2022, George Mason Mortgage Loan Officer, XXXX XXXX XXXX, provided a loan comparison document that depicted the monthly mortgage of a 30-year fixed-rate for {$650000.00} at 4.5 % and {$720000.00} at 5 %. The document showed that the mortgage of {$650000.00} would be {$3300.00}. This amount include principal, interest, property taxes, and homeowner 's insurance ( PITI ). I didn't take that loan because of the then builder. I include this information because it is relevant to the below explanation of what took place. 

On XX/XX/2022, I reached out to the George Mason Mortgage bank, and this time I worked with XXXX XXXX, XXXX XXXX ' colleague that was filling in for XXXX XXXX during her absence. XXXX XXXX confirmed on XXXX XX/XX/2022, that my mortgage would be {$3300.00} after construction and that amount included PITI. With this information, I chose to move forward with the loan and start the process with my new builder. 

When I went to closing on XX/XX/2022, I noticed the change of mortgage amount, but I didn't notice that the taxes and insurance, the escrow, was not included. The difference was {$64.00}. I was told, via email on XXXX XX/XX/2022, that my mortgage would be {$3300.00}, and the document showed it as {$3300.00}. I felt that the increase would be based on final confirmed numbers rather than estimates. It wasn't until XXXX XXXX that I noticed a load of discrepancies in the loan paperwork. For instance, the Fixed/Adjustable Rate Note , has the monthly amount of {$3300.00}. and this is just principal and interest. The closing disclosure has two different principal and interest amounts : {$2500.00} and {$3300.00}. The amount of {$2500.00} is also listed as interest only! How is this possible? On this form is where I found that the escrow of {$750.00} is set aside and when added to {$3300.00}, it is a total of {$4100.00}! That is NOT {$3300.00}! I only moved forward with the loan because of the confirmed monthly payment. Further down in the loan documents on the Universal Residential Loan Application - Lender Loan Information, it has the P & I at {$2500.00} + {$100.00} for insurance + {$650.00} for taxes for a total of {$3300.00}! Where is the professionalism in this loan contract? 

After XXXX XXXX XXXX XXXX returned to work from her personal time, she took ownership of the loan. I addressed her about the loan after signing and she stated on a phone call held at XXXX on Friday, XX/XX/2022, that she can't change the numbers! She stated that she did not draft up the loan, but she took ownership of the loan by stating she is the loan originator. 

I spent money to the builder based on the numbers that XXXX XXXX XXXX XXXX provided on XX/XX/2022, that I shared with XXXX XXXX XXXX on XXXX XX/XX/2022. I paid {$11000.00} in closing costs of which I get none of it refunded. I was told by XXXX XXXX XXXX XXXX during that phone call that the title company still has to be paid. How am I responsible for this? Today, XXXX XX/XX/2022, I found out that in addition to not getting my closing costs refunded to me, I have to bring an additional {$510.00} in order to completely cancel the loan and get my land transferred back to me. 

I feel that I am completely paying for XXXX XXXX XXXX XXXX ' mistake. I feel that in the loan documents, she attempted to hide and change the numerous mistakes that she made with the numbers. How else can that loan have two different P & I amounts when the principal balance and interest never changes for the first seven years? 

Additionally, it is an FDIC requirement to have an escrow account established for high-priced mortgages. The bank took it upon themselves to opt me out of an escrow account after the building of the house is completed. This was a method used to keep the actual true cost of {$4100.00} from being displayed on the Fixed/Adjustable Rate Note. Nowhere in the loan documents is the amount of {$4100.00} displayed. I have to do the math to get that number. 

Please tell me how any of this is legal. If I had falsified any information, I'd be looking at criminal charges and incarceration. This woman charged me over {$12000.00} for her mistake and she doesn't have to pay for it. How is this legal? This was all done under false pretenses! I pay to get the loan and then pay to get out of the loan! Where is she and/or George Mason Mortgage held accountable?

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