Consumer complaint received 2016-01-04
Company: United Shore Financial Services, LLC
State: TX
Product: Mortgage
Sub-product: Conventional fixed mortgage
Issue: Settlement process and costs

Complaint:
In XXXX 2015 we began applying for a mortgage through XXXX XXXX, President, XXXX XXXX Mortgage XXXX, XXXX XXXX XXXX XXXX, XXXX XXXX, TX XXXX. XXXX XXXX Mortgage XXXX XXXX XXXX served as the broker for an application to United Wholesale Mortgage, XXXX XXXX XXXX XXXX, XXXX, MI XXXX. An application was submitted to XXXX XXXX on XXXX XXXX, 2015. 

On that same date, XXXX XXXX sent us a worksheet that included a Total Estimated Funds Needed to Close of {$140000.00}. In an attached email she assured us that " the Loan Estimate ... is always higher than the actual because everyone is over estimating. '' She added, " If we have the XXXX Docs back by Monday XXXX XXXX XXXX ) we will be able to order the appraisal, which is key. '' We returned the referenced XXXX Docs ( signed Borrower 's Certification & Authorization ) on XXXX XXXX. However, to our knowledge, the appraisal was not ordered before XXXX XXXX, when XXXX informed us that the appraisal report would be completed on XXXX XXXX. We did not receive the report from XXXX until XXXX XXXX. On XXXX XXXX, XXXX sent a Loan Estimate, including Estimated Cash to Close of {$140000.00}. We were informed that we would have a Closing Disclosure on XXXX XXXX, to allow 3 days ' notice before closing, as required by new federal regulations. 

Instead of sending the Closing Disclosure on XXXX XXXX, XXXX informed us that the lender had additional questions for the appraiser to address. XXXX notified the appraiser, and he answered the questions the same day. On XXXX XXXX, United Wholesale Mortgage, via XXXX XXXX sent a Closing Disclosure, described on the Disclosure itself as " a statement of final loan terms and closing costs. '' It included {$140000.00} Cash to Close. Based on this amount being described as " final, '' we had {$140000.00} wired to XXXX XXXX XXXX XXXX, XXXX, XXXX XXXX XXXX, XXXX XXXX XXXX XXXX, XXXX XXXX, CA XXXX. 

All parties assured us that the closing would occur at XXXX on Tuesday, XXXX XXXX. On that date, we traveled from our home in XXXX to XXXX XXXX to sign the documents. We spent the rest of the business day XXXX waiting for XXXX, XXXX XXXX XXXX XXXX, and United Wholesale Mortgage to prepare the documents for our signatures. When the documents were not ready for signature at the close of business, we returned XXXX, with assurances that notaries from XXXX XXXX XXXX would bring the documents to our home XXXX for signature before noon on XXXX XXXX. 

Instead, on XXXX XXXX, we received a second Closing Disclosure - yet another " statement of final loan terms and closing costs. '' This so-called final statement included Cash to Close of {$150000.00}, which was {$6400.00} more than required on the previous " statement of final loan terms and closing costs. '' XXXX offered no understandable explanation for this increase. 

When we balked at the additional funds required to close, XXXX suggested that we could reduce, but not eliminate, the difference by accepting a higher loan rate. This was not an acceptable solution. Despite the fact that we did not have the required 3 days ' notice of the actual amount required to close, figuratively speaking, we had a XXXX to our head. If we had not signed, our loan rate would have expired and we would have lost {$6500.00} in earnest money and option fees. We also would have been in breach of our contract with the seller. So, under duress, we agreed to send the additional funds, and the closing took place at XXXX on XXXX XXXX at our home. 

In short, our complaints are that XXXX XXXX Mortgage put us at significant financial risk through their untimely request for the appraisal and United Wholesale Mortgage 's " final '' Closing Disclosure of XXXX XXXX was fraudulent.

Company response to consumer: Closed with explanation