Consumer complaint received 2022-11-01
Company: PARAMOUNT RESIDENTIAL MORTGAGE GROUP
State: FL
Product: Mortgage
Sub-product: FHA mortgage
Issue: Closing on a mortgage

Complaint:
XXXX XXXX, a lender from Paramount Residential Mortgage, deceived me into believing that the Federal Housing Administration required me to purchase discount points to purchase a home. XXXX XXXX repeatedly stated that the {$8200.00} I questioned would go directly to FHA to buy discount points. XXXX XXXX also claimed that he couldn't lock my interest rate immediately after receiving my loan application and disclosure. XXXX XXXX stated that he needed a completed home appraisal before he could lock in my loan. XXXX XXXX waited two days to lock in my interest rate during inflation. This time lapse caused my interest rate to increase from XXXX to 7 %. Per XXXX XXXX, this increase left him no choice but to charge me for more discount points. After further research, contacting FHA customer service, and speaking to a HUD counseling representative, I discovered that XXXX XXXX 's claim regarding discount Points was false. 

After obtaining this knowledge, I was confined to my Realtor, XXXX XXXX, who did nothing to protect me from this situation because she worked with XXXX XXXX often. XXXX XXXX reported to XXXX XXXX that I would seek out new Leaders. 

In anger, XXXX XXXX contacted the seller 's listing agent in an attempt to force me to sign and pay for the discount point. 
With the help of my realtor XXXX XXXX ( who XXXX XXXX recommended that I use ), XXXX XXXX successfully forced me to pay for discount points that weren't required. XXXX XXXX, a lender from Paramount Residential Mortgage, deceived me into believing that the Federal Housing Administration required me to purchase discount points to purchase a home. XXXX XXXX repeatedly stated that the {$8200.00} I questioned would go directly to FHA to buy discount points. XXXX XXXX also claimed that he couldn't lock my interest rate immediately after receiving my loan application and disclosure. XXXX XXXX stated that he needed a completed home appraisal before he could lock in my loan. XXXX XXXX waited two days to lock in my interest rate during inflation. This time lapse caused my interest rate to increase from XXXX to 7 %. Per XXXX XXXX, this increase left him no choice but to charge me for more discount points. After further research, contacting FHA customer service, and speaking to a HUD counseling representative, I discovered that XXXX XXXX 's claim regarding discount Points was false. 

After obtaining this knowledge, I confined my Realtor, XXXX XXXX, who did nothing to protect me from this situation because she worked with XXXX XXXX often. XXXX XXXX reported to XXXX XXXX that I would seek out new Leaders. 

In anger, XXXX XXXX contacted the seller 's listing agent in an attempt to force me to sign and pay for the discount point. 
With the help of my realtor XXXX XXXX ( who XXXX XXXX recommended that I use ), XXXX XXXX successfully forced me to pay for discount points that weren't required. The only option I was given by XXXX XXXX and XXXX XXXX was to sign the closing documents or lose my {$20000.00} Deposit. 

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Company response to consumer: Closed with explanation