Consumer complaint received 2022-06-23
Product: Mortgage — Conventional home mortgage
Issue: Applying for a mortgage or refinancing an existing mortgage — 
Company: PRIMARY RESIDENTIAL MORTGAGE (TN)

I worked with Element Funding on a recent home purchase. I did close in spite of the HORRIBLE service they provided. The last 3 weeks of the process I nearly had a nervous breakdown because they were so negligent. Closing was pushed back multiple times, I incurred approximately {$450.00} in extra expenses due to their directing me to use a mail away closing document and notary for my cosigner and they caused my down payment to be incorrect. ( 20 % rather than {$100000.00} that I desired ). I was charged for the multiple wire fees. 

Communication was terrible. I was texting, calling, and emailing with increasing frequency to learn what needed to be done and how to complete the process. I rarely received adequate response. Mostly, I would just get a request through the portal or via email to resubmit something I had already submitted multiple times. I should not have to project manage the mortgage brokerage team. They are meant to be the experts guiding me through the process. I had to call other financial institutions and search the internet to get answers to questions I was not getting answered from the people I was paying to help me. 

For my financial bank statements, after they requested the same documents for the 5th time, I asked if we could do a video call and share my screen so they could see that i was sending what they were asking for. I had to share my password with my realtor, have my financial advisor get on the phone with the team, and they still insisted the documents were wrong. After that 7th time, we had to have another employee of the financial advisor team explain AGAIN that the statements being requested were all part of one statement. The page numbers were sequential. No pages were missing, they just saved the XXXX accounts in different pdfs even though they were all part of the same statement. 

They waited until just a few days prior to closing to confirm my co-signers work history. They had the information for over a month but never said anything to us about not confirming it. So closing was pushed back at least twice. When I asked why this wasn't addressed sooner, I was told that they'd left a voicemail with HR 3 weeks ago but never heard back. No one ever communicated this to us. We were able to reach out to HR and get a direct number for them. The issues and stress they created were absolutely avoidable. 

Before the initial loan application even began, I told XXXX XXXX I wished to put down more than 20 % of the purchase price. I repeatedly mentioned to XXXX, XXXX, and XXXX that the Disclosure form did not reflect the correct amount and I wanted to put down more than 20 %. They kept telling me, just go ahead and sign, we'll change that later. Then all of a sudden, it was the day prior to closing and XXXX emailed me the " final '' disclosure copy. I immediately replied saying I had already wired {$100000.00} to the title company and this document needed to be corrected. No response. Two days later I heard from XXXX that it was " too late '' and I should have said something earlier. I explained why this was inexcusable and reminded him that I had. He said he and XXXX had even had a discussion regarding my desire to pay more than 20 % down but they didn't have an email with the dollar amount so they just went ahead with 20 %. No one bothered to call or contact me for clarification. 

I let XXXX know very clearly that I was highly dissatisfied. He gave me the brush off. All he said he could do is walk me through a Principle Paydown once my mortgage invoices began. I do not need his help with that. I also had my realtor request repayment for the {$450.00} OR a percentage discount in the form of a refund off the fees Element Funding charged me but he was also told they would do nothing. 

I believe they ignored my wishes on the down payment willfully to increase their own percentage payout by making the loan larger. I find this dishonest and deceitful. 

I filled out Element Funding corporate survey outlining the terrible experience I had but all I got in reply was a brief email : XXXX " Thank you for completing our survey. Im sorry that your recent experience was less than ideal. I strive to make sure every customer has a positive interaction. Your feedback is important and will help me improve the customer experience. 

Sincerely, XXXX XXXX XXXX Element Funding '' I worked directly with XXXX XXXX, XXXX XXXX, and XXXX XXXX. 

XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX