Consumer complaint received 2020-05-18
Product: Mortgage — Conventional home mortgage
Issue: Applying for a mortgage or refinancing an existing mortgage — 
Company: UMPQUA HOLDINGS CORPORATION (OR)

I have a mortgage for my home through Umpqua Bank. In XX/XX/2020 I decided to pursue refinancing my home to take advantage of much better rates than when I purchased the home ( 3 years ago ). I clicked a link on Umpqua 's mortgage website that stated they would get back to me in 72 hours of requesting contact. Nobody ever got back to me and I pursued refinancing through other banks. During the refinance process I was told by XXXX XXXX  mortgage underwriting that Umpqua reported my existing mortgage was in forbearance to credit agencies. Shortly afterward I received a letter in the mail stating that I had been approved for forbearance by Umpqua if I wanted to be in forbearance all I needed to do was fill out, sign and return the form they had mailed me. I did not request, fill out, sign or return that form. I am current on my mortgage, have not been late, will never be late. I still have my job, salary, etc ... yet I was put into forbearance. This brings up many questions. Why did Umpqua put my mortgage into forbearance if I did not request to be in forbearance. Why would they put me in forbearance against my will if I was current with my payments and had no qualifying reasons to be under the CARES Act. Why did they report this to the credit agencies even though I did not request to be in forbearance and was and am current with my mortgage??? 

I am unable to secure refinancing because of Umpqua 's mistake. I have been told that all the underwriters need is a letter from Umpqua explaining I did not want to be in forbearance and have always been current on my loan. They have so far been unwilling to provide this type of letter to me. Umpqua mentioned other people with mortgages with them had run into the same problem I had and that they had been able to get them resolved. They told me they would be able to take care of this. I sent them an email this morning after receiving a letter from Umpqua and talking to my lender. They let me know they were recording the call and then through the course of the conversation let me know that the letter I need would have to be provided by management and that they weren't sure if/when it could be provided. They promised to call me back this afternoon to follow up. I am now almost out of time on the rate lock I was offered by XXXX. 3.125 % on a 30 year mortgage. I have tried getting this resolved through Umpqua directly now with 5 different phone calls and numerous emails over the course of a 4 week period. Now I feel stuck. 

Initially it seemed that getting Umpqua 's help to resolve this would take time, but that they'd get it done. Now, after pursuing their help for a month, it seems doubtful they will resolve this at all. I have great credit, low debt to income/equity ratios and have worked hard to achieve both. I have never missed a mortgage payment or been late on payment. I am current and have always been current with my loans. Now I am financially disadvantaged until Umpqua fixes their mistake. I am asking that they fix this mistake before it ends up costing me significantly financially. Do the math on the loan I have with Umpqua today and the interest saved versus a 3.125 % loan. This also seems likely to impact my financial future with loans, insurance and anything that relies on credit worthiness to make a determination. Please fix this Umpqua.