Consumer complaint received 2021-02-22
Product: Mortgage — Conventional home mortgage
Issue: Applying for a mortgage or refinancing an existing mortgage — 
Company: BANC ONE MORTGAGE CORPORATION (CA)

I was in a middle of a refinance application with one lender ( XXXX XXXX ) and I was having a negative experience, when this lender ( Banc One Mortgage ) offered me to apply with them and promised me that they would match my rates and terms which I have in writing. This occurred on XX/XX/2021. My rate that was offered and locked in at XXXX XXXX was 2.625 % APR with {$4900.00} in lender credit to put towards my closing costs and prepaids. I told the current lender that I was worried about my income being approved so the Banker, XXXX XXXX, told me to submit my application and send her all of my income verification, and that she would have it approved with the underwriter prior to having me pay for the appraisal. I sent her all documentation in a timely fashion and sent all subsequent documentation they requested within 24 hours of them requesting it and it took them until XX/XX/XXXX to approve my income. On XX/XX/XXXX, the banker, XXXX XXXX told me they got approval and to unfreeze my credit with the credit bureaus so they can run my credit and send me the disclosures. I unfroze my credit on XX/XX/XXXX and let her know right away that it was unfrozen. As of XX/XX/2021, I still had not heard from the banker so I reached out asking where my closing disclosures were. It was at this time that she informed me that she never ran my credit because " pricing '' was bad. This was the first time in almost a month that I learned that she never locked in the rate that she promised me on XX/XX/XXXX. After much back and forth, I agreed for them to lock in the new rate of 2.75 % APR. I unfroze my credit again on XX/XX/XXXX and asked for her to run my credit and lock in the rate at 2.75 % and had her confirm in writing that she would do so. The banker ran my credit the same day in the afternoon and told me she would send my the closing disclosures the following morning. The banker sent me the closing disclosures 2 days later, on XX/XX/2021 which stated the rate was 2.75 % APR but I noticed they did not provide me with the same lender credit which they previously promised they would, so I reached out to her to tell her to fix this discrepancy. She told me it was the weekend and would have her manager reach out to me on Monday morning. Today ( XX/XX/2021 ) I received a call from the manager stating that they never locked my rate and that now the best they can offer me is 2.875 % APR with no lender credit. I was in shock that my rate was never locked. There was never any mention from the banker, XXXX XXXX, that my rate was never locked. On the contrary, I have in writing that when I requested her to lock the rate and run my credit, she promised to do so the same day. When I told her manager, XXXX XXXX, all of this and offered to send him proof in writing of what she stated, he did not want to see it or honor their agreement. I have now had my credit run multiple times ( by the previous lender I was working with and this new lender ) with the promise that she would deliver me the same rate and terms as the previous lender. I am also out {$490.00} in appraisal fees that I paid to the previous lender, because I stopped working with them once this new lender said they would match my terms and rate. 
This company blatantly lied to me and promised a rate and term that they never planned on giving me. They contacted and harrassed my current employer and previous employers for verification of income which cost my employers their valued time. They also wasted much of my time in asking for multiple paystubs, W2s, unfreezing my credit multiple times, with no plans on ever honoring this arrangement. I think they should be held accountable for deceptive lending practices and would like to be compensated for them wasting my time, worsening my credit, and money I could have saved if I refinanced with another mortgage company.