Consumer complaint received 2016-12-30
Product: Mortgage — Conventional fixed mortgage
Issue: Application, originator, mortgage broker — 
Company: FRANKLIN AMERICAN MORTGAGE CO. (PA)

We refinanced our mortgage to lower the PMI as well as receive a lower interest rate. We have had several issues with franklin american mortgage company during this process. They had no issue in letting us know what our potential new payments would be and what information would be required to move forward. We asked to go ahead and refinance and submitted all the necessary paperwork. They had noted once the appraisal was received it would n't take too long to get all the paperwork together and schedule a closing. I had to continually check in with them to make sure they were working on it. When they said it would be 2 days, it would n't be until a week later we 'd get the information. We had to ask for the appraisal report after being told we would get a copy after 3 days. A few days before closing I had to ask for the implications of the appraisal on our mortgage. ( i.e. what were our new payment plans etc. ) There was a discussion on keeping our HELOC open or closing it and after requesting they keep it open, they submitted all the closing paperwork to close the HELOC. 2 days before closing I had to ask if I could do a wire transfer or did I need a certify check. By the time they sent me the information for the wire transfer, it was too late for our bank to have done in time for closing. Either way, without asking I did n't even know who the certified check should be made out to. When going through the closing documents, we noticed that they did n't even check our current mortgage and had done all the calculations with our balance from XXXX when we had first discussed refinancing. The current mortgage and the new refinanced mortgage was with the SAME company. They had no problem checking our HELOC and bank account up until the day before closing to check on those balances but did n't even bother to look at our current mortgage with their company. When we called them AGAIN during closing to determine what could be done, he had noted they would be sending us a check with the overpay. He said they could n't transfer the money to the new loan. He had we should have the check 30 days after closing. Well 30 days past closing comes and goes and there is still no check. I called them back and after speaking to XXXX different people, they had no idea where that money was. They had said it was dispersed a few days after closing but they could n't figure out where and the lady that had made the notes and dispersed it was on vacation. I was told if I had n't heard anything 4 days later to give them a call. Of course, 4 days later I had to call and after less than ten minutes on hold they told me the check was with the cash management department and they were taking care of applying it to the escrow of our new loan. We asked to have it applied to the principal instead and are awaiting confirmation that this has happened. Overall, it was a terrible experience with this company and I do n't recommend working with them. You have to continually check up on them to make sure they are doing the work they are paid to do. To get the correct information, you have to ask a ton of questions and make sure you know what you 're doing because they do n't. In addition, the people there will tell you something different every time you talk to them. Not only does each person say something different but the same person will say something different when you talk to them a different day.