Consumer complaint received 2021-02-24
Product: Mortgage — Conventional home mortgage
Issue: Closing on a mortgage — 
Company: Brightfunders, LLC (IA)

Wednesday XX/XX/XXXX - I was contacted by XXXX XXXX with XX/XX/XXXX promising a 2.5 % conventional mortgage rate at par with no origination. While we were already working with a local lender we believed that .25 % and {$2200.00} in closing costs was worth exploring another lender. I confirmed my employment and income with XXXX and she said that she had me locked at a 2.5 % rate. 

Thursday XX/XX/XXXX - XXXX XXXX sent a loan estimate to me that showed a fixed 2.5 % rate with no points and {$990.00} in closing costs. I agreed to this and provided my credit card number to order an appraisal. 

Monday XX/XX/XXXX - I received a new loan estimate from XXXX XXXX that fixed some of the errors I noticed in the original. Again this loan estimate confirmed a fixed 2.5 % rate with no points and {$990.00} in closing costs. I noticed that the loan estimate did not list the 2.5 % rate as locked. 

Tuesday XX/XX/XXXX - I requested the 2.5 % rate to be locked. XXXX confirmed that the appraisal was scheduled for Wednesday XX/XX/XXXX. 

Thursday XX/XX/XXXX - I requested for loan confirmation because our financing contingency was due XX/XX/XXXX. I also inquired about the 2.5 % rate lock. XXXX confirmed that the rate was locked at 2.5 % and sent me the appraisal report. 

Friday XX/XX/XXXX - I again requested loan confirmation since the financing contingency was due XX/XX/XXXX. XXXX provided a letter for us to be able to waive the financing contingency. XXXX told me that the loan is in conditional approval. She also informed me that XXXX XXXX was not in the office on that day, but would be in on Monday XX/XX/XXXX to issue final approval. 

Monday XX/XX/XXXX - I asked XXXX again for final approval to waive the financing contingency, she copied me on an email to XXXX. XXXX informed me that that the rate was not locked yet and XXXX would not be able to issue final loan approval before the deadline. Since we wanted to keep the house, we waived the financing contingency with the letter XXXX provided us on Friday XX/XX/XXXX. XXXX informed me that we were not locked at the 2.5 % rate because we did not qualify for the XXXX XXXX. There was no prior documentation or mention of the loan rate being contingent on qualifying for a particular loan program. In addition, the loan application was submitted after I started at my new role, so there was no change in my income from the time we applied to the time XXXX said we did not qualify. XXXX said XXXX would cover some of the points on the loan because of the confusion. She said she asked her manager for a concession, but was denied. She informed me that we were locked at 2.75 % and needed to purchase points to achieve that 2.75 % rate. 

Tuesday XX/XX/XXXX - XXXX said she should have an answer to everything by the afternoon on Tuesday XX/XX/XXXX. After speaking to her manager she said XXXX was not able to cover any of the costs on the loan and we needed to accept the rate to be able to close on time. 

Wednesday XX/XX/XXXX - I committed to working with the original local lender since XXXX was not going to be able to meet their original loan estimate. After informing XXXX and XXXX, suddenly her manager said they might be able to fix the issue if I called them. XXXX also declined to refund the {$490.00} appraisal fee.