Consumer complaint received 2024-10-18
Product: Mortgage — VA mortgage
Issue: Trouble during payment process — Trying to communicate with the company to fix an issue while managing or servicing your loan
Company: United Shore Financial Services, LLC (MN)

I recently purchased and sold a home. During the buying and selling process, I worked with mortgage broker XXXX XXXX of XXXXXXXX XXXX XXXX to secure a mortgage for the home my wife and I were purchasing. While determining our buying/selling strategy, XXXX confirmed with United Wholesale Mortgage ( UWM ) that I was eligible for mortgage recast. I was not initially familiar with a recast process. Based on the recast being offered by UWM, I decided to make an offer on our current home without contingency, knowing that when we sell our home at the time, we would take the proceeds, apply it to the UWM loan and recast to have a mortgage that aligns with our financial plan. We ultimately closed on our current home and secured a {$630000.00} mortgage with UWM without issue. 

Upon creating an online account, I followed UWM 's mortgage recast process detailed on their website. This process includes an automated eligibility check for recast. The eligibility check identified that I was eligible for recast with UWM and directed me to mail them their request form and a {$150.00} money order for processing. On XX/XX/year>, I received a letter from UWM indicating that my recast request was denied. I connected with XXXX XXXX, who indicated he would connect with UWM to resolve. 

On XX/XX/year>, I logged into my UWM online account and after using their recast eligibility check offered, I received a result indicating " Congratulations! Your loan is eligible for recast. '' I sent a screenshot of this message to UWM and received an email reply indicating " the investor who owns your loan does not allow recasts ; therefore, we are unable to fulfill your request. '' When I asked to escalate this issue to find a mutually agreeable solution, I was told to call UWM 's customer support service. XXXX XXXX also indicated that Despite escalating my request to 3 levels of management at UWM and supplementing that with the screenshot I sent saying I am eligible, UWM confirmed they would not do the recast. 

On XX/XX/year>, the UWM website continued to indicate I am eligible for recast. I called UWM 's customer support service, where I was ultimately directed to UWM 's executive resolution team for potential resolution. I spoke with XXXX of the executive resolution team who stated that she understands my concern and said UWM can not to anything to remedy this issue. I told XXXX that I have the planned {$430000.00} in my personal bank account ready to apply to the principal of my loan and to effectively lower my monthly payments and interest costs. I also explained to XXXX that if recast is not an option UWM can offer, I would be open to a refinance if they were to fund all associated costs, a one time modification to my mortgage or other similar solution. XXXX reiterated that UWM will not work with me to find a mutually agreeable solution. Before ending the call, I was very respectful and transparent by explaining to XXXX that I would like to resolve this matter personally and without requesting investigation by a government agency. XXXX again reiterated that UWM will not do anything to remedy this issue that they initially offered prior to securing a mortgage with their company. 

It really bothers me that me, my wife and XXXXXXXX XXXX XXXXXXXX are bearing the burden of UWM 's deceptive practices by them not standing by their initial commitment/offering. Paying interest and monthly payments on a {$630000.00} loan for 15 years was never part of my families financial plan. This creates a burden and undue hardship. I don't feel it is right for my family to take on this burden due to an unethical lender steering me as a consumer to their services, and to later find they will not stand by their word. 

Any assistance in finding a reasonable and mutually agreeable solution is greatly appreciated. 

Thank you.