Consumer complaint received 2017-02-08
Product: Mortgage — Conventional fixed mortgage
Issue: Application, originator, mortgage broker — 
Company: Wembley's Inc (CA)

After years of patiently waiting and saving, me and my wife got to a point in which we thought it is time to buy a house, our first house. We informed my friend who happens to be a real estate agent. He told us that he worked for a company called Wembley 's Inc., a XXXX based real estate and mortgage broker company in California. We arranged to sit with Wembley 's CEO XXXX XXXX XXXX XXXX on XXXX XXXX, 2016. It this meeting, we expressed our enthusiasm and delivered initial documents inquired by XXXX XXXX. He also ran both of our credits as the first step. He then advised that based on our credit score we are approved for up to {$600000.00} home loan. Next, we started looking for potential houses that would fall within that price range. We saw a lot of houses in months of XXXX. As a first time buyer, there was a lot of questions that I either asked my real estate agent or XXXX XXXX through phone calls or email. I was also researching online to get familiar with the process. From XXXX XXXX on, XXXX XXXX contacted us in different occasions asked for different documents like bank statements ( XXXX/XXXX/16 and XXXX/XXXX/16, XXXX/XXXX/16 ), previous employers information ( XXXX/XXXX/16 ). We finally found our favorite house and placed an offer. Our offer got accepted on XXXX XXXX and we opened escrow the following day on XXXX XXXX, 2016. Since a day before opening our escrow I asked XXXX XXXX to provide my loan interest rate and I told him that I would like to lock the rate as we were getting closer to the XXXX ( XX/XX/XXXX 2016 ). each time he refused to provide me with an answer. I have all our communication documented as I still have all the emails. The night before XXXX ( XXXX/XXXX/16 ) we were in XXXX XXXX 's office for some required proceedings and I asked him again to lock my rate, he jokingly said let 's wait to see XXXX XXXX 's win and then we could lock on a better rate. With the result of the XXXX coming out the next day, interest rates started to raise as we all know. It got from rate XXXX to XXXX within a week to ten days! Finally on XXXX XXXX, XXXX XXXX contacted me on the phone and told me that I have two options : 1- 4.75 % +half a point or 2- 4.5 % +2.5 points ( about {$7000.00} ). I decided to switch to a different lending company. It is very important to know that on XXXX XXXX we were almost halfway through the 45 days escrow window, seller demanding final contingency removal letter while we did not have a loan! 
I contacted another lending company, submitted all required documents on XXXX, and went to their office on XXXX XXXX. Our new loan agent found the best rate for the day in REAL TIME, and he LOCKED the rate after I asked for it in matter of a minute. I signed papers in that one session on Monday and we got the loan approval on Friday, in one week. We had to risk by sending the loan contingency removal document to seller, and then asking him to accept one week extension. Should the seller denies the extension request, and we would have fallen out of escrow pretty easily, losing money and valuable time. 
Next step was involved with formally transferring loan documents from XXXX XXXX to our new loan agent. This was initiated with a formal letter on XXXX XXXX, 2016 with my new loan company. XXXX XXXX delayed the transfer procedure until XXXX XXXX. I wrote in an email my dissatisfaction with his handling my case. He delayed sending bank appraisal result to my new lender which in turn caused us to have an appraisal do-over. 
Due to XXXX XXXX 's negligence and ignorance in listening to our demands, our home loan rate has gone up from 3.875 to 4.375 ( per information obtained from the loan company I ended up working with considering our financial situation, employment history and credit score ). We are now paying {$210.00} more each month due to this rate difference. 
We are absolutely unsatisfied with Wembley 's Inc.