Consumer complaint received 2024-06-11
Product: Mortgage — Conventional home mortgage
Issue: Applying for a mortgage or refinancing an existing mortgage — Delays in the application process
Company: United Shore Financial Services, LLC (CA)

1. Seller agreed to contribute {$18000.00} towards my closing costs. I expressed to my loan officer multiple times that I did not want to buy down my interest rate, and that the sellers contribution should be applied to closing costs and the excess applied to the principal. In the closing disclosures, they kept trying to by down my interest rate. 
2. Halfway through the closing process, I was told HOA didnt meet the " reserve requirements '' so the lender requested that I put down an additional XXXX  %, totaling XXXX  % down payment as a first time homebuyer. 
3. Requested rate of XXXX. XXXX says it created a tolerance issue. Closing department noted if rate was lowered it would cure the tolerance issue and would be cured to produce docs XX/XX/XXXX. Followed instructions of closing department and this did NOT cure the tolerance issue. The loan officer said the issue was escalated to the compliance department, the AVP of the closing department through XXXX. We started the loan process on XX/XX/XXXX. We did not close until XX/XX/XXXX. 


As a result of the above events, documents were not available for signature and closing XXXX. When companies close at the beginning of the month as opposed the end of the month, the closing costs and interest are higher. They were making excuses and never clearly explained why I was unable to close on XX/XX/XXXX. I was told multiple times by my loan officer that closing costs should not exceed more than 6 % of the sales price. I am uploading conversations between myself and my loan XXXX about putting the sellers credit towards the principal and not the rate. This conversations date back all the way to XX/XX/XXXX. However, no efforts to make adjustments were made XX/XX/XXXX, and even then there were issues. They kept trying to put the sellers credit towards buying down the interest rate. Here is the timeline of events : On XX/XX/XXXX, my loan officer asked me directly on what I want to do with the excess seller contributions. I clearly explained that I wanted it to go towards the principal and not the interest rate. I also asked what is the estimated closing date, and she promised to close by XX/XX/XXXX or sooner. 

On XX/XX/XXXX, I again asked why they haven't put the credit towards the principal instead of the rate reduction. The excuse from my loan officer was " it should be updated tomorrow. '' On XX/XX/XXXX, I was also reassured by my loan officer that the loan will close on XX/XX/XXXX. 

On XX/XX/XXXX, I again reiterated to put the sellers credit towards the principal. Updated disclosures from the mortgage company were sent, but still did not reflect the sellers credit going towards the principal. I was told that the underwriter needs to finalize it, which can not happen until the next morning. 

On XX/XX/XXXX, when I received the disclosures, it still did not reflect what I have been asking for. I communicated this with my loan XXXX. I was told by my loan officer to disregard those disclosures because they were still working on it.

I have uploaded plenty of dialogue between myself and my loan officer on how clear I was from the beginning. There is no way the company should have been adjusting and delaying paperwork at the end of XXXX. I have made it clear on what I want to do with the seller 's credit. It was also made clear multiple times on what day we would close. The amount of interest I have to pay monthly because of the mortgage company delaying the process is blasphemy. I want my full down payment refunded to me, as well as excess fees paid in closing costs. 

Conversations between myself and loan officer are in chronological order.