Consumer complaint received 2024-06-10
Product: Mortgage — Conventional home mortgage
Issue: Applying for a mortgage or refinancing an existing mortgage — Confusing or misleading advertising or marketing
Company: Movement Mortgage LLC (CA)

I was engaged with Movement Mortgage as my prospective mortgage lender for a property scheduled to close on XX/XX/XXXX. Movement made verbal and written guarantees that they could service and provide a home loan at my requested amount ( $ XXXX ), and even made claims that they could get more money for me, up to $ XXXX. They made numerous claims that I was an easy case, not to worry, that they got me but their actions did not match up. 

Movement Mortgage could not honor their commitments. I had to make continuous requests for the underwriter to review my case, for an appraisal to be scheduled, for them to verify what other information they needed, and where I could help. They continued to tell me that I was approved but that formal approval was still pending, and that they were still attempting to increase the loan amount. I even told them that my original loan amount request, or slightly lower, would be sufficient, but they continue to tell me to take more money and wait for a higher amount. 

Two days before closing ( XX/XX/XXXX ), they informed me via phone call that they could not fulfil a XXXX dollar mortgage, but could fulfil a $ XXXX loan. Following that phone conversation, I received contradictory text messages from the Mortgage Lender that he thought they made an oversight and that they could extend the initial loan after all and he would follow-up with more details. After that time, no communication was receiving until I reached out, over 10 days later, seeking clarification. I was told the officer was on leave ( no indication who his coverage person had been ) and then received a denial letter via mail with no explanation. 

Once I did finally get a hold of the Mortgage Lender, he told me that they had switched banks, which led me to think that their techniques had been stalling tactics rather than honest or transparent practices given my clear-cut strong cash position, W2 status and employee track record. 

The misleading, false, overstated and inaccurate communication and business practices used by Movement Mortgage during our engagements ( XXXX until now ) resulted in my inability to close the property on time or solicit an alternative mortgage lender. The financial impact was requiring an alternative mortgage lender ( {$13000.00} ), per diem to the sellers to extend closing ( {$3200.00} ), and a non-refundable appraisal ( over {$750.00} ). 

I am seeking reimbursement by Movement for the Appraisal ( due to inability to complete or service the mortgage ), Per Diem ( due to my needing to extend the closing due to their lack of communication ), and a discussion regarding the treatment of splitting the costs paid to the other mortgage lender given that it was not my preference to go with another lender, nor should this have happened given my strong candidacy as a mortgage candidate. 

Attempts to Reach Movement Mortgage for Remediation ( specific to this issue ) -text to Lender on XXXX XXXX PST - call to customer service line ( XXXX ) - number not reachable XXXX - email to Lender XXXX - email to Lender, his assistant and superior **SEE CALL/TEXT HISTORY WITH LENDER BELOW** XX/XX/XXXX - 19 minutes -indicated client dissatisfaction with XXXX XXXX, their inability close and that he has rescued many clients from XXXX  in the past -strongly advised I do not work with them, but that they would match or exceed any rate provided by XXXX XX/XX/XXXX -3 mins ( topic unknown ) XX/XX/XXXX XXXX missed call XXXX 18 mins Topic : XXXX  - discussion of future action items Mortgage applicant expressed urgency of close and asked for verbal confirmation that the lender could achieve that timeline -lender confirmed achieving timeline and loan amount would not be a problem XX/XX/XXXX XXXX - 3 mins -applicant asked again for confirmation of current status, when we would get approved application -initial opening package for new property was sent XX/XX/XXXX XXXX 7 mins XXXX 1 minute XX/XX/XXXX XXXX -5 mins -applicant seeking status of loan, status of appraisal, status of confirmed loan amount -lender again expressed he was seeking approval for higher loan amount but could not verify or finalise details XX/XX/XXXX - XXXX - 3 seconds XX/XX/XXXX - XXXX missed call XX/XX/XXXX - XXXX - 3 minutes XX/XX/XXXX - XXXX 3 seconds XX/XX/XXXX - XXXX XXXX minute XX/XX/XXXX - XXXX - 2 minutes XX/XX/XXXX - XXXX - 5 mins XX/XX/XXXX XXXX - 2 missed calls XXXX - 9 minutes XXXX - cancelled call ( outgoing - from appliant to lender ) Text Message Timeline XX/XX/XXXX - XXXX text message verification that the lender could close on XX/XX/XXXX NOTE : lender also indicated that closer period would be 10-14 days total ( which would be XXXX XXXX ) XX/XX/XXXX - XXXX - lender indicating that inflation numbers would affect mortgage rates and advised taking the risk to wait until next day to lock the rates XX/XX/XXXX - XXXX - lender indicated that th applicant would need to lock at 7.25 % but that rates would be negotiated down ( no details on how this could or would be done ). Lender also verified that they would get the information on how the rate would be negotiated, but no information was provided XX/XX/XXXX - applicant asked lender why the documentation that was provided did not reflect the promised information, which lender said is just an estimate and not fully confirmed/verified XXXX - lender verified by text message that the applicants was submitted to underwriting, and income provided room for a loan of $ XXXX or higher. This would take 6 hours to approve. 
XXXXlender confirmed that approval would be provided by XXXX XXXXlender also confirmed that they could close by XX/XX/XXXX. 
-borrower asked for confirmation that funds would be secured on XX/XX/XXXX -lender said that i will have that secured three days prior Mon XX/XX/XXXX - multiple phone attempts by applicant to verify if loan was approved Also indicated that applicant was travelling for business and seeking immediate information on required information -discussion around loan letter, which was provided to the lender multiple times XXXX request link was not sent until XX/XX/XXXX XX/XX/XXXX - applicant asked lender for confirmation on lowering the mortgage rate. Lender responded that banks like to act on their own termsI took my family to the beach today so I havent followed up on lowering your rate XX/XX/XXXX Lender asked for paystubs dated by to XXXX ( which were sent on Monday, XX/XX/XXXX ) Lender verified that loan was already approved -Lender indicatied that they understood commission structure of borrowers employer and stable/seasonality of the business XX/XX/XXXX XXXX -lender indicated i will take care of this XX/XX/XXXX- all requested information on XXXX and XXXX paystubs were provided to lender XX/XX/XXXX - XXXX text from borrower to lender asking for final confirmation on loan amount, response back at XXXX that final answer given tomorrow XX/XX/XXXX - XXXX - borrower text to lender asking for update XX/XX/XXXX, XXXX - lender confirmed via text that rate is 6.99 % Lender said he was getting on call with VP of Strategy and Underwriting to discuss increasing loan amount or would proceed with original loan amount. 
[ NOTE : never confirmed final loan amount ] No record of calls to agent on XX/XX/XXXX ( XXXX holiday_ XX/XX/XXXX XXXX Text from borrower to lender seeking details - requesting a conference call Via phone, lender indicating that in trying to increase the loan amount, I made it worse Sought call with borrower to discuss options Conference call with lender and unknown 3rd party Indicated that loan approval was for $ XXXX at XXXX percent Confirmed we would receive something in writing after the call No writing/documentation was provided -lender offered to cut commission -friday loan docs or monday worst case XX/XX/XXXX XXXX - lender indicated via text that vp is looking into file and may have overlooked certain details. Applicant indicated they were looking at other lenders. 

XXXX - text from lender to applicant that they are discussing options and will send a detailed message and will follow-up XXXX - lender sent the applicant a text message that read, new loan amount XXXX **no additional follow-up after this date from lender to borrow* - no details or confirmations at all XX/XX/XXXX - text from borrower to lender seeking updates. Borrower said out for personal reasons and gone a different direction with a different bank. Applicant requested reimbursement for the appraisal fee on XX/XX/XXXX, XX/XX/XXXX and XX/XX/XXXX with no feedback.