Consumer complaint received 2018-07-12
Product: Mortgage — Conventional home mortgage
Issue: Applying for a mortgage or refinancing an existing mortgage — 
Company: OCMBC, Inc (CA)

At the beginning of XX/XX/2018, my mother and I applied for a new home mortgage loan with XXXX XXXX. XXXX confirmed we could do a 25 day close and assured our broker there are programs we could utilize to cut down the costs because we were first time homebuyers. After we input our application with a Broker we were contacted by XXXX XXXX XXXX for income documentation needed. Per his request, we sent over the documents ( paystubs, bank statements, tax returns, etc. ) The process of going back and fourth between documents requested and documents sent went well over a month because XXXX misplaced a few of our items. My mother and I visited the office in XXXX to ensure the documents were received in person. 

We were never given any information regarding the loan. Initially when we went into the application, we disclosed we wanted an FHA loan and we wanted to use the first time homebuyer programs to assist us in covering the costs. On XX/XX/XXXX we noticed the cost of the loan seemed a bit higher than expected and the loan was Conventional without our knowledge. We asked the Regional Manager XXXX XXXX if he included any first time homebuyer programs on our loan and his response was " Hello XXXX and XXXX, in large, why you had your offer accepted was because we offered a 25 day close. Which would require a normal conventional loan. As I'm sure XXXX, your realtor explained this to you. If you wanted to switch loan programs it would, at minimum, add 2 weeks to your contract. Furthermore the XXXX is a garbage loan, compared to the XXXX, I would know, we offer both and I have done both multiple times. Which tells me whoever recommended the XXXX, does not offer XXXX, and I would kindly ask them to not step into the middle of our transaction. So please have a discussion with your realtor and any future correspondence like this, feel free to contact me by phone as I do not like writing lengthy emails, when it can be a 5 minute conversation. '' At this point we knew XXXX XXXX did not have our best interest at heart. However, he did take advantage of our situation because the rental home we were living in was being sold and we had to move in a very short time period. Our offer was accepted in XXXX and we did not close until XXXX due to XXXX 's inability to process our loan without any issues. We attempted to reach out to both XXXX and XXXX multiple times with questions about our loan and rarely did they answer our phone calls or text messages. It came to a point where XXXX would call us minutes prior to " market close '' and would force us to accept the rate for that day because " rates will be increasing tomorrow ''. This happened many times. 
We locked in a rate at 5.125 % and this was our final rate until we received our closing disclosure the day before closing. Our closing documents showed 5.50 % and when we asked XXXX about it his response was " sorry bud '' .The documents attached showed our rate lock through XX/XX/XXXX but they had us sign another disclosure with a higher rate on XX/XX/XXXX. We have our Realtor and Broker to attest to the inconsistencies and dishonesty shown by this mortgage company. 

When we qualified for the mortgage, XXXX and XXXX saw the balances in our accounts we saved up for the loan. To our understanding, we were qualified based on the dollar amount we had available. Once we reached the end of the loan process, XXXX and XXXX let us know we were short of cash. Mind you we still had the same account balances when we pre-qualified. Per XXXX, our ONLY option was to borrow the funds from someone and pay them back or else we were unable to get the loan. My friend was able to gift us the funds, but when we sent the gift letter to XXXX he sent an email requiring us to change her title from friend to " fiance '' in order to be approved and he would send us the letter already filled out to sign. Unfortunately, we had to sign his letter because our time in the rental property was coming to an end. Everything about this situation was all wrong and we knew they weren't doing something right. 

Both my mother and I have credit scores well over 700, great employment history and income. Both XXXX and XXXX discriminated against us because we were XXXX American loan applicants and they knew we never been through this process before. Because we were considered " uneducated borrowers '' they took advantage of it by placing us into a higher priced mortgage, not answering our questions directly, pressuring us to sign documents we did not understand, and did not assist in helping us receive any grants even though we were well qualified for their product. Now we have no money left in our accounts and we are in a worse financial situation than when we started.