Consumer complaint received 2016-07-07
Product: Mortgage — Conventional fixed mortgage
Issue: Application, originator, mortgage broker — 
Company: Barrett Financial Group, L.L.C. (AZ)

To whom it may concern : We started our home mortgage qualifying process in XXXX 2016. We expressed CLEARLY to our loan officer, XXXX XXXX, ( NMLS # XXXX ) of Barrett Financial ( NMLS # XXXX ), that {$1800.00} was our max payment budget. 
At that time he pre qualified us for up to {$310000.00}. We found a home we LOVED. The contract was accepted on XXXX XXXX, 2016 with a close of escrow date of XXXX 2016. 
We proceeded as directed to pay for and have a home inspection and termite inspection done for the amount of {$300.00}. 
In Arizona we have a 10 day inspection period and during that time for any reason should the buyer cancel, the full earnest deposit is refunded. We had deposited {$1500.00} into escrow as an earnest deposit. 
We received our INITIAL DISCLOSURES ( attached ) on XXXX XXXX, 2016. 15 days prior to our scheduled closing date. 
We were shocked that our payment was going to be {$1900.00}. We immediately wanted to cancel the transaction, however when we started to investigate, it came very apparent that if we did not proceed with this transaction, we would lose our {$1500.00} earnest. XXXX then told me if I changed my withholding on my check, I would have more money in my net pay, therefore enough money to cover the larger payment. We were told that as recently as 2 weeks prior to the disclosures being provided that Mortgage Insurance rules changed, and that FHA lowered loan limits in XXXX ... XXXX. And that was why the payment was higher. Both of which we were able to determine were just flat out lies. 
We reached out to the Loan Officer and the best he would do is change our loan from Buyer Paid Mortgage Insurance to Lender Paid, thus increasing our rate by .625 %. And poof, magic our payment is {$1700.00} But not once, did he explain how the loan would finance out over the XXXX yr term, and what the cost would be in the long run. 
We also asked XXXX repeatedly to provide us something that had been sent to us that we SIGNED that were the initial disclosures within the required 3 day period. If we missed something ; we own it and move on from the loss. XXXX NEVER responded to the request. I had another loan officer review the docs that were sent on XXXX XXXX, the documents are clearly initial disclosures. 
After some research, we have found that the INITIAL DISCLOSURES, should have been delivered to us within 3 days of the contract, as the subject property address was the only item missing from completing our application. Due to the complete disregard for Federal Compliance requirements, we paid for an inspection and sacrificed our earnest funds. 
We lost {$1800.00} by cancelling this transaction, because we were not going to feel like hostages to this loan officer, or the loan he was trying to wrap up pretty with a red bow. 
We feel that the protections put in place for the consumer were violated at our cost. 
I would like some guidance from the very Federal XXXX agency that is in place to make sure this does not occur again, and I feel that XXXX XXXX and/or Barrett Financial should reimburse us for our losses at the very least. 
Thank you for your assistance in this matter. 
XXXX and XXXX XXXX