Consumer complaint received 2023-02-12
Product: Mortgage — Conventional home mortgage
Issue: Applying for a mortgage or refinancing an existing mortgage — 
Company: PulteGroup, Inc. (GA)

We signed an offer for a new home under construction in XXXX GA, lot # XXXX XXXX development by Pulte Homes on XX/XX/22 with the builders sales agent, our real estate agent, and his associate. We submitted earnest of {$35000.00} on XX/XX/22. We were convinced to consider an option to using Pulte Mortgage with substantial closing cost incentives, and we were told that we are not held to any lender until we decide, so we can continue shopping other lenders. We were given a business card with contact info for Pulte Mortgage. We were subsequently and unknowingly listing Pulte Mortgage as our lender of choice since that was the only way to receive quotes from Pulte for their incentive offering. 

On XX/XX/22, we began an inquiry with a loan agent at Pulte Mortgage on qualifications and to receive an estimate of closing costs and rates. I completed much of the application and had a preliminary phone meeting with the Pulte Mortgage agent. I was told by the loan agent that I would receive an official phone interview by the Underwriting Dept., which I never did. There were additional documents that were needed to complete the process such as signatures, copy of drivers licenses and a few other documents, which I did not submit, assuming that info was needed to complete the application before underwriting. I had never received the interview or the requested proposals from Pulte Mortgage. 

During the process, and due to increasingly tense political, and therefore financial circumstances for our family outside of the USA, our ability to accommodate the financial requirements had changed, and on XX/XX/22 another lender we had also been working with, had declined our application ( see attached ). 

On Friday, XX/XX/22 I contacted the loan agent at Pulte Mortgage and was told that our file was in Underwriting for which I was unaware. I informed him that we did not wish to proceed with the mortgage application or approval process since our financial situation had changed. I was told by that loan agent that he would let his team know about our request to cancel the process, and I submitted a request in writing on the following day. The loan officer replied with an acknowledgement of our phone conversation of our intent to stop the process of the loan application and purchase. 
We also told our real estate agent that we were stopping the purchase process, and he contacted the sellers agent on Monday, XX/XX/22, and provided her with the denial letter from the other loan company. Our real estate agent was told at that time by the Pulte Homes sellers agent that Pulte Homes had received our conditional approval from the lender of choice, Pulte Mortgage on Monday, XX/XX/22, three days after my request to stop. I had never received a document, phone call, email, letter or any indication of an approval from Pulte Mortgage. 

Concerned for our earnest deposit of {$35000.00} for which Pulte indicated we would lose, we were given an exclusive option by the new homes selling manager of Pulte Homes to move forward using a special reduced mortgage rate of 5.75 % if we would reconsider the decision to back out. We reluctantly agreed, and continued the process with much trepidation. After careful consideration and number analysis, we decided this was not going to be a viable option. The Pulte Mortgage process had continued while we attempted to reach out to our agent and to the Pulte selling manager, to no avail during the week of XX/XX/XXXX. The selling manager has still not replied to our request for a 2nd phone meeting. 

At this point we feel we were deeply mislead and this process has been misrepresented in various ways. This purchase and this loan application process were handled incorrectly, with deceit and threat of financial loss 1. Most importantly that we were " committed '' to working with Pulte Mortgage as the " lender of choice '' with a misrepresentation of what the ramifications of that commitment was.

2. The submission to Underwriting without an interview, additional requested documentation or signatures 3. The lack of informing us, the buyer, as to the process or progress of the application and loan 4. The deeming our loan to be conditionally approved 3 days after my request to cancel and Pultes acknowledgement that they are aware of our intent to cancel and another lenders declination letter with a notice that our financial conditions had unintentionally changed due to family needs.

5. We feel deceived by the suggestion that we were conditionally approved without ever receiving a notice by letter, email or phone call, even after Pulte told our realtor that we were approved where is that document? We never received it!

6. The coerced suggestion out of fear that the {$35000.00} earnest money was in jeopardy and we could therefore renew the loan application with a new reduced interest rate.