Consumer complaint received 2024-10-19
Product: Mortgage — Conventional home mortgage
Issue: Closing on a mortgage — Changes in loan terms during or after closing
Company: NEXA Mortgage, LLC (FL)

I contacted XXXX XXXX ( XXXX XXXX ) with NEXA Mortgage ( NMLS XXXX ) on a home purchase in XXXX. We were working on a " piggyback '' purchase with a conventional 1st mortgage ( through XXXX XXXX XXXX  ) and a XXXX XXXX option. XXXX sent me initial disclosures on a rate of 4.875 % on XX/XX/year>. I used the interest rate, payment, and XXXX loan amount assured to me by XXXX to make an offer on a property ( which was accepted ) and set a close date for XX/XX/year>. Originally, I was told ( and provided numbers on an initial disclosure ) that I would be able to temporarily buy down the interest rate on my loan ( a XXXX buydown option ), have a XXXX loan at ~ $ XXXX, and bring approximately $ XXXX to closing ). Between then and today, several things have gone off the rails. 

XXXX has deliberately mislead and misstated loan terms and statuses in an effort to just " get the deal done. '' Originally XXXX told me that he could find a XXXX loan program that would lend on my property in Missouri for an interest rate " between 8 and 9 %. '' He send me numbers from one 2nd lender that quoted me out at 9 %, but proceeded to process my application through another lender ( XXXX XXXX XXXX ) which priced me at 9.875 % ( and provided me a conditional approval letter on XX/XX/XXXX for a loan amount of ~ $ XXXX ). That loan was based on a purchase price of $ XXXX, when, in fact, the sale price of the property, as reflected on the sales contract which had been provided, was $ XXXX. I raised this to XXXX 's attention and he said " It's no problem, they just have the wrong purchase amount, no big deal, they'll fix it. '' Throughout the process, I have routinely asked XXXX for updates on my loans and have either been ignored or provided answers like " I've been working on this all day '' or " you're almost through underwriting, I should have docs today. '' On Friday XX/XX/XXXX, I asked XXXX when I should lock in my rate. XXXX ignored my question and did not provide any answers on when that should occur. 

On XX/XX/XXXX, XXXX provided me another set of initial disclosures without explaining why the loan was redisclosed, despite my question. This disclosure still had an interest rate at 4.875 %. No answers were provided on why the new disclosures were needed. 

At approximately XXXX CT on Friday, XX/XX/XXXX ( less than a week before closing and after normal business hours, which limited my ability to escalate the issue, I believe intentionally ), XXXX called to inform me that the first loan was about to be redisclosed AGAIN, but at an interest rate of 5.5 %. And that the XXXX loan would only be approved at ~ $ XXXX and would require me to bring an ADDITIONAL $ XXXX to closing. This change was due to the fact that the XXXX mortgage lender mistakenly believed the purchase price to be $ XXXX ( rather than $ XXXX ) and the house appraised for more than $ XXXX, but less than $ XXXX, causing the XXXX lender to reduce the loan amount accordingly. 

I raised several concerns with XXXX about the differences in terms. His response was just sign the LE so we can get the XXXX tomorrow or else your loan wont close on time. He repeatedly told me to just sign the documents and everything would work out like it needed to on Monday, but threatened me that if I didnt, my closing would get pushed back and I might even lose the house. He repeatedly used my wifes pregnant condition ( she is due a couple of weeks after closing ) as an abusive technique to force me to sign unfavorable terms. 

XXXX has not only engaged in deceptive ( changing loan terms at the last minute ) and abusive ( just sign the documents or else ) practices, but has also exercised gross negligence in the processing of my loan packet from day one. We have emails back until the beginning of this application where he outright stated untrue claims. We also have emails documenting that our questions were either ignored or brushed aside. We also have text messages documenting similar statements. 

At this point, I do not know if I will be able to purchase this home because of Jasons and NEXAs actions ( or lack of actions ). My original purchase contract had me closing on XX/XX/XXXX and taking possession on XX/XX/XXXX. I am not only at risk for missing closing, but also losing the house, my $ XXXX XXXX money deposit, my fees for the inspection and appraisal. Additionally, my wife is almost 9 months pregnant and is due on XX/XX/XXXX. Because of XXXX and XXXX, I am at risk of being homeless when we give birth to this baby ( we have been staying in temporary housing in XXXX  XXXX until we close on this house ).