Consumer complaint received 2021-01-24
Product: Mortgage — Conventional home mortgage
Issue: Applying for a mortgage or refinancing an existing mortgage — 
Company: Caliber Home Loans, Inc. (CA)

To Whom it May Concern : I am an existing customer ( lendee ) of Caliber Home Loans, Inc. and have been since XX/XX/XXXX. My original conforming loan with them was for {$300000.00} at 3.375 % fixed on a 30 year term. As their customer, I have made 100 % of my monthly payments on time per the terms of the loan and during that time have paid the principle of my loan down to {$240000.00}. 

Since interest rates are now ( and have been for some time ) below my existing rate, Caliber has been and continues to advertise to me on a monthly basis that as an existing customer in good standing, that I am eligible to refinance my loan with them at 2.75 % with no lender fees. 

As such, on XX/XX/XXXX I applied for a conventional home loan with Caliber to refinance my existing home loan at a lower rate and reset my loan to {$300000.00} on a new 30 year term. Calibers Loan Consultant that assisted me is XXXX XXXX, NMLS # XXXX. At the time of application XXXX informed me that the process would take approximately 45-60 days to put the new loan in place. At the time of application, Caliber ran a check of my credit through XXXX, which returned a score of XXXX. ( As a side note my credit score has and continues to be in that range for over 20 years. ) Here is a timeline of the events that occurred since I submitted my application : XX/XX/XXXX - I completed the Loan Application over the phone with XXXX XXXX. 

XX/XX/XXXX - I received the results of my credit report that Caliber ran as well as the Mortgage Loan Disclosures. The Mortgage Loan Disclosures were incorrect so I notified XXXX and requested that they be corrected. 

XX/XX/XXXX - I submitted all requested documentation ( including 2 years most recent tax returns, valid state ID and social security card ). 

XX/XX/XXXX - I received the 3rd revised Mortgage Loan Disclosure and the results of a second credit report that Caliber ran on XXXX  that resulted in a score of XXXX. I also received a copy of my signed Loan Application that showed the new loan Interest Rate of 2.95 % and estimated total loan costs of {$5000.00}. On the loan estimate I accepted a Rate Lock which estimated a closing date of XX/XX/XXXX and was good until XX/XX/XXXX. 

XX/XX/XXXX - I was charged {$190.00} by credit card for the appraisal deposit XX/XX/XXXX - Without explanation I received the 4th revised Loan Disclosure and Estimate that increased my total loan cost to {$5100.00} and another Interest Rate Lock Agreement that didnt change the expiration dates from the first lock. 

XX/XX/XXXX - An appraisal was conducted of my home. 

XX/XX/XXXX - I received the complete appraisal from Caliber which valued my home at {>= $1,000,000} ( which would make the new loan a 22.4 % loan to value ) XX/XX/XXXX - I received an email from Caliber that my new loan was conditionally approved by underwriting XX/XX/XXXX - Without any notice or reasoning I received the results of a 3rd credit check that Caliber had run through XXXX  on XX/XX/XXXX which resulted in a XXXX score. I also received the 5th revised Mortgage Loan Disclosure/Loan Application where my stated income had been revised and reduced ( not by me ) from {$240000.00} per year to {$100000.00} per year XXXX I dont know where came from. ) It also reduced the present value of the home from {>= $1,000,000} from the appraisal to {$900000.00}, reduced the Loan amount from {$300000.00} to {>= $1,000,000} and revised the total loan costs again to {$5000.00}. I did not sign it. 

XX/XX/XXXX - I called XXXX and left him a voicemail requesting an explanation. 

XX/XX/XXXX - Still without explanation or notice I received the 6th revised Mortgage Loan Disclosure and revised estimate where the Loan Origination Charge had been increased from {$3400.00} ( 1.298 % ) to {$5500.00} ( 2.123 % ). I did not sign it. 

XX/XX/XXXX - I emailed XXXX again about all of the discrepancies and he emailed back that he'd get it fixed. 

XX/XX/XXXX - I received the 7th revised Mortgage Loan Disclosure that still had incorrect income numbers and valuation of my home ( the same as stated above ), and also increased the Origination charges yet again from now to {$6800.00} based on the increase in the loan amount to {$320000.00}. I did not sign it. 

XX/XX/XXXX - I emailed XXXX and informed him again there were still discrepancies and he emailed back saying once again hed take care of them. 

XX/XX/XXXX - I received the 8th revised Mortgage Loan Application/Disclosure that still has the incorrect income numbers and valuation of my home, however it the Origination charges were corrected to {$3600.00} ( 1.123 % ) as originally agree upon. Out of frustration, I went ahead and signed them. 

XX/XX/XXXX - I emailed XXXX asking when the loan was scheduled to close. 

XX/XX/XXXX - I received an email from XXXX informing me that the estimated closing date was now XX/XX/XXXX and that XXXX XXXX of Caliber was in charge of getting everything finished and shed be in contact with me to get everything scheduled. 

XX/XX/XXXX - I emailed XXXX and XXXX asking if the loan would close that day as I had not heard anything from anyone at Caliber since the prior XX/XX/XXXX email. ( NOTE : Valeries email was returned to me as undeliverable. ) XX/XX/XXXX - I received a phone call followed by an email from XXXX XXXX stating that they now needed a YTD P & L statement, 2 month business bank statements, XXXX business tax return for my company and my XXXX tax return. 

XX/XX/XXXX - I received the 9th revised Mortgage Loan Application/Disclosure without notice or explanation that increased the Origination Charges again from {$3600.00} ( 1.123 % ) to {$5500.00} ( 1.723 % ). I declined the Agreement XX/XX/XXXX - I sent an email to XXXX and his manager XXXX XXXX expressing my displeasure for the number of incorrect Loan Application/Disclosures, length of time to this point and still not having the loan completed. I stated that I was not happy with the treatment, did not trust their organization and felt mislead and that I was moving on. 

XX/XX/XXXX - I received and email from XXXX apologizing for the hurdles, understanding my frustration and that is was by no means intentional. He stated that XXXX was clearing the last bit of information to tie up the funds and be done. 

XX/XX/XXXX - I called XXXX to get an explanation of what was going on. During the conversation I made it very clear that I felt like XXXX was NOT acting in good faith and based on the large number of incorrect documents ( changed in their favor ) was purposely trying to get me to sign something hoping that I would not notice in a predatory fashion. I also expressed my frustration that the process to close the loan was taking far longer than the 45-60 day he had estimated and was now 109 days since applying for the loan. XXXX assured me that their system automatically sent out the revised Applications every time anything changed and that I was not alone in my frustration. He then stated that I was ABSOLUTELY APPROVED for the loan and that the additional documentation they requested was only needed to satisfy FHA guidelines. He was very clear that it was merely a formality. 

I then told him the documentation about my business would not help me from an underwriting standpoint as it is a software start-up company that has been in initial development for the past few years and is just now starting to sell the product. He told me not to worry, I was a existing customer in good standing, the loan was only 22 % LTV and the payments were no different than what Ive been paying all along ( equating to 6.7 % of my income ). 

He then told me that this was the longest loan application as far as days on the books and they wanted to get it wrapped up ASAP. He said I would have closing documents within 2 days of submitting the requested documentation. 

XX/XX/XXXX - I submitted the requested documentation to Caliber regarding my business. 

XX/XX/XXXX - I had not seen or heard from Caliber so I sent an email to XXXX and XXXX requesting they confirm they had everything they needed from me. 

XX/XX/XXXX - After still not hearing from them I emailed again asking why I hadnt received closing docs. as promised and it was now 4 days since they received my documentation. 

XX/XX/XXXX - I received an email from from XXXX stating that XXXX now had to " consider my income based on my business tax returns and that hed call me to explain. I emailed him back to see when we could talk and received an email that he was tied up in meetings the rest of the day. 

XX/XX/XXXX - I called and left a voicemail for XXXX manager XXXX XXXX. 

XX/XX/XXXX - After not receiving a call back from either XXXX or XXXX I sent XXXX the following email : Hi XXXX - I left a couple of voicemails for you last week, but havent heard back so I thought Id try email this time. 

As you may already be aware, I applied to refinance my existing Caliber loan in early XXXX. In the 4+ months since I applied, XXXX XXXX informed me on multiple occasions that my loan had been approved, but that processing was taking longer than expected 45-60 days. Also during that time, I received a total of 10 revised mortgage disclosure statements where the financial provisions of the loan had materially changed without notice or reason. After waiting over 100 days for the loan to close I emailed you on XX/XX/XXXX to request your involvement. After this there was a flurry of attention, where again XXXX XXXX told me that I was approved for the loan, but that I needed to provide additional information regarding the business I run. I informed him that the company is a startup and isnt profitable yet. He said that didnt matter, I was approved and the information needed was only to satisfy the FHA documentation requirements. Last week I found out otherwise and that I have not been approved for the loan. 

I have been a XXXX customer since XXXX XXXX, XXXX, in which time I have not missed or been late on a single payment. My credit score is nearly 800 and has been at that level for years. The new loan payment and the existing monthly payment are nearly identical at {$1300.00} per month which is 6.3 % of my total income or 21.6 % if you take out my guaranteed payment from my Company. The loan to value is less than 24 %. 

I am having difficulty understanding what the problem is to close this loan? Did Caliber lose interest in the loan parameters because it was locked in so long ago and it doesnt fit todays deals? Would the loan have already closed if I had unwittingly agreed to one of the other Mortgage Disclosures? 

Please help me understand. 

Thanks, XX/XX/XXXX - Caliber Loans voided the Loan Application and Disclosures in Docusign XX/XX/XXXX - After still not receiving a response from XXXX or XXXX I sent XXXX the following email ( cc : ing XXXX and XXXX ) : XXXX, I want to make you aware that per your suggestion, that over the past 10 days I have left 3 voicemails and sent the attached email to your manager XXXX and have had no response. I dont think my request for an explanation is unreasonable, especially after the length of time this process has taken, the significant number of miscues on Calibers behalf and the time and personal costs that I have invested in this process. 

I almost never leave reviews or complain about poor service, however in this instance I feel I was so seriously misrepresented that it is worth filing a complaint with the Consumer Financial Protection Bureau. 



XX/XX/XXXX - I received the following email from XXXX XXXX that he had cc : d to XXXX and Sun XXXX ) : XXXX thank you for letting me know and keeping me in the loop! XXXX is out of the office as of Friday and I have brought this to our managing team to address with you! 

I have a meeting with them at XXXX XXXX and someone will be reaching out right after to help you out. 

Thanks you again for your patience and staying in touch to get this into managements hands XXXX. 


XX/XX/XXXX - XXXX sent me an email asking if anyone from XXXX had reached out to me to clarify my concerns and I responded to him that no, no one had contacted me. 

XX/XX/XXXX - XXXX voided additional loan disclosures and documentation on Docusign On about XX/XX/XXXX - I received a letter from XXXX stating that my loan application had been declined and that I should reach out to XXXX XXXX if I required further explanation. 

That was the last that correspondence I received from Caliber about the loan, HOWEVER I have received 3 additional mail advertisements thanking me for being a Caliber customer and that I am eligible for a rate reduction on my loan!