Consumer complaint received 2020-08-10
Product: Mortgage — Conventional home mortgage
Issue: Applying for a mortgage or refinancing an existing mortgage — 
Company: PulteGroup, Inc. (FL)

On XXXX XXXX of XXXX we entered into an agreement to purchase a home from Pulte XXXX and were looking to use Pulte Mortgage to obtain the loan to utilize the closing credits offered by Pulte XXXX. On XX/XX/XXXX we received a link from our Pulte XXXX  Sales Representative to apply for a loan through their affiliated mortgage company : Pulte Mortgage. We completed registration and the application online using the link of XX/XX/XXXX expecting to have our loan estimate available for review within the applicable 3 day timeline. 

On the following day, XX/XX/XXXX, I received a call from the closer from Pulte Mortgage to schedule our closing for XX/XX/XXXX. I missed her call and was unable to contact her when I called her back. On XX/XX/XXXX, my wife and I received an email from the closer to choose a closing time on XX/XX/XXXX. We thought nothing of it since we had applied online and had a contract stating the close date would be XX/XX/XXXX. 

When I spoke with her early the following week inquiring about our loan estimate which we had not received, she stated the loan officer would contact me to discuss rates and fees. 

The loan officer contacted me on XX/XX/XXXX at which I time inquired where the loan estimate was, we had not received it yet. He stated we didn't have an application yet to which I responded we did, we applied the week before. He stated that they do not input the property address into their system to avoid starting the application timing. I let him know that I was in the mortgage industry and that's not how it works, they can not just decide to hold pieces of information provided to them to avoid providing federally required disclosures. He stated that's always how Pulte Mortgage does it. 

I checked credentials on the XXXX to see he had only worked with Pulte Mortgage since XX/XX/XXXX and had no other mortgage experience. I believe he had no ill will but that Pulte Mortgage intentionally games the system to their benefit. After further discussion, which is the fist time I could have a conversation on rates and fees it was now 10 days after signing a purchase agreement requiring me to apply for a loan within 3 days. The rates were higher then the current market rates of comparable lenders delaying any time I had to shop. 

There is no way Pulte Mortgage did not have the 6 required pieces of information on XX/XX/XXXX to meet requirements to issue the required Loan Estimate. Our initial online registration required us to use a unique purchase agreement number and application required to us to input all personal information. This combined to meet TRID requirements. 

In mid XXXX our close date was moved to late XXXX, when I asked my sales rep for Pulte XXXX why a close date was scheduled if the house wouldn't be ready he says their database showed our home was complete because it was done in XX/XX/XXXX. But because ours was a model home and needed to have the office converted back to a garage there was confusion at Pulte Mortgage. 

This confirms that Pulte Mortage knew on XX/XX/XXXX our property address by scheduling a closing date before they claim we even had an application. 

We do not feel we received the required information to adequately shop costs and are now having to refinance into a lower competitive market rate at additional cost. Throughout this process rates and fees were always a topic of contention, we decided since Pulte was not competitive we would take a higher rate to utilize additional closing credits to offset our closing cost. We were told on day 1 offsheet pricing was available to get higher closing cost assistance to later find out we couldn't get offsheet pricing. It appears they only allow people to buy down to a lower rate. 

We were stuck. We are requesting to have all our costs in sections A, B, and E of the loan estimate/closing disclosure refunded due to Pulte Mortgage 's intentional delay of allowing us to review our regulatory TRID initial disclosures timely. 

I also further believe the CFPB should look at Pulte Mortgage 's intentional practice of withholding property addresses as a tool to deprive potential borrowers of their federally mandated disclosures.