Consumer complaint received 2022-11-06
Product: Mortgage — Conventional home mortgage
Issue: Closing on a mortgage — 
Company: LD Holdings Group, LLC (AZ)

Good evening, We were buying a new home in XXXXXXXX XXXX and, because of the new builders incentives to buy a newly built home, we decided to go with XXXX XXXX  ( a home builder ). I spoke with a sales rep at XXXX about the process to buy a new home and decided that on XX/XX/XXXX they were going to have some lots open for contracts. I ended up going first and picking a lot that was called the XXXX XXXX XXXX for {$340000.00} U.S dollars. We decided to start the process of signing the contracts and I started getting notifications that a loan officer was going to reach out to start the pre - qualification process to get things rolling. After a few days in signing the initial documents, MTH mortgage came to call me and assigned a lending officer to take care of our loan. On XX/XX/XXXX, of this year we got an email from the lending officer that we were locked in for a 4.5 % interest rate as an incentive for buying a home from XXXX. We were happy because that meant we were set for a rate that was within our budget. We occasionally checked in with the lendern for status updates and to see if anything was needed from us while the home was being built and she assured us that everything was still in line with what we had spoken, 4.5 % interest rate lock with the plan to close at the end of XXXX. Coming close to our closing in XXXX, I found a bigger XXXX XXXX XXXX XXXX XXXX ) listed for a lower price than we were expecting to pay for our upcoming, smaller ( XXXX ) home. I contacted our sales rep to see if this home was available and if so, to help us understand what we could do to make the switch to this slightly bigger, more affordable home in the same neighborhood. The sales rep advised us that making the switch with XXXX was fairly easy but we had to make sure MTH was aware and could update the lot number and address on our loan. Additionally, we wanted to make sure we could make the switch and still keep our rate locked at 4.5 % as we had originally planned. After a few back and forth emails and calls with the lending officer, she confirmed via email on XX/XX/29 that we would be locked in at 4.875 % for the new lot. We were not happy that the rate was slightly higher than originally agreed, but were willing to take the hit for making the sudden change in lots. With having that confidence in mind, my wife and I made the decision to make the switch and go for the XXXX XXXX  on XXXX  XXXX for {$320000.00} USD. After making the change and coming close to our soon new closing date on XX/XX/XXXX, we were confident that we were getting the agreed interest rate lock and a cheaper loan. However, we were unaware of the lending officer creating multiple applications for our loan. This caused confusion for underwriting and caused a delay on our closing date. Our loan with a 4.875 % rate lock was then canceled and we were forced to take on a new loan with an updated, current market interest rate. When confronting our lending officer about it, she admitted to creating at least 3 loan applications in our name and running our credit unnecessarily multiple times. When we questioned her on why she had created so many loan applications when she could have just updated the current application with the new address and lot number, she could not give us a valid answer. We have recordings of her telling us she created multiple applications and saying she doesn't know why she did so instead of updating a current application. We faced a massive loss by now being forced to take on a new loan with a rate higher than we expected. The lending officer 'tried to make it right ' by putting us on a XXXX buydown loan that now has us on a 3.5 % and 4.5 % for the first 2 years and a 5.5 % rate for the remaining 28 years of the loan. Even with this loan, we are still losing thousands of dollars for the remaining 28 years of the loan. This is not including the expenses incurred for having to push our closing date. This is very upsetting considering we did everything right on our part staying in constant communication and offering full transparency to all parties involved of every change happening to our loan.