Consumer complaint received 2020-09-28
Product: Mortgage — Conventional home mortgage
Issue: Applying for a mortgage or refinancing an existing mortgage — 
Company: WATERMARK CAPITAL, INC. (CA)

On XX/XX/2020, I received a call from XXXX XXXX of WaterMark Home Loans. We discussed the loan product I was interested in. He provided a presentation document by email. I let him know I wanted to take advantage of the offer and would be submitting an application that same night so I could get the same rate offered at the time. I completed the application as discussed. 

On XX/XX/2020 he contacted me by phone. Prior to him contacting me by phone I had sent him an email requesting for him to inform me of when my wife and I could lock our credit profiles. He did not respond. My wife and I received notifications of credit inquiry activity. We assumed we could lock our credit reports. He then called and said we needed to unlock our credit reports because they were still processing our information. We ensured our reports were unlocked. 

We had another phone conversation after they were able to look over our credit reports. I asked for a loan estimate and he said he could not provide one until we submitted all the documents that would verify the information submitted on the application. I expressed concern and mentioned to him I had not experienced this with any other loan applications. He said his company does this because they prefer to be thorough before offering a loan. I was reluctant to comply but did so because I thought the previous day 's offer was too good to pass. I uploaded all the documents to verify the information on the application. 

He then contacted me to let me know the documents were received. During this conversation I informed him that I am in the XXXX  and I am XXXX. I asked about us completing the process using a power of attorney since I am out of the country and mail takes between two to three weeks to arrive in California. He wasn't sure about using a POA to complete the transaction. He said he would have to look into it. I requested a loan estimate to verify the information he had previously shared with me. He stated he could not provide me with one. He insisted he needed to first find out about the possibility of using a POA. It was at the end of the day and we agreed he would need to follow up the next day in the morning. 

On XX/XX/2020 I did not hear back from him in the morning. I instead emailed him in the afternoon to follow up. The first email did not receive a response. I emailed him a few hours later. He responded that they would not be able to process the loan using a POA. I replied to ask for more information. He responded saying that it had to do with the volume of applications and did not have anything in writing he could provide as far as their policy. 

I did some research because the practice did not feel just and it seemed deceptive. 

I emailed him, XXXX XXXX and their companys info email. I let them know that I still had not received the loan estimate after they had received all of my information. I looked at their XXXX page and noticed their business reflected as open on Saturday. My wife and I finally received the loan estimate today, XX/XX/2020. 
The loan estimate now shows an increase in the interest rate and fees in comparison to his presentation. We were interested in the XXXX term with an interest rate of 2.125 % and no points, based on the presentation. The loan estimate now reflects an interest rate of 2.25 % with loan costs at {$3600.00}. The loan costs for the 2.25 % offer on the presentation had loan costs listed at {$2600.00} and a lender credit of {$1700.00}.