Consumer complaint received 2018-11-26
Product: Mortgage — Conventional home mortgage
Issue: Closing on a mortgage — 
Company: SIERRA PACIFIC MORTGAGE (CA)

In XX/XX/2018, I was referred to a loan officer named, XXXX XXXX, XXXX, XXXX, in XXXX XXXX, CA. as I was searching for someone to help me pull some money out of my home to settle a divorce split that needed a money exchange of $ XXXX. I was shopping around for options with several banks and they informed I could do a HELOC or a REFINANCE as my current loan as only about XXXX and my home value in XX/XX/2018 was approx. XXXX. However, when I talked with XXXX he confirmed he would be the best person to help me refinance my loan as he would be able to get me a lower rate than what I currently had at 4.25 %. He was talking about getting me a 3.75 % loan which was really good. He also emailed me stating it would not cost me any fees as he was the owner of his business and instead of splitting the commission with sales people, since hes the owner, he would use that money to pay my loan fees as well as getting me the best rate. I trusted him and started processing the loan with him as a refinance sounded as my best option. I figured, I would be able to lower my current rate as well as get the new loan without incurring fees. However, every time I would get some paper work I would question the interest rate referenced, as it was higher then what we discussed, but XXXX would state it was just an illustration but had nothing to do with the closing rate, that I shouldnt pay attention to it. Then, as the transaction got closer to the deadline to settle my case, XXXX called me while I was driving and informed we should lock the rate. I asked him if it was the best rate, and he confirmed it was at 4.75 %. I was not happy as it wasnt the 3.75 % that he promised but he stated the market changed and it was the best right now. Then, shortly after our call, as I was still driving, I received another call from a bank officer from XXXX XXXX, that asked me if I was still in the market for a loan, as I had originally been talking to several bankers. However, I told her that I just locked in at the best rate and she asked me what that was? I replied 4.75 %, only to have her tell me that it wasnt the lowest rate, and that I should check on that as she could get me 4 %. I thanked her for the info but I informed her that I was short in time now and would talk to my loan officer. When I got home, I checked loan rates and confirmed they were advertised at 4 %, so I quickly called XXXX to ask him what happened. He stated he needed to do that to help get me some extra money to close the transaction. I told him, I was never tight on money as he saw my bank accounts balances and I wasnt supported to pay for any fees as per his email and initial conversations. He first tried to convince me that he was paying my fees as he had great connections with the bank based on his huge volume of loans and that is how he was paying for my fees. That the rebate was because of his connections with the bank. I told him they were probably just giving the cash back as he locked me in a higher interest rate not because of his connections because if that wasnt the case, why was I not getting the lowest rate 4 %, as my credit was excellent and my finances were all in order. I assured him that I was not happy and that I needed him to correct it ASAP. He convinced me to just keep the loan to pay off my ex-husband to meet my deadline and he would fix it for me in 6 months as he stated it would take 6 months for my credit too get repaired as it was damaged by the loan. At that point, I just wanted to correct the situation as quickly as possible, so I agreed and he confirmed he would contact me in six months. Six months past and I never heard nothing from XXXX. I began to ask around and discuss my experience with others in the business only to found out how EXTREMELY unethical, misleading, and untrustworthy etc. he is, heres the breakdown : 1- He lured me to have him process my loan, telling me he would pay for the loan fees and give me a lower rate ( 3.75 % ) knowing well that was not his plan. 
2- He kept lying to me, telling me not to focus in on the interest rate on the forms he kept emailing me to sign when in realty it was probably what he was negotiating with the bank. 
3- He locked me in a higher rate 4.75 %, then the market 4 %, as he gets more commission if he locks in at a higher interest rate. I was originally at 4.25 % with my prior loan and this sets me back as Im now in a higher interest rate loan entirely. I would have preferred having a HELOC for the pull out about XXXX or just going with a Refinance at the lower rate 4 % for the entire loan, which was the rate at that time. 
4- He clearly lied when he called to lock the rate and I asked him if it was the lowest rate, and he confirmed Yes when it was not. 
5- When I called him back he convinced me to go through with the loan to close my settlement payout and he would fix it in 6 months, but he never reached out and the ONLY reason he needed me to wait for 6 months was so they wouldnt pull his commission. It was confirmed that if a person goes back to modify or refinance the loan again in a short time from issuance, usually 6 months, the loan officer gets his commission pulled/reversed. My credit score was XXXX when I started the transaction with XXXX and others have told me that even if the credit would go down, it would never go down enough to affect me, as it would still stay above XXXX which is great. This means, I didnt have to wait for my credit to repair, it was solely for him to secure his commission. 

I tried reaching out to XXXX after not hearing from him at the 6 month promise but he never came forward to help. He stopped responding to my emails and frankly, I dont trust him. That is when I decided to move forward with getting people involved. 
I research the reporting a loan officer but the process a little unclear online on how to report someone that was unethical and misrepresented. I then contacted my mortgagee, Sierra Pacific on XX/XX/XXXX and spoke with XXXX XXXX, from the Consumer Direct Division and he informed he would relay the message to XXXX XXXX XXXX who would contact me back. I never received a return call, so I called back again on XX/XX/XXXX and XXXX assured he would communicate again and someone would get back to me or he would get back to me but its now close to XX/XX/XXXX and no one has reached out to fix this situation. 

I just want my loan to be corrected to what was promised and agreed. I was promised a 3.75 % and the market with virtual banks was a 4 %, there is no reason why I should stay at a 4.75 % due to the unethical misrepresentation from XXXX XXXX. The cash back that was given is a minimal portion of the total cost I will pay out to keep the loan at 4.75 %, when I never requested a loan to pay for my fees. XXXX states verbally many times and on email that he would pay for my fees and I would get the lowest rate possible. That didnt happen and I would like this corrected.