Consumer complaint received 2022-01-24
Product: Mortgage — Conventional home mortgage
Issue: Applying for a mortgage or refinancing an existing mortgage — 
Company: Ladera Lending, Inc (VA)

On Tuesday, XXXX, I contacted Ladera Lending ( XXXX XXXX ) for a mortgage quote for a Duplex ( investment property ), seeking a 30 year fixed rate loan. 

Ladera ( XXXX XXXX ) quoted me via email ( XXXX @ XXXX ) a 30yr fixed rate at 75 % LTV with a timeline to close of 30 days or less. The rate was 4.75 % down to 3.375 % ( depending on how much I wanted to buy down the rate ). Reference email 1. 

Ladera ( XXXX XXXX ) also sent me ( XXXX @ XXXX ) a get started email with required documentation to begin the process on XXXX. Reference email 2. 

A few minutes later, Ladera ( XXXX XXXX ) sent a revised quote ( @ XXXX ) because he did not put into his system that this was an investment / duplex. The rates increased. LTV remained 75 %. Reference email XXXX. 

On Wednesday, XXXX, Ladera ( XXXX XXXX ) emailed @ XXXX stating the cost went down on the loan as the 10 year bond dropped. LTV remained 75 % but the cost to buy down the rate reduced slightly. I responded on XXXX @ XXXX stating I was shopping around and requested he let me know if costs or rates continue to decline. Later that day ( XXXX @ XXXX hrs ), Ladera XXXX XXXX XXXX ) sent another email advising the cost went down again. LTV remained 75 %, lowest rate presented was 3.87 %. Reference email 4. 

On Friday, XXXX, Ladera ( XXXX XXXX ) emailed @ XXXX stating the costs again went down. He quoted a rate down to 3.87 % but with slightly lower costs than in the previous day 's email. LTV remained 75 %. 

With this quote ( LTV remaining consistent throughout all discussions ), I requested he confirm the time to close a refinance was 30 days ( my email @ XXXX ). At XXXX, Ladera ( XXXX XXXX XXXX confirmed 30 days. At XXXX, I agreed to proceed based on the quote and provided the requested starting documents. Reference email XXXX. 

At XXXX, Ladera ( XXXX XXXX XXXX XXXX from XXXX to ask several detailed questions. The call lasted 4 minutes until XXXX At XXXX, I received notification through my Identity Guard credit monitoring of Ladera 's credit inquiry. Reference email 6. 

At XXXX, Ladera ( XXXX XXXX XXXX via text message reduced the LTV from 75 % to 70 %, after having already run my credit report. He then asked if I thought the duplex was worth more than $ 300K. I said ( via text ) it was possible, as the duplex around the corner sold in 2020 for $ 325K and the XXXX estimate was {$430000.00}. He asked if I would like him to change the quote to $ 430K ( his text @ XXXX ). 

At XXXX, I called Ladera ( XXXX XXXX XXXX and asked him to clarify the implications of adjusting the loan quote. He said he could put it as high as I wanted but the appraisal would determine the loan amount. I said I did not think it would appraise at $ 430K but perhaps could appraise at $ 350K given the comparable sale ( two years prior ). This call lasted 3 minutes. 

At XXXX via text message, I requested Ladera ( XXXX XXXX XXXX petition the underwriters for the full 75 % LTV XXXX At XXXX he denied the request and stated, " We just need the appraisal to come in highest we can get it '' On Friday at XXXX, Ladera ( XXXX XXXX XXXX sent a text letting me know a collegue ( XXXX XXXX XXXX will email the disclosures and advised the appraisal would cost {$550.00}. 

Ladera 's bait and switch tactic ( i.e., continuously reducing their rate and/or costs while promising 75 % LTV until I decided to choose their company, then adjusting the terms after running my credit ) did not sit well with me. After contemplating these unfair and deceptive practices over the weekend, on Monday XXXX, I requested they honor their original quote, which they declined to do.