Consumer complaint received 2021-03-06
Product: Mortgage — Conventional home mortgage
Issue: Closing on a mortgage — 
Company: LoanSnap, Inc. (CA)

In early XX/XX/XXXX2020, I applied for a refinance loan on my residence with a company called LoanSnap after reading their ads about fast processing and closing times. On XXXX I received an Loan Estimate from the lender. It was for a loan amount of {$270000.00} with an interest rate of 2.875 %. This was acceptable to me and I chose to proceed with the loan. ( The document is attached ) During the course of the next few weeks they requested many documents which I quickly submitted. Also during the whole processing I received 70 emails with canned messages such as Were working on your loan youll get a text if we need anything. And, Dont delay your loan and upload your documents today. Thats an average of about 3 texts a week. On XX/XX/XXXX I received a text from XXXX that read, Im sorry this is going to sound harsh. Your loan is going to take two more weeks to finalize. ( If only ) I was Happy. On XX/XX/XXXX, 3 months later, I got a text from XXXX that read We are working on your loan and at this point we are sorry to say that it likely wont be done for another 30-45 days. We understand if you want to withdraw your loan and find another lender. So now its been 4 months and I decided to move ahead with them. ( A big mistake ) But on XX/XX/XXXX I did receive a Closing Disclosure with a closing date of XXXX XXXX ( The document is attached ) I was encouraged at this point and thought its finally over. But again it wasnt. On XX/XX/XXXX I got a message from XXXX XXXX, Senior Loan Advisor that read in part, Were now just waiting for the closing team ( XXXX  ) to have availability to sign so please be on the lookout for a call from an XXXX number which will be XXXX  calling to schedule the final signing. Also on XX/XX/XXXX I received a text from XXXX XXXX of XXXX requesting a copy of my Living Trust. I downloaded it the same day. On XXXX Mr. XXXX texted me that the underwriter was reviewing the document. On XX/XX/XXXX Mr. XXXX texted me that they that they are still awaiting the HELOC payoff and Closing instructions both to be provided by LoanSnap and we have notified them of your concerns for closing. MrXXXX XXXX sent me a message on XX/XX/XXXX ( 2 weeks later ) apologized for missing my email and stated that he would send me a text as thats the easiest way to reach me. And Im talking with the team now to see when XXXX will reach out to you. Keep an eye out for a call from an XXXX number. Ive heard nothing from Mr. XXXX or XXXX since then. On XXXX I sent MrXXXX XXXX a text stating that I cant figure whats going on. And that if you dont intend to close the loan to please be honest and let me know. The latter 2 texts are attached as documents. I also sent a text to Mr. XXXX asking if they had been authorized to close the loan. There has been no response from either. So I now realize its over. I cant understand why they would deliberately lead me along for 6 months with no intention of making the loan. Its been a total waste of my time and energy and emotionally draining. CFPB presents a possible recourse through your complaint process. Thank you!