Consumer complaint received 2022-08-30
Product: Mortgage — FHA mortgage
Issue: Closing on a mortgage — 
Company: Caliber Home Loans, Inc. (MD)

Companies : Mortgage Broker : XXXX XXXX Corporate Office : XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXXXXXX Company NMLS # XXXX Contacts : XXXX XXXX, Broker Owner Loan Originator NMLS XXXX ( XXXX ) XXXX XXXX XXXX XXXX, Loan Processor Office : XXXX Direct Phone Number : ( XXXX ) XXXX Fax : XXXX XXXX XXXX XXXX, Operations Manager Call & Text : XXXX Office : XXXX Fax : XXXX XXXX Caliber Mortgage XXXX XXXX Caliber Account Services ( Worked directly with XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX House Timeline : XX/XX/XXXX & XXXX Prequalification and soft credit pull by XXXX XXXX XXXXXX/XX/XXXX application started with XXXX XXXX  XX/XX/XXXX Pre-approved for loan XX/XX/XXXX Signed contract for XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXXXXXX for full {$970000.00} XX/XX/XXXX Caliber Loans sends Closing Disclosure Sale price {$970000.00} / Loan amount - {$950000.00} / 3.55 % Interest Rate / cash to close {$51000.00} / monthly pymt {$5800.00} XX/XX/XXXX XXXX XXXX Appraisal ordered ( paid by buyers ) XX/XX/XXXX XXXX XXXX  received {$10000.00} Escrow deposit XXXX XXXX Appraisal came back at {$850000.00} XX/XX/XXXX Buyer sent appraisal rebuttal XX/XX/XXXX Caliber sided with appraiser and denied our appraisal rebuttal or order a new appraisal ***around this time we found out that FHA would not allow the purchase of the home due to the seller purchasing the property in XX/XX/XXXX. This is direct violation FHA 90 day rule regarding selling a property within 90 days of buying it. This allowed us to enter a new contract with the seller to be after the 90 day waiting period. At this time Caliber canceled our rate of 3.55 %. 

XX/XX/XXXX entered new contract for the home sale price {$970000.00} XX/XX/XXXX Caliber sent closure disclosure ( Note : Caliber would not honor the previous rate of 3.55 % ) Sale Price {$970000.00} / loan amount {$950000.00} / Interest rate 4.25 % / cash to close {$61000.00} /monthly payment {$6200.00} XX/XX/XXXX Caliber sends Mortgage Loan Disclosures ( dated again XX/XX/XXXX ) XX/XX/XXXX Caliber sends Revised Mortgage Disclosures Dated XX/XX/XXXX Sale Price {$970000.00} / loan amount {$950000.00} / Interest rate 3.99 % / cash to close {$68000.00} /monthly payment {$6100.00} XX/XX/XXXX - Caliber sends Revised Mortgage Disclosures Dated XX/XX/XXXX Sale Price {$970000.00} / loan amount {$950000.00} / Interest rate 3.99 % / cash to close {$51000.00} /monthly payment {$6100.00} XX/XX/XXXX New appraisal comes back at {$940000.00} with contingencies : House needs to be scrapped and painted Mold needs to be removed from basement Holes walls need to be repaired Replace broken windows Replace missing outlet covers Remedy exposed wires in ceiling Outside door needed painted Clear out debris in crawl space XX/XX/XXXX - Caliber sends Closing Disclosures Dated XX/XX/XXXX Sale Price {$970000.00} / loan amount {$950000.00} / Interest rate 3.99 % / cash to close {$60000.00} /monthly payment {$6000.00} XX/XX/XXXX Buyer and Seller sign an Addendum to the sale prices to {$940000.00} and buyer will pay to have the requirements fixed to pass FHA appraisal and send to XXXX XXXX. 
XX/XX/XXXX XXXX XXXX  sends Closing Cost Worksheet XX/XX/XXXX - Caliber sends Revised Closing Disclosures Dated XX/XX/XXXX Sale Price {$940000.00} / loan amount {$920000.00} / Interest rate 3.99 % / cash to close {$65000.00} /monthly payment {$5800.00} XX/XX/XXXX - Caliber sends Revised Closing Disclosures Dated XX/XX/XXXX Sale Price {$940000.00} / loan amount {$920000.00} / Interest rate 3.99 % / cash to close {$69000.00} /monthly payment {$5800.00} XX/XX/XXXX I informed XXXX XXXX  of a {$3000.00} gift from my parents to use towards closing costs XX/XX/XXXX Appraiser came to inspect requirements and signed off of the on FHA appraisal XX/XX/XXXX I received a Gift Letter form from XXXX XXXX  ( XXXX ) to have my parents, myself and XXXX complete XXXX 
XX/XX/XXXX XXXX XXXX  requests to see bank statements that show cash to close and statements of accounts that were required to be paid off before closing. 
XX/XX/XXXX we are on a trip to XXXX and driving in the car. 
XX/XX/XXXX - NOTE XXXX XXXX  informs us that our rate of XXXX will expire at XXXX on XX/XX/XXXX. All documentation needs to be to them no later than XXXX and they needed more information. 
XX/XX/XXXX XXXX XXXX  emailed XXXX to request an extension XX/XX/XXXX all documents were submitted and accepted and under final review at XXXX. 
XX/XX/XXXX we received the clear to close XX/XX/XXXX Caliber increased our interest rate from XXXX to 5.75 % ( with us paying credits to get it down to 4.45 % ) stating our rate expired. 
XX/XX/XXXX I called XXXX and talked directly to XXXX XXXX. I explained the situation and tried to see if there was anything that could be done. He told me : Since our rate expired, our mortgage broker should have requested an extension : o He then backed tracked and said XXXX XXXX  did send the request ; however it was later in the evening and he had gotten XXXX XXXX and wasnt able to read the request to process. 
o Also stated that if XXXX had cancelled our rate, they had 15 days to reinstate at the same rate ( see XXXX when XXXX refused to honor the 3.55 % rate when they cancelled our rate and we entered back into a contract within the 15 day window ) o We were told from our new lender, that XXXX was able to extend the initial rate of 3.99 % for one day ( especially since we had the clear to close ) and refused to honor the rate as the rates had jumped more than a point. 
o XXXX then said he would talk to a manager and call me back. He did call about XXXX mins later and told me if we could make {$53000.00} to close and {$6100.00} a month he could make it happen. He then got a message while on the phone and said we would still be charge a fee for something ( he mumbled the name ) and said he would need to call back. 
o XXXX never called back. This was the Friday before XXXX observed weekend. Monday the office was closed as I tried to call twice. Tuesday I tried to call and my phone number was blocked. I could call from my husbands number but I only got a voicemail. 
XX/XX/XXXX Caliber sends Revised Closing Disclosures Dated XX/XX/XXXX Sale Price {$940000.00} / loan amount {$920000.00} / Interest rate 4.45 % / cash to close {$53000.00} /monthly payment {$6100.00} Note closings costs were {$68000.00} and our case to close is $ XXXX less as they took that amount out of the Mortgage Brokers commission. 
XXXX XXXX  wouldnt sign off of this because they would not get paid. 

I called a Lawyer to seek council on what to do, I was told to secure new lending and get the house and then given a name to call. The lawyer I was referred to had a large case load and referred me to Civil Justice which referred me to you. 

We found new lending and tried to close within 2 weeks ( est. closing XX/XX/XXXX ) ; however, Caliber wouldnt transfer the appraisal or the FHA case number in a timely manner ( 5 business days ). The FHA case number was finally transferred, however, Caliber checked a box NO when transferring the appraisal. We paid for two appraisals with Caliber Loans, so no money is was owed. And the XML appraisal document was uploaded in the transfer portal, however, the checkbox needs to be changed in order to move forward. The new lender ( Guaranteed Rate Affinity ), has been trying for over a week to get the checkbox changed and no one has answered the request. We finally received an exception from FHA to move forward and closed on XX/XX/XXXX a month after the initial closing date. Caliber loans dragged their feet to transfer both the case number and the appraisal. Our lease was up on a rental on XX/XX/XXXX. We had to extend our lease to have time to move out. 

This process and the shady practices by Caliber Loans has cost us over {$20000.00} in extra closing costs and storage costs.