Consumer complaint received 2016-03-15
Product: Mortgage — Conventional fixed mortgage
Issue: Application, originator, mortgage broker — 
Company: BBVA FINANCIAL CORPORATION (TX)

During the process of closing our mortgage loan with BBVA-Compass, they broke their written contract with us, and we have XXXX specific complaints against BBVA. 
1. BBVA failed to close on schedule which resulted in fees charged to us by sellers. 
-On XXXX/XXXX/XXXX we signed a contract with BBVA to close on XX/XX/XXXX.BBVA advised us they would not meet this closing, andweagreed to change the closing date to XXXX/XXXX/XXXX. 
-We had not heard anything from XXXX XXXX our closing date approached. I contacted XXXX XXXX ( Loan Officer ) on XXXX/XXXX/XXXX to make sure everything was on schedule and did not receive a response. We then called called XXXX XXXX, the Loan Processor, a week before our closing and were told that we had " unreasonable expectations '' if we thought wewould close according to our contract, and that she would not get to our file until XX/XX/XXXX.BBVA refused to set a new closing date. We were eventually told that XXXX XXXX had not been working on our file for weeks despite our sending in requested documents. 
-The sellers were not willing to accommodate a second change of closing date unless we agreed to pay them {$110.00} per day starting XX/XX/XXXXuntil closing. 
-The Branch Manager XXXX XXXX at the XXXX Branch in XXXX XXXX , XXXX XXXX XXXX Loan Officer, and the Processing Department Supervisor XXXX XXXX all assured us that everyone at BBVA was working diligently to get this paid and that they had brought it to their supervisors. They later advised us thatthey were unable to process this before our closing date.We met in person with XXXX XXXX to express our concern about this and she assured us that we did not need to worry about this and that she would personally see to it that we were reimbursed for the delay of closing fees ( {$110.00} per day ) after the closing. She told us that as a branch manager she could authorize a refund of this fee. Calls to XXXX XXXX have not been returned since closing. 
2. Our contract with BBVA included a PMIpayment of {$110.00}. We were quoted this amount when we met with the Loan Officer and it was also reflected on the Loan Estimate we signed on XXXX/XXXX/XXXX. On XXXX/XXXX/XXXX, BBVA issued a new Loan Estimate with a PMI of $ XXXX.There had been no prior notice to us that there had been a change in rates. 
-BBVA was unable to explain the change and did not know which amount was accurate. 
-Eventually we were assured by XXXX XXXX ( Processing Dept ), XXXX XXXX ( Branch Manager ) and XXXX XXXX ( Loan Officer ) that they were working to address this and again bringing this to their supervisors to get a resolution. 
XXXX XXXX suggested that we could getPMI removed entirely as our appraisal reflected XXXX % equity.When it did not look like BBVA could accomplish this, XXXX XXXX suggested that BBVA could refinance the loan after closing, with expenses paid by BBVA. 
-At no point did any BBVA employee suggest there was a possibility that BBVA would not remedy this situation. 
Both the daily fee to seller, and the PMI discrepancy were drawn out by BBVA, with dailyassurances to us that BBVA would resolve this, until we were at a point where we would lose our {$4700.00} deposit and the property if we did not continue with BBVA and close on the house. 
Neither issue was resolved before closing. We were advised by branch manager XXXX XXXX in a phone conversation to close as there had already been so many delays and that both issues would be resolved after closing. We felt we had no choice but to trust the word of multiple BBVA employees. 
Since closing BBVA has stated that they are not required to meet the terms of theoriginal Loan Estimate. They offered to reimburse for the daily fee on the condition that we sign a confidentiality agreement that we believe will eliminate our ability to pursue the change in PMI.