Consumer complaint received 2022-04-02
Product: Mortgage — Conventional home mortgage
Issue: Applying for a mortgage or refinancing an existing mortgage — 
Company: BROKER SOLUTIONS, INC. (CA)

We are in the process of procuring a mortgage for the condominium unit that we are purchasing at XXXX XXXX XXXX, and we were referred to XXXX XXXX, a loan officer at New American Funding, by XXXX XXXX, the sales manager of the condominium at XXXX XXXX XXXX. 

On XX/XX/2022, we submitted a loan application to New American Funding via their online system. We provided all the information and documents requested with the exception of the signed purchase contract via their online system, since the file was too large for their system. On XX/XX/2022, we provided email communication to the loan officer and were able to attach the signed purchase contract. Following our application, we have requested multiple times, via both email and phone communication, loan estimates and mortgage rates in writing. But all requests were proven fruitless. 

We have also expressed the desire to lock in a rate several times via email and phone communication, but the loan officer has repeatedly deferred our requests with various reasons regarding the market and new product releases at New American Funding. For example, On XX/XX/XXXX, in a phone conversation, we attempted to lock down a rate, but the loan officer told us to hold off, because a new investor was about to come on board that day and that would mean lower rates. On XX/XX/XXXX, we followed up on the previous day 's phone conversation regarding the prospect of better rates asking for quotes and a loan estimate ; however, we did not receive one. Subsequently, we have followed up many times via email communication requesting for rates in writing and loan estimates with the loan officer so that we may make an informed decision on how to proceed ; however, we never received any rates in writing or loan estimates with New American Funding. 

Due to our concerns, we contacted the customer service at New American Funding twice to request having our loan application switched to another loan officer. The first time on XX/XX/2022, we contacted the customer care number at ( XXXX ) XXXX. In this phone call, the customer service representative said that they will follow up on the following business day. However, we never received any communication from anyone on the following business day. The second time on XX/XX/2022, we contacted the New American Funding XXXX XXXX branch at ( XXXX ) XXXX to express our desire to work with someone from the XXXX XXXX XXXX. In this phone call, the representative advised that we needed to contact the XXXX branch manager to release our loan application in order to work with another loan officer. We contacted the XXXX branch manager, XXXX XXXX via email and phone message expressing our frustration with the lack of communication and transparency, our desire to lock in a rate, as well as resolution to our concerns. We received a phone call from XXXX XXXX later in the day, and was met with hostility. In the phone call, XXXX XXXX expressed that they are not required by law to provide us with a loan estimate, which we had requested many times. In addition, XXXX was unwilling to release the loan from the XXXX branch so that we may work with another loan officer, and told us that we should take our business elsewhere, denying our loan application. 



Based on the lack of communication and transparency, the slow responses, the fact that the lender has never provided us with a loan estimate, nor communicated any mortgage rate values to us in writing over the 2 months time since we had first submitted our mortgage application, as well as the refusal of the branch manager to release our loan, we feel that we are being discriminated against, steered, and advised against our own interests. We have worked with a number of loan officers from other lenders, who had, at the latest, provided us with a loan estimate within 3 days of submitting our application.