Consumer complaint received 2018-10-07
Product: Mortgage — Other type of mortgage
Issue: Closing on a mortgage — 
Company: NETWORK CAPITAL FUNDING CORP (FL)

XX/XX/2018 I contacted Network Capital Funding Corp. to cash out on a recently purchased duplex. The stated rate started out at 4.1 % then 4.25 % then 4.3 % I submitted all necessary documents, they pulled my credit and proceeded to give me a closing disclosure for 4.3 % I paid {$2800.00} in points to buy down the rate. The term was 15 years. After this on XX/XX/XXXX, I was told since my property was a duplex and I would not be living there the rate had to be increased to 4.75 % underwriting realized this and redid the rate but kept the term, 15 years. I agreed that I would not live in the property for 6 months so I understood the rate needed to be adjusted. At the same time I saw they had added escrow on my loan, which I had said from the beginning I did not want. They also, added taxes and insurance that I had already paid in full to this escrow. On XX/XX/XXXX, I locked in this 4.75 % rate. So, I requested when they send the next disclosure please be sure to take these escrow charges off. I received my new disclosure and we had the appraisal done and then made a date for closing XX/XX/XXXX. Then I was contacted by underwriting requesting more information, my insurance and tax proof of payment. Which I provided. At the same time underwriting asked me when was I moving into this duplex, I stated what I had said from the beginning, I have a lease in place and will have to move in XX/XX/XXXX. My loan officer then contacted me and said that since I would not be moving into the duplex for 6 months I had to have a rate increase to 5.75 % I reasoned with him that from the beginning of our conversations I had told him I have a duplex and I would not move in for 6 months. I reminded him that I thought the last rate increase from 4.3 % to 4.75 % was because this was not an owner occupied dwelling. He claims the first rate increase was because, he thought it was a single family home and would not generate income. But, all along in my emails and when talking with him he knew it was a duplex. Then he claims the second rate increase from 4.75 % to 5.75 % was because we were not going to live there. Again, I told him I have an email dated XX/XX/XXXX, stating I would not move into this dwelling for 6 months. This was well before I received any closing docs from Network Capital Funding.  Then I received the closing disclosure documents. Now, not only is my rate higher but the buy down points are higher and my terms had changed to a 30 year loan. Instead of {$5000.00} in closing costs now it was almost {$10000.00}. All the previous escrow fees had been placed back on the documents. My loan officer stated that it was his mistake he didn't know it was an income property and it was a mistake that they added the escrow back on but can this company make so many mistakes on one loan? Or am I being set up for a bait and switch? I have until XX/XX/XXXX to close and each time right before closing they ask for more information and readjust my rates, terms and fees. I have already paid for an appraisal and only want them to honor the lock in rate I have so that we can close.