Consumer complaint received 2015-07-22
Product: Mortgage — Other mortgage
Issue: Application, originator, mortgage broker — 
Company: Academy Mortgage Corporation (FL)

My husband and I were wanting to refinance our primary house and our XXXX plex. We called XXXX XXXX with Academy Mortgage Corporation in the beginning of XXXX and received the interest rates. We then told him we wanted to " shop '' because obviously we wanted the best rates. On XXXX XXXX, 2015 we contacted him again and asked for the current interest rates for both properties. He was informed by us that we wanted to also pull money out of each property. We were given not only the different interest rates but also the approximate settlement fees. We also asked if the interest rates were locked and he told us they were locked for 30 days. We also asked him approximately how long the loans would take and he told us 30 days. We also asked him what if it took longer than 30 days and not our fault would the rate still be the same. He told us that the rate would be the same. Once we agreed to the interest rates and fees we told him we wanted to get started on these loans. On XXXX XXXX, we emailed him the documents that he requested for a total of XXXX pages. On XXXX XXXX, his assistant XXXX, requested more documents from us. On XXXX XXXX, we emailed her a total of XXXX additional documents. We never heard back from her so we emailed and left a voice message. XXXX then calls us to tell us that she is no longer working for them and for us not to worry because everything will be fine. We then explain to XXXX that we are going out of town for XXXX weeks and need to know if there is anything else that we need to do. He said he would contact us if he needed anything else. We come back from vacation and call him on XXXX XXXX because we never received XXXX text, XXXX email or XXXX voice message from him. My husband asked him what was going on with the loans because now we are approaching two months ( all along thinking we are locked in because we have sent them everything they requested in a timely matter ). XXXX tells my husband that he needs to get the appraisals done so that we can lock in the rate. Well you can just imagine we were sery surprised to hear this. My husband questioned him regarding the rate not being locked and he told him that he could not give us a rate lock because it depended on how much we were cashing out?? At this point the rates are now 1/2 of percent more. At this point my husband told him to do nothing because we really ca n't trust him or the company. We feel that XXXX XXXX used the " BAIT AND SWITCH '' on us. He knew that if he told us in the beginning that he would not be able to lock our rates then we would have gone to some other institution. We would have never wasted our time. He thought we were desperate and would just go along with this. Many people are desperate or having to close on a home by a certain date and the consumer has no choice or time to make other loan arrangements. XXXX XXXX NEVER ONCE contacted us to inform us that the rates are going up and that we needed to get the appraisal done in order to have our rates locked. He told us he is not like dealing with a bank, or online banking because he offers amazing customer service and would be there every step of the way. This is why we chose him AND because his rates WERE at the time right in line with the other banks. It took us two months with this company to get no where. Thanks for your time and we look forward to hearing from you.