Consumer complaint received 2015-03-25
Product: Mortgage — Conventional fixed mortgage
Issue: Application, originator, mortgage broker — 
Company: Podium Mortgage Capital LLC (CA)

So my GF and I purchased a condominium in XXXX ca on XX/XX/XXXX. Originally she was the one who qualified for the loan because her credit score was significantly higher than mine. But she only qualified for XXXX total purchase price with 20 % down. We purchased our condo for XXXX with {$65000.00} as a down payment and financing XXXX. We started looking originally in XX/XX/XXXX and they told us that they would be preforming soft inquiries on our credit reports for the pre approval while making a hard inquiry while the home is in escrow. This was not the case as they ran XXXX of our credit reports XXXX times between XX/XX/XXXX and XX/XX/XXXX ( my name was never on any of the pre approval documents until XXXX when my credit score was satisfactory i had signed up for credit monitoring as i was trying to rebuild my credit so i could possibly attach my name to the loan ) This had a trickle down affect on my credit because on XXXX XXXX my credit score was around XXXX ( as per email attached from XXXX XXXX ) between than and XXXX XXXX my credit was ran again XXXX and was processed as a hard inquiry ( only XXXX of them was going to be a hard inquiry as that was needed to close escrow ) this lowered my credit score to the point that Pinnacle ( who XXXX now works for directly ) needed me to pay a {$5800.00} because of my credit being at risk and titled it Loan Discount Fee for percentage chosen. The person who helped us handle our mortgage was named XXXX XXXX from XXXX and XXXX XXXX # XXXX and he represented and now works for Pinnacle Capital Mortgage. He pretty much told us while we were in escrow literally 2 weeks before we get our key to our condo that if we do n't pay this fee that we would not get this loan. At that time i asked him why my credit score lowered to the point of needing to pay this additional points he told me because i have too many inquiries ( because my credit score was lower. ( XXXX and XXXX ran my credit XXXX times ) At this point we could n't go with another mortgage company because of timing constraints and because i could n't afford any more inquires because i would not be able to attach my name to any loans. Also would have lost security deposit on house which would have been {$3000.00}, so we begrudgingly gave them the money. This is also this has had a negative impact on my credit score again overall because the negative number has been hurting my overall ability to get credit card and re establish myself as a credit worthy individual. Also i purchased a car a few months later in XX/XX/XXXX because of necessity but i may have been able to get a better rate than what i am currently paying but i could n't because of the amount of inquires once again. Overall if we would have known that XXXX and Pinnacle would have tried this type of stuff we would have been weary and in all likely hood have gone with another bank/lender ( XXXX has a great relationship with XXXX XXXX XXXX ). We feel that the mortgage officer and mortgage company took advantage against us because we trusted our person who recommended them to us while she was trying to help us find our XXXX house and we were naive into thinking what they did was typical of all lenders