Consumer complaint received 2017-06-01
Product: Mortgage — Conventional home mortgage
Issue: Closing on a mortgage — 
Company: VICTORIAN FINANCE, LLC (TX)

Victorian Finance trie d to do a bait and switch with my client who was buying a home. The mortgage lender over email offered my buyer terms of : closing costs {$4900.00}, lender credit of {$870.00}, funds to bring to close {$4200.00}, monthly payment {$1300.00}, and interest rate 4.125 %. They offered him these terms to switch from an FHA to a 97 % conventional loan. Based on those terms, he agreed to switch to that loan to get those terms. However, instead of giving him those terms, they gave him funds to bring to close {$7900.0 0} ( almost double what it was supposed to be ) ; 4.75 % interest ( compared to 4.125 ) ; re fused to give him the {$870.00} lender credit that she promised. The monthly payment was {$1400.00} instead of {$1300.00}. I tried everything I could think of to get them to honor the terms she had offered him to get him to switch, including finding the name and contact information for th e President of t he company. I called and talked to him. He agreed to honor the 4.125 % interest rate, but would not honor the other terms. The buyer agreed to that and was supposed to close. However,  Victorian Finance  refused to give him a conventional loan and did n't tell him that until hours after he was supposed to close. They tried to force him to switch to an FHA loan and said it would take at least another week to switch to that loan. The seller 's agent said they would pull out and put the house back on the market if he did n't close that week ; they were not willing to wait any longer to close with this lender since they already postponed closing twice and were not being honest. The buyer almost lost the house. I was able to get him a private lender and he was able to close, but it is important to report this company, because they are probably doing this to multiple buyers, not just him. There are probably a lot who feel they have no choice but to pay the onerous costs of this lender once they are so close to closing and risk losing the house. It is a horrible position to be in. We were told days before the scheduled closing that we were cleared to close by this lender only to be told they would not give him a conventional loan when we were past the scheduled closing time.  <P/> The closing was originally scheduled for  X/XX/2017   . On  X/XX/2017   ,  Victorian told   us we were cleared to close on  X/XX/17    if the buyer would pay a higher interest rate. He wanted the 4.125 % interest rate they promised. They said they would close on a conventional loan at that rate, but closing would have to be postponed to   XXXX    . The buyer agreed to that. On   XXXX     Victorian refused to close on a conventional loan and tried to pressure the buyer to convert to an FHA loan. They refused to provide the conventional loan and said it would take a mini mum of 5 addition business days to close the FHA loan. The buyer told them he would not  do an FHA loan with them and take additional time to close. The seller 's agent said the sellers will not wait until the following week. They are moving out of state the morning of  X/XX/17    and will pull out of the deal and put the house back on the market and sell it to someone else rather than wait for this unreliable / dishonest mortgage company to possibly close some unknown point in the future. They had already postponed closing twice after telling us we were cleared to close and no one in the transaction trusts them.  <P/> Here is the person and company we were dealing with :  XXXX   XXXX  Mortgage Lender / Sales  Manager Vi ctorian Finance , LLC NMLS #  XXXX   XXXX    XXXX   XXXX   XXXX   XXXX   XXXX   XXXX   TX.  XXXX  Office :  XXXX   XXXX  Mobile :  XXXX   efax  :  XXXX   XXXX  XXXX  XXXX    XXXX   XXXX   XXXX   XXXX   Also, I spoke with  XXXX   XXXX ,  President of Victoria n Finance , LLC (  XXXX  XXXX  XXXX   )