Consumer complaint received 2015-11-15
Product: Mortgage — Conventional fixed mortgage
Issue: Application, originator, mortgage broker — 
Company: MORTGAGE CAPITAL ASSOCIATES, INC. (NV)

Mortgage Capital AssociatesXXXX XXXX XXXX XXXX XXXX XXXX, CA 90064XXXX XXXXSr. Loan ConsultantNMLS # XXXXReference : Loan number XXXXProperty Address XXXX XXXX XXXX, XXXX XXXX, NV XXXXBackground : XXXX 2015 I completed a mortgage loan with XXXX XXXX of Mortgage Capital Associates on my primary residence. During that time, XXXX XXXX of Mortgage Capital Associates was fully aware of my credit scores and all financial information as she was the loan officer on the primary residence as well. 

XXXX/XXXX/15 - I contacted XXXX XXXX about the refinance of my rental property. 
XXXX/XXXX/15 - The appraisal was received. It identified the property as rental with tenant. 
XXXX - XXXX - I continued to provide information and get updates. 
XXXX/XXXX/15 - The attached Good Faith Estimate ( GFE ) was provided reflecting the correct loan amount and 4.125 % interest. 
XXXX - XXXX - I corresponded with XXXX XXXX. Providing all the documentation requested. I have attached some of the correspondence reflecting XXXX emails. I responded in a timely manner and provided any requested documentation. 
XXXX/XXXX/15 - I began requesting the amount that I would need for closing. No amount was provided. 
XXXX/XXXX/15 - I explained that we needed to close before XXXX as I would be out of town. 
XXXX/XXXX/15 - Requested again on the closing amount. No amount was provided. 
XXXX/XXXX/15 - I emailed that I was still unclear on the closing amount. No amount was provided. 
XXXX/XXXX/15 - Received an email stating they were ready to draw the loan documents and that the rate is 4.375 %. 
When I question the rates, XXXX XXXX stated " based on the scenario of the following : Loan amount under $ XXXXXXXXMiddle Credit Score XXXXThe rates should be around 4.5 % to 4.625 %. " I responded stating " I could understand but when the document ( GFE ) was generated my score was known. '' The value of the property and the fact that it is investment property was also known. 
XXXX/ XXXX/15 - I stated that " I am still upset over the interest rate and/or the closing fees. '' It was at that point that I believe Mortgage Capital Associates began to lie when XXXX XXXX responded stating " The interest rates have worsened since the start of the origination of the loan. '' This appears to be a bold face lie. 
XXXX/XXXX/15 - I responded stating that not according to XXXX. It appeared rates had gone down slightly. Here is the historical data I found showing rates have remained just slightly lower, not higher. Here is what I found on the internet. You can see that on XXXX/XXXX/15 the rate was 3.85 % and when Mortgage Capital Associates was ready to draw the loan XXXX/XXXX/15 the rates between XXXX - XXXX was 3.79 % which is lower. In fact my rate should have been lower, not higher. 
XXXXXXXXWhen I pushed about the interest rate I believe the lying started when Mortgage Capital Associates told me that the interest rates had gone up, as noted in the email dated XXXX/XXXX/15 at XXXX. I am not sure why they 're doing this " bait and switch '' with me. I 'm extremely disappointed that they did not honor the rate in their GFE. It appears it was a " NO Faith Estimate. '' I bent over backwards to work with them, responded timely and provided everything they requested. 
I feel that, bottom line, Mortgage Capital Associates drug their feet getting me the paperwork as they knew I would be out of town and they tried to miss lead me about the interest rates. 
Also, I never got an answer from Mortgage Capital Associates on my closing amount. The closing amount came from the title company. 
Mortgage Capital Associates ' needs to honor its Good Faith Estimate. I want Mortgage Capital Associates to reimburse the difference on the value of the loan {$2800.00} based on the increase interest rate I will have to pay. 
SincerelyXXXX XXXX