Consumer complaint received 2022-05-28
Product: Mortgage — Conventional home mortgage
Issue: Applying for a mortgage or refinancing an existing mortgage — 
Company: PulteGroup, Inc. (CA)

I had booked a under construction new home in XX/XX/2022 in XXXX ( one of the communities in Pulte Group ) and paid $ XXXX as XXXX and then I contacted Pulte Mortgage team for the housing loan. The mortgage company during the initial call and subsequent calls never told me the rate lock options and advantage or disadvantages for me for a particular loan program and just presented to me 2 options which were 30 year conventional loan fixed interest or XXXX XXXX. Since the interest rates were little lower for XXXX XXXX, I had gone ahead and chosen that one but i was never informed about the rate lock options we have for both these loan programs and whenever I use to ask about the same, I was told that the rate lock can be done 30-45 days before the closing. They took almost more than 60 days to approve me for a loan and by that time mortgage rates got increased drastically and even though I had conditional loan of approval, but now they are denying me the loan with the same down payment which was promised earlier citing that my DTI ratio will be high and the loan will be eventually denied unless i make more down payment. When I started enquiring about this, I was told by sales team that they had an option where the rates could have been locked for 255 days with the 30 year mortgage and this was the option which was never discussed or told to me when I was applying for the loan process with pulte mortgage. We had N number of calls but never this was communicated to me. If there was an option and it would have been disclosed to me, then I would have chosen the 30 year fixed option with the rate lock option, or I would have simply gone ahead and cancelled the deal and would not even apply for loan. Now, since that critical information regarding the rate lock was not disclosed to me and since i no longer can afford the loan and I do not have an ability to lock the rate now for 255 days at the interest rate which was shown to me in XX/XX/2022, according to Pulte Mortgage, I can no longer afford the loan. Pulte mortgage is not accepting its fault that they did not disclose the rate lock options along with the program types which were presented to me and nor sharing the recordings which they claim they have as an evidence that options were discussed with me and now Pulte is refusing to return my XXXX of $ XXXX and asking me to cancel the deal. 

a ) I was given 30 days to provide conditional approval letter and the letter of approval came after 50 days and still Pulte extended the timeline unilaterally without even taking my consent and did not cancel the deal and did not return my XXXX as per purchase agreement. 

b ) I was not given enough and critical information ( rate lock options ) about the loan process by their mortgage team because of which the decision I made was not a concise and well-informed decision and now I am stuck with Pulte without any chance of me getting approved for a loan. 

c ) I was pressured to sign the upgrade agreement asap and was everytime getting calls from their design studio team to sign asap as otherwise the upgrades i had chosen will either not be available or pricing will change. 

d ) I was given a different rate quote for some of the upgrades I had chosen earlier by sales team and when I had visited the design center, the rates got changed drastically and when I requested to honor the earlier rates, the sales team and the design center denied honoring it.

e ) Mortgage team said that they will be sharing the recordings but now unwilling to provide evidence as to what was discussed with me during the loan process. 

f ) Mortgage team took almost 2 months to approve a loan because of which the rates got increased drastically and I could not get an opportunity to lock it at a lower price since the same was not communicated to me at all. 

g ) The conditional loan approval letter issued by mortgage team doesnt mention anything about me putting more down payment to the loan ( as greed earlier ) during the time of closing but over the phone, I was told by Pulte Mortgage manager that the loan is anyways going to be declined at the time of closing since I am unwilling to put more down payment as the mortgage rates have increased. 

h ) I have been requesting the sales team from last one month to let me talk to someone from the upper management but none of them seems to be helping me and just interested in diverting the issue and none of the people from the upper management is interested to resolve the matter amicably. 

I feel that I am being cornered here and am stuck in this deal without any fault of mine. There was a lot of missing information and no