Consumer complaint received 2021-02-24
Product: Mortgage — Conventional home mortgage
Issue: Applying for a mortgage or refinancing an existing mortgage — 
Company: Freedom Mortgage Company (CA)

Nature of Complaint : Freedom Mortgage Senior Loan Officer offered me a refinance rate of 2.75 % and promised to lock it in on XX/XX/XXXX. On XX/XX/XXXX, just before scheduled closing week, I learned that he never locked the rate in. Current rates increased and our cost to refinance also increased significantly. Freedom Mortgage promised to honor the original offered made and then 12 hours later decided that they were not going to honor their offer / commitment. 

Specific Details of entire experience : On XX/XX/2021 I contacted XXXX XXXX, senior loan officer from Freedom Mortgage. I indicated that our family was interested in refinancing our current home mortgage. XXXX communicated an offer interest rate of 2.75 % and indicated that he would lock the rate in for us. On XX/XX/XXXX, XXXX mentioned that, as a result of our credit scores, he would need to charge us a XXXX pt. fee in order to offer the 2.75 % interest rate. We decided and communicated with XXXX that we would still like to move forward with the loan. On XX/XX/XXXX, we exchanged some information pertaining to the loan and learned that we would close on the loan mid to end of XX/XX/2021. Two weeks past and I did not hear anything from XXXX or Freedom Mortgage. I sent a text message on XX/XX/XXXX checking in to see if our refinance is still going according to schedule. XXXX replied saying yes, everything is on track and our projected close date is the week of XX/XX/XXXX. Two more weeks pass and I do not hear anything. I follow up again on XX/XX/XXXX to make sure that we are still on track for closing the week of XX/XX/XXXX. That week goes by and never hear confirmation from XXXX. I contact his Supervisor XXXX XXXX on XX/XX/XXXX to try and find out why XXXX will not respond to me. 

I spoke with XXXX XXXX over the phone XXXX XX/XX/XXXX ) and explained my circumstance with him. I indicated that I was concerned the XXXX was not getting back to me regarding the status of our refinance. XXXX mentioned that my entire loan experience working with XXXX does not seem normal and he would look into it. I asked if he could give me an update by the end of the business day ; he said he " definitely '' would. The entire day passed and I followed up with XXXX at XXXX. He said that I would hear from XXXX that evening. No call came, so at XXXXXXXX  I followed up with XXXX via text message and I asked him when he would be calling. He replied back " tomorrow morning after I submit your rate lock .... ''. I immediately called XXXX XXXX to find out what in the world was going on. 

XXXX XXXX told me XXXX on the evening of XX/XX/XXXX XXXX that XXXX never locked my interest rate in as promised on XX/XX/XXXX. He said the rates have since gone up but he will honor the rate that XXXX and I agreed to. I asked him if he could waive the points and he said " no, because the loan will now cost more and Freedom Mortgage can't cover the entire cost ''. Since my back was against the wall and I did not have any other options, I reluctantly agreed although felt that Freedom Mortgage should pay whatever additional fees there are ; I should not have to pay any penalties. XXXX promised that he would keep a close eye on my loan moving forward and I would not be disappointed. 

The next morning XXXX XX/XX/XXXX XXXX I never received a call from either XXXX or XXXX. Instead I received an email at XXXXXXXX from XXXX outlining my only two options - both of which were not consistent with what XXXX and I discussed over the phone the night before. I was upset that XXXX was not honoring his commitment to me and discussed it again over the phone with him. He said that, after further consideration, he is not able to honor XXXX 's commitment to me. After the conversation, I texted XXXX that I'd like to discuss his XXXX email 's second option. I wanted to confirm that it included the cash out of our equity. Several hours later at XXXX, XXXX emailed me that option 2 is no longer available and he outlined a " new '' option 2. It was at this point that I decided to not have any further communication with XXXX XXXX and / or XXXX XXXX.