Consumer complaint received 2017-01-09
Product: Mortgage — Conventional fixed mortgage
Issue: Application, originator, mortgage broker — 
Company: LD Holdings Group, LLC (TX)

I 'm writing this complaint because I believe a " bait and switch '' scheme to lure me to their company was conducted. Prior to closing this loan, I brought my concerns to the attention to their leadership.I 'm seeking your assistance to help me determine if I have been victimized by a " bait and switch '' scheme conducted by Loan Depot ( LD ) with the goal of luring me towards them in my pursuits to refinance my rental property. My goal was to pay down my principle to forgo paying escrow and private mortgage insurance ( PMI ). XXXX XXXX 2016 : 1st contact with Loan Depot, Loan officer XXXX XXXX ( XXXX ). We spoke on the phone I expressed my goals. I was shopping for a refinance loan. At that time I divulged that I wanted a fixed interest rate due to the annual variable adjustable rate I had at that time. I also mentioned that I had the house appraised by their company in the previous summer and did not think I should pay for another appraisal. In response, XXXX responded he would have to check with his manager and would get back with me regarding a waiver for the appraisal. During the course of our conversation he said that he could get me a payment of approx. XXXX, with me buying down the principle to 85 %. Given my current situation of paying approx. XXXX per month minus taxes and insurance, I was delighted, but skeptical ; however, I pursued the loan. I clearly reiterated my goal of NOT escrowing taxes and insurance with them ; nor did I want to pay PMI. Other than having to check with his manager about the appraisal fee waiver, I left the conversation believing that I would only come away with paying approx. XXXX per month and that I would have to bring approx. XXXX to closing. Per XXXX request, I agree to pay {$10.00} for credit check and send my latest pay stub. In addition, I contacted XXXX other mortgage companies and presented my same scenario, minus the appraisal part ; just that I wanted to refinance a rental house. I had estimated the value at XXXX and wanted a 30 yr. mortgage. XXXX XXXX XXXX ), XXXX XXXX XXXX XXXX XXXX, and XXXX XXXX said that they were unable to meet this offer. XXXX XXXX, who financed my primary home, came close but with a higher interest rate and approx. XXXX more from me to closing. Worst part, is that the XXXX person I spoke to warned me about the concept of " bait and switch ''. At the time, I thought he was merely bashing his competition. 
All XXXX banks said that I would have to bring more money to the table ranging from ( XXXX to XXXX ) was why I decided to go with LD. 
Given my experience with XXXX I really wanted to go with them ; however, I was lured by the numbers LD quoted and a desire not to be stretched financially. 
My concerns started when I receive the first of my many " Closing Disclosure '' ( CD ) packets. The first one dated XXXX/XXXX/16 Monthly payment XXXX with a loan amount of XXXX ; Int Rate 4.5 % ; Private Mortgage Insurance XXXX ; Closing cost XXXX ; Cash to closing XXXX ; No tax and no insurance escrow ; Appraisal fee XXXX. In addition, this CD had a XXXX column section in the " projected payment '' section which outlined nicely when the PMI would start and stop : Yrs. XXXX : paying XXXX. / Yrs. XXXX PMI. Mortgage payoff XXXX XXXX XXXX ) Since PMI was not discussed, I called XXXX. He said that I told him that the appraisal was for XXXX, and after he looked into it he learned that the appraisal done in the summer was for XXXX. After the conversation, I checked and concluded that I erred. ( see attachment )