Consumer complaint received 03/19/2017 about Mortgage (FHA mortgage) with loanDepot.com, LLC (CA).
Issue: Loan servicing, payments, escrow account

Complaint: We closed our home on or about XX/XX/XXXX. The development was financed by imortgage. At the time of purchase we were made aware by both the builder and imortgage that the development was subject to a special tax by the local school district and since both the mortgage company and the builder had closed several houses previously, the special tax rate would be included in the our mortgage. We signed off on a declaration acknowledging the special tax. This process started sometime in XX/XX/XXXX at which we signed our first packet containing the good faith estimate, which was to include the special tax rate. We were quoted at around {$1300.00}. In early XX/XX/XXXX, we put a good faith deposit of {$1000.00} to hold the home. Towards the end of XX/XX/XXXX or beginning of XX/XX/XXXX we were told that our original packet had expired and we needed to resign. We went in and resigned the packet that contained the mortgage payment quoted at around {$1300.00} to include the special tax rate. 
Later, we began getting calls from our realtor that the builder was threatening to sell the home to someone else because imortgage still had n't closed the loan. At that time, I was informed that our loan packet never made it to underwriting and it had been sitting on the processor 's desk for nearly two months. 
On or about XX/XX/XXXX, we received a call that the loan had finalized and we would close on our house by Friday, XX/XX/XXXX. On or about the XX/XX/XXXX, we signed the closing documents for our new home, which again, included the mortgage payment of about {$1300.00} that was supposed to include the special tax. 
imortgage serviced our loan until about XX/XX/XXXX at about {$1300.00} per month. In or around XX/XX/XXXX, our loan was sold. Sometime in XX/XX/XXXX we received an e-message that our loan payments were not sufficient to cover all taxes associated with the home and that our payments would be increased to about {$1600.00} per month starting around XX/XX/XXXX. I called the representative to inquiry about what happened and I was told that since buying our loan, the escrow account was always negative and after the yearly assessment, it was determined that we were under paying and our mortgage payments should have never been around {$1300.00}, they should have always been above {$1600.00}. 
I then called the agent for the builder whom confirmed that imortgage was well aware of the taxes associated with my property because of prior closings and because imortgage financed the project. The agent confirmed that no one in the development was making payment as low as we were and we should have never received payments that low. After speaking with her, I was able to contact the mortgage broker we worked with at imortgage ( whom left the company after we closed ) and he also confirmed that it was a well-known fact at the mortgage company that the estimate payments on all documents for our development should have been close to {$1600.00}. He acknowledged that a huge mistake had been made and that the loan should have never been allowed to close with the incorrect information. 
We are now stuck in a home that we no longer enjoy. We are paying well over what we were willing to pay for our home. The only reason we bought the home is because we relied on the information given to us by imortgage for roughly four months. The information turned out to be false because the payments were misrepresented. I understand that payments are never accurate because taxes ca n't be definitively computed ; however, the problem is that imortgage financed the development we purchased in, sold numerous homes in the development, and had previous knowledge that the mortgage payments for the development were higher than normal and negligently closed our loan to our detriment and damage.

Company public response: Company believes complaint represents an opportunity for improvement to better serve consumers
Company response to consumer: Closed with explanation