Consumer complaint received 05-02-2017 about Mortgage (Conventional home mortgage) with loanDepot.com, LLC (FL).
Issue: Closing on a mortgage

Complaint: Back in   XXXX   XXXX   XXXX     I entered into a purchase agreement to buy a new home from  XXXX   XXXX . At the time they were offering to pay  XXXX  towards my closing cost but I had to use there preferred lender which turns out is  XXXX  Mortgage  XXXX  ( which is a front for  Loan  Depot  XXXX  ). When I inquired about the rate I was quoted   XXXX   %. At the same time I called my brother in law who also does mortgages and he said that was about the same rate he could get for me. Since they were offering to pay  XXXX  toward my closing cost I thought It would be a good idea to stay with who they recommended. As the house was being built I did not think too much about the financing since we had already discussed it and at the time they were offering a good program. At the beginning of  XXXX  I was contacted by  XXXX  Mortgage to finalize the mortgage part of my home purchase. They asked me to provide some documentation to finalize everything, which I did promptly, and then they said I should lock in the rate. I told them to lock in the rate assuming it was going to be close to where we were before, or at least competitive. This was not the case. They locked me in at  XXXXX  % which was much higher than what we were talking about back in  XXXX . I understand the rates got a little worse but I did not think it was that much higher. It took me a couple days to inquire about rates with my brother in law and he told me he could get me   XXXX   %. I felt that I was locked in because if I would use a different lender I would not get the  XXXX  credit, but then I worked the numbers and even without  XXXX  it would be a much better deal for me to go with a different lender. So on  XXXX  I contacted  XXXX  and  XXXX  Mortgage and told her that my brother in law could do  XXXX  and I wanted to know if they could match the rate.  XXXX  said she would need to check with a  XXXX . I checked back with her the next day on the  XXXX  and she said she is still checking, on the  XXXX  she said she is waiting with baited breath. Then on the  XXXX  I got an email from  XXXX  from  XXXX  homes threatening me that if we dont close on time they will charge me  XXXX  day if we go past the closing date. At the same time I got an email from  XXXX   XXXX  with  XXXX  homes ( subject line : Potential  Default  ) taking it one step further and telling me my earnest money of  XXXX  will be forfeited and it is too late in the process to change lenders! All this without even knowing if there preferred lender will match the rate. On  XXXX  I received an email from  XXXX  with  XXXX  Mortgage saying that she still does not know if they can change the rate but if they can not change the rate I could take the  XXXX  that they were giving me and buy the rate down to  XXXX  ( which is still higher than I could get with my brother in law ). After continued follow up it was not until the  XXXX  that I was notified that  XXXX  Mortgage could not match the  XXXX  going rate. About the same time I was notified by  XXXX  from  XXXX  homes that if my brother in law could still meet the  XXXX  closing date that they would let me switch lenders. I talked to my brother in law and with the  XXXX  earnest money and  XXXX  day fee on the line he did not want to commit to a 15 day closing, he said that was an unrealistic time frame.     Bottom line I feel they lured me in with a good rate and the  XXXX  closing cost then they wait until late in the process to spring on me the above market interest rate and then threaten me with keeping my  XXXX  plus charge me  XXXX  per day. I know for a fact this is not ethical and I can not see how this can be legal!     Now I have been notified that the  XXXX  they are giving me has been reduced to  XXXX . They told me they are moved  XXXX  of their fees ( title settlement fee  XXXX  to a fee paid by the seller to get around at TRID compliance issue. I told them that is not my issue and I want to see the  XXXX  seller credit that I was told I would get if I used there preferred lender ( and that was disclosed to me on my loan estimate. ) I then received a   XXXX   XXXX   statement from their closing agent  (  Carefree title ) showing the  XXXX  seller credit. I told them that I wanted the closing disclosure statement to reflect the  XXXX  seller credit and the closing agent told me they can not do that. I am assuming the reason they can not do that is because its not legal! This has been a bad experience and I feel they have taken advantage of me from the beginning.

Company public response: Company believes it acted appropriately as authorized by contract or law
Company response to consumer: Closed with explanation