Consumer complaint received 2020-03-13 00:00:00
Product: Mortgage — Conventional home mortgage
Issue: Applying for a mortgage or refinancing an existing mortgage — 
Company: Figure Technologies, Inc
State: MT

Complaint narrative:
OnXX/XX/2020 I was researching if I should refinance my current mortgage loan. After seeing a company named Figure beat other rates by .5 %, I decided to attempt a pre-qualification for mortgage refinance. My first attempt resulted in a response that my XXXX  Credit File was frozen and Figure recommended that I un-freeze my XXXX  file and try again. I took the necessary steps and got a pre-qualification offer that I was satisfied with. 

The next step in this application was to enter more information about my assets and agree to a hard inquiry to get my final offer. I was soon given a response that I was declined and an adverse action letter created. I read this letter and came to find out that I was declined for a credit obligation delinquency and collateral for loan not sufficient. At the bottom of this adverse action letter I was given my credit score which was over 800 and the date that my report was pulled ( XX/XX/XXXX ). I immediately questioned Figure that my credit score couldn't be that high if I had a delinquency on file and encouraged them to review this response. Next it was explained to me that the actual reason for my decline was because my other credit reports were frozen. My response to Figure is that frozen credit reason was on the other side of the spectrum from a credit stand point and the adverse action letter they sent me had misinformation. 

The next step in this process was me asking Figure to consider manually underwriting my application to which they responded for me to unfreeze my credit report and try again. I unfroze my credit at the other bureaus and went through the credit process I outlined above again with the same results. After questioning the same adverse action letter I also asked if this was a hard inquiry each time to which I was told no, only soft inquires were hitting my credit report. I asked Figure to review what happened and a week later, it was explained that my application was " re-ran '' with the same results. 

Finally I was notified by my Credit Monitoring app that there were changes to my credit report. I quickly discovered that two inquires were registered from this refinance process. The one was on the XXXX and I expect that because I hit submit fully knowing that I was giving them permission. What I didn't expect was for another hard inquiry on the XXXX of XXXX that was the result of Figure re-running my application. I feel like this was a misstep on Figures part and when I reached out about the multiple inquires, I was told that the bureau considers inquiries that close in time as one inquiry but that they weren't sure about that. 

All of this to only come to the decision I received when I first applied for this mortgage product. I was left angry and very displeased with Figure 's answers/process to my credit application. I have not had any contact from Figure since XX/XX/XXXX and don't plan to ever do business with them even with their competitive rates.

Company response to consumer: Closed with explanation