Consumer complaint received 2025-11-13 00:00:00
Product: Mortgage — Conventional home mortgage
Issue: Applying for a mortgage or refinancing an existing mortgage — Changes in loan terms during the application process
Company: PREMIUM MORTGAGE CORP
State: NC

Complaint narrative:
I started the loan process on XX/XX/XXXX or XXXX XXXX after speaking to the lending officer, XXXX XXXX at Premium Mortgage. On day 1, I told XXXX of my circumstances, why we were looking to purchase the home in XXXX NY, and the limitations an actual relocation due to my occupation ( Physician ) and my spouse who is active military and had been XXXX to XXXX in XX/XX/XXXX and would not return until XXXX or XXXX of XXXX. 

We initially were applying for a VA loan because we wanted to take advantage of the VA benefits, however the home was built in the XXXX 's and since it had some minor paint peeling, it didn't meet VA approval so we converted to a conventional loan process. 

There had been errors in data and even the spelling of my name, who was suppose to be listed as primary borrower, etc... but they seemed minor and XXXX gave his assurance things would be corrected by closing and they were just preliminary documents that were needed. 

We submitted every document and requirement almost the day of or the following day when Premium Mortgage requested something. 

From day 1 of speaking with XXXX, I told him that I travel for work as a physician and had been booked with clients through XX/XX/XXXX, sometimes driving directly from one assignment to the next but had a few with a short time off in between, my first being in XXXX. I told him that the only time I could make myself available to close where I could literally be free all day to do signatures, available by phone and at a notary office and throughout this process reiterated countless times to everyone including the realtors, seller, mortgage company and our attorney. I submitted these dates soon after we started and they were XX/XX/XXXX, XXXX or the XXXX. 

It wasn't until first part of XXXX ( before XX/XX/XXXX ) that we received a litany of items needed by Premium, many of which we had already submitted, but I spent hours compiling the documents again and writing " explanations '' that he requested and submitted these documents to him on Sunday XX/XX/XXXX. 

Afterwards, I even sent emails to reiterate that I needed to know the amount needed at closing, how payment was to be sent, the notary location, etc..... the week prior to closing. I was at a job assignment in XXXX, Georgia and wouldn't be leaving to go back to North Carolina until Saturday XX/XX/XXXX or XXXX. XXXX assured us that the information and details would be sent by Friday XX/XX/XXXX, which never happened, which I had expected. 

On Monday XX/XX/XXXX, I had an appointment to have blood drawn for labs and a few other commitments. I received a text from my spouse who is in XXXX that we had received an email from XXXX XXXX and I needed to read immediately. The email contained a whole new set of parameters on the conditions of the loan which included options of taking my spouses name off the loan application, informing me we would have to increase the amount of money put down from 6 % to 10 % and the interest rate of the loan would be at a higher interest rate. None of this was explained. Both my spouse and I tried to contact XXXX XXXX with no success and we later discovered by my realtor that he was out of the country and not expected back to the states until late that evening. He didn't bother calling me or my spouse and per my realtor, told her he would be calling me when he got in, which never happened. 

The closing disclosure was sent on XX/XX/XXXX and we were prepared to transfer funds as given to us based on the documents that listed our loan amount, mortgage rate, terms, taxes, closing costs, etc.... and were shocked when completely new parameters and downpayment and interest rate were sprung on us 48 hours from closing date. 

I spent hours and even cancelled prior appointments to try and find a remedy. I called my own contacts ( financial advisor and CPA ) and was thankfully connected with another lender who has license for New York and she reviewed all the documents with me. She explained everything. All agreed, XXXX XXXX should have discussed these issues with me at the onset but never bothered. I am reluctant to insert my own explanation and it is based on what other professionals in his field discussed with me, but he is both neglectful and incompetent as far as I am concerned. 

The seller of the home vacated the entire contents of the house, which is close to XXXX sq feet, a guest house and full basement and attic. The seller also was notified the day before closing on XX/XX/XXXX. I couldn't imagine his reaction but was frantically trying to find a solution. 

After I spoke to the lender I was connected with, it was clear that the loan could have never been purchased and listed as a primary residence, which would have explained the reason I would now have to come up with a higher down payment and a higher interest rate. XXXX was told from day 1 that I would not be physically relocating until XXXX when my spouse returned from XXXX and I could take off work to move out of state. Furthermore, if he wants to deny this, at the very latest, the explanations I submitted to Premium Mortgage on XX/XX/XXXX clearly stated this. 

As a result now, I placed myself at risk of being sued by the owner for breech of contract and missing the closing date, as well as damages he incurred. Thankfully, he and I spoke at length and after explaining the matter, we came up with an agreement. I am paying him {$5500.00} from my pocket to compensate him for some costs and as a good gesture that I still wish to purchase the home. But this is money that I should have never had to pay especially when I don't lease the house nor do I own. If XXXX XXXX had done his job and presented this to me from the beginning, I would have made the decision to not proceed with the application process. We did not wish to put this much money down nor would we have agreed to a higher interest rate loan since my credit score is XXXX and my spouse is XXXX. 

To add more disappointment was to find that Premium Mortgage is a Veteran owned company and my spouse is active military currently serving in another country. This is most troubling. My spouse has consulted with a JAG attorney and sadly was told this is something he hears about more often that what he liked. We also plan to pursue filing other formal complaints in other venues as we both feel some accountability is warranted.

Company public response: Company disputes the facts presented in the complaint
Company response to consumer: Closed with explanation