Consumer complaint received 2025-01-04 00:00:00
Product: Mortgage — FHA mortgage
Issue: Closing on a mortgage — Changes in loan terms during or after closing
Company: LOAN SIMPLE INC.
State: TX

Complaint narrative:
Our experience with XXXX has been marked by significant mistakes, communication issues, negligence, and unprofessional behavior. These have resulted in severe mental, emotional, and financial distress. Initially, we were reassured by XXXX XXXX, the loan XXXX, we would qualify for a forgivable down payment assistance grant due to my position in education before even deciding to look for houses. This led us to begin our house search with optimism. 

However, upon finding our desired home, we were informed we did not qualify based on our salary bracket, which was a disappointing blow. This caused us to scramble to see if we would even be able to come up with a down payment. Our families were gracious enough to help us come up with some money in order to be able to have XXXX for closing since thats what XXXX XXXX assured us would be what wed need and not more ( or not more than XXXX maximum ). 

As we proceeded, we were told by XXXX XXXX that our maximum down payment would be {$12000.00} at the absolute most. Yet, after our offer was accepted, the initial paperwork indicated that seller credits were {$20000.00}, and we confirmed repeatedly that we would need {$10000.00} for down payment and closing ; ( there are several loan estimates from then at different points in the process that have the XXXX up until the very end of the process ). Just before closing, we received new paperwork showing that seller credits had dropped to {$10000.00}, with closing costs doubled without any prior explanation, as XXXX XXXX was out of the country. 

When we were finally able to reach a supervisor, they acknowledged the significant errors and that this was a major mess up, but only adjusted the interest rate to the agreed 6.125 % ( which had also magically increased on the estimate XXXX XXXX sent without any explanation ). This left us feeling cornered and rushed, especially since we were approaching our closing date and had already told our rental company we would be moving out- we needed a place to live. The distress was compounded by last-minute financial demands of thousands of dollars ; we also had to take time off work to figure out a resolution to be able to answer phone calls from XXXX, calling family to see if they would be able to help more ( this never should have had to happen ), and gather information XXXX was still asking us for even so close to closing - many documents we had already submitted more than once. In the end, we had to increase the loan amount from the original agreement, so we could wrap up the closing costs into it since there was no other way for us to get the house so we have a place to live. 

We did not even know if we would be able to close on the date decided upon - XX/XX/year> because of XXXX XXXX mishandling of the situation. We were not given the okay from XXXX that we would even be able to close until around XXXX the night before on XX/XX/year> causing more anguish for us. 

Although XXXX XXXX, the supervisor, was apologetic and admitted this was a mistake on their part, no true accountability was taken by the company and none was taken by the loan XXXX, XXXX XXXX. Were suffering because of their mistakes. No one should have to go through this. 

I also attached some screenshots of incredibly condescending texts from XXXX XXXX to my husband -- completely uncalled for. We were very upfront about not having money for a down payment, we were upfront about being new to the process, and in turn, we were given information that was incorrect, talked down to, given no real explanations, and no good resolution. If I had not been a first-time homebuyer, I would never have continued with this company. 

It is crucial for XXXX to take ethical and financial responsibility for these mistakes. 
The financial, mental, and emotional strain this has caused will continue for years for us because of the loan increase and having to come up with thousands of dollars more for closing costs. 

*I want to note that, I tried to file a complaint with LoanSimple before coming to the CFPB, but the complaint button on their site leads to no other page, contact information, or even an email address.

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