Consumer complaint received 2024-06-12 00:00:00
Product: Mortgage — Other type of mortgage
Issue: Closing on a mortgage — Changes in loan terms during or after closing
Company: OfferMarket
State: FL

Complaint narrative:
To Whom It May Concern, I am writing to formally lodge a complaint against Offermarket, its mortgage representatives, and the owner, XXXX, regarding the handling of my loan applications and the unprofessional conduct I experienced. 

On XX/XX/year>, I began speaking with XXXX from Offermarket, who introduced me to their loan programs. Initially, I was informed that I would be able to obtain a DSCR loan for each of my homes. However, due to the appraisal company used by Offermarket, the appraisals for two out of three of my homes came in under {$100000.00}, despite market ARVs indicating higher values. No action was taken to address this discrepancy. 

As time progressed, I was advised to switch to a portfolio loan. I complied but was not made aware of any changes to the terms until I saw the revised term sheet. Additionally, I was given multiple closing dates which were repeatedly postponedfrom the initial date of XX/XX/year>, to XX/XX/year>, then to XX/XX/year>, and now once again changed. 

As these delays continued, I began to run out of time with my current lenders. I informed Offermarket of this urgency and, on XX/XX/year>, left a negative review on XXXX. On the same day at XXXX PM, I received an aggressive and threatening call from XXXX, the owner. He stated that he would close my lending file because of the negative review. He gave excuses about the difficulty of finding lenders in the current market to provide the promised services. XXXX also insisted on speaking to my wife, as it was her loan package, despite having written consent to work with me on this matter. He only calmed down when I agreed to remove the negative review. 

Today, on XX/XX/year>, after receiving an email from Offermarket confirming that we were set to close on Friday, XX/XX/year>, I received a notice from my title company stating that the lender had informed them we were not closing because they were not in communication with the party they were selling the loan to. Shortly after, Offermarket responded to my email by stating that I now needed to fix various items on one of the homes. This is perplexing since the homes were appraised at the values they were lending for. 

Offermarket 's term sheets constantly changed to suit their convenience, and they have deceived my wife and me, wasting our time and causing significant stress. We will be seeking legal representation to cover the costs of the appraisals and any expenses incurred by our lenders due to Offermarket 's lack of experience and unprofessional conduct. 

I urge you to investigate XXXX methods of facilitating loans, the frequent changes to term sheets, and the numerous delays in closing dates. Their practices have caused undue financial strain and emotional distress. 

Thank you for your attention to this matter. I look forward to a thorough investigation and resolution. Should you require even more emails as proof I will provide them. Please see attachments. 

Sincerely, XXXX XXXX and XXXX XXXX

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