Consumer complaint received 2025-09-18 00:00:00
Product: Mortgage — Conventional home mortgage
Issue: Closing on a mortgage — Changes in loan terms during or after closing
Company: Launch Financial Group, LLC
State: NJ

Complaint narrative:
This letter is intended for the Consumer Financial Protection Bureau. I am writing to file a formal complaint regarding my experience with Launch Financial Group. My name is XXXX XXXX, my mailing address is XXXX XXXX XXXX, XXXXXXXX XXXX XXXXXXXX, my email is XXXX. My main point of contact was Loan Officer XXXX XXXX, whose manager is XXXX XXXX ( as listed on your website at the time these events occurred ). 

Launch Financial Groups mishandling and misrepresentation have caused me financial loss, emotional distress, and a breach of trust. The imbalance of power created during this process left me with no choice but to accept the terms of a loan that were not those originally agreed upon. 

Upon first contact with XXXX on XX/XX/XXXX she had given me a 7.375 % rate based on all the information I gave her as long as the information I gave her was accurate. All the information I gave her was accurate. She had also emailed me a 7.375 % interest rate and a fee of 1.25 % ( {$6700.00} ), processing fee {$990.00}, underwriting fee {$1900.00}, and 3rd party fee, 5-year step-down prepayment penalty. This was supposed to be a 5-4-3-2-1 step-down. I was constantly reassured that this rate was locked in via email, text, and phone calls. 

On XX/XX/XXXX XXXX told me my commitment letter was sent to my realtor and not me a few weeks ago. I asked for it to be sent to me and that's where I learned the following day ( XX/XX/XXXX ) that there was no step-down prepayment penalty. She claimed to be working on this issue and was in the final steps of locking down the loan. An hour passes by and she informs me that my loan has been locked as follows. 7.375 % for 30 years, 5-year step-down prepay, discount fee {$810.00}, Origination fee {$5900.00}, Processing {$990.00}, Admin fee {$1900.00}, and third party fees. This was a text I received along with the commitment letter. An hour and a half later she backpedals and says this plan is no longer locked in. Please keep in mind that this step-down plan that was supposedly locked in was the same day of my time of essence for the finance contingency. Also at this time I was in XXXX for a family emergency and my lawyer was in XXXX for vacation. I had gone to sleep after seeing that I had a 5-year step-down plan. XXXX knew that I was in XXXX, so by the time of locking in my loan it was XXXX in XXXX and later changed the agreement at XXXX after I had gone to sleep. XXXX told me multiple times I would have nothing to worry about and my terms would be met. I was later issued a new closing loan with a 7.75 % interest rate on XX/XX/XXXX resulting in a back and forth trying to get my original rate. On XX/XX/XXXX a new closing loan was issued with a 7.375 % interest rate but I compared it to the original closing loan I was given on XX/XX/XXXX and it showed a new {$5400.00} charge of loan amount points. Along with this charge, there was no step-down loan that was supposedly locked in with the bank. 

Upon further investigation after closing the house, I went back and reviewed the process. I found that best case scenario XXXX acted in gross negligence and worst case bad faith to gain a higher commission fee. At the time of finally receiving my commitment letter she had informed me that she was still working on my loan agreement. How would this be possible with the commitment letter already finalized? Along with this the commitment letter that was given to me on XX/XX/XXXX the notice date was for XX/XX/XXXX. Please also keep in mind that this commitment letter that had been given to me used a bank named XXXX. This bank wasnt used in the final loan after closing the house. This leads me to believe that my ultimatum that I gave a day before time of essence for the finance contingency made XXXX give me a commitment letter she had on hand and never planned to use. In an email I had informed my lawyer, the real estate agent, and sellers lawyer that if my commitment letter wasnt given to me I would back out of the house. 

Id also like to mention her gross negligence and misuse of power. She had sent my commitment letter to my realtor without my knowing or consent. Along with this she had also asked for my banking credentials like my login to access my banking documents. I was assured that this was standard practice and that she has done this with other clients in the past.

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