Consumer complaint received 2025-12-31 00:00:00
Product: Mortgage — VA mortgage
Issue: Applying for a mortgage or refinancing an existing mortgage — Changes in loan terms during the application process
Company: Cornerstone First Mortgage, Inc.
State: FL

Complaint narrative:
Dear CFPB Complaint Review Team, I am writing XXXX  file a formal complaint against XXXX Mortgage XXXX  my assigned loan XXXX, XXXX XXXX ( NMLS # XXXX ), for engaging in deceptive XXXX misleading practices during the attempted refinancing of my VA XXXX loan. These actions have caused significant financial hardship, emotional distress, XXXX  long-term consequences for me XXXX  my family. I believe this conduct violates consumer protection laws, including those related XXXX  truthful representations in mortgage lending XXXX  the prohibition of unfair, deceptive, or abusive acts under the XXXX XXXX XXXX Reform XXXX  Consumer Protection Act. I have documented all communications XXXX events, which I can provide upon request, and I urge the CFPB to investigate this matter thoroughly XXXX  prevent similar harm XXXX  other veterans and consumers. 
XXXX  provide context, I am a veteran who relies on my VA home loan for stable housing. My current mortgage is in good standing, XXXX  I have never missed or been late on a payment. On XX/XX/XXXX, XXXX XXXX contacted me unsolicited XXXX  inquire about refinancing my existing VA loan through an Interest Rate Reduction Refinance Loan ( IRRRL ). I expressed hesitation, explaining that I was uncertain whether the proposed payment reduction would meet the VA 's approval criteria for such a refinance. Despite my concerns, XXXX XXXX confidently assured me that he could secure the refinance, promising a reduced interest rate of XXXX  % XXXX  a monthly payment decrease of approximately {$330.00}. He further enticed me by stating that the loan would close in XX/XX/XXXX, allowing me to skip my mortgage payments for both XX/XX/XXXX XXXX  XX/XX/XXXX. Additionally, he claimed I would receive an escrow refund exceeding {$9000.00} upon closing. I later discovered through my own verification that the actual escrow refund would only amount XXXX  about {$2700.00}, but this discrepancy pales in comparison XXXX  the broader issues that unfolded. 
Encouraged by these assurances, I proceeded with the application process on XX/XX/XXXX. I submitted all required documents as requested by XXXX XXXX. For my peace of mind, I inquired about the reputation of XXXX Mortgage, XXXX  he responded positively, describing it as superior XXXX  his previous employer XXXX  beneficial for both clients XXXX  himself. He emphasized the high likelihood of success, noting that he was merely awaiting title fees XXXX  finalize preparations. This gave me confidence that the process was moving forward smoothly. 
On XX/XX/XXXX, I followed up XXXX confirm if any additional information was needed, and XXXX XXXX stated that nothing further was required at that time. I requested that he handle my case with utmost care, to which he replied that I was " in good hands '' XXXX  that he would ensure everything was taken care of. That same day, he provided initial loan disclosures for my review XXXX  electronic signature, reinforcing my belief that the refinance was progressing as promised. Critically, when I asked if I could redirect my XXXX mortgage payment toward other expensessuch as holiday preparationsMr. XXXX explicitly affirmed that this was acceptable, guaranteeing a XXXX closing and assuring me that I would not incur any late fees or penalties. When I pressed for XXXX  % certainty, given my impeccable payment history, he reiterated that there would be no lateness on my record. He stated that he does not get this far into the process without knowing for sure. He seemed very confident in his abilities. 
The following day, XX/XX/XXXX, XXXX XXXX requested approval for a {$30000.00} lender credit to further reduce my interest rate, XXXX  I received another set of loan disclosures to sign. From XX/XX/XXXX through XX/XX/XXXX, the process appeared to be on track. I received communications from the title company requesting additional details, which I promptly provided. XXXX XXXX also asked me XXXX  obtain XXXX submit my mortgage note from my current lender, which I did. On XX/XX/XXXX, I signed yet another round of disclosures. During this period, I voiced concerns about potential delays pushing the closing beyond XX/XX/XXXX, which could result in my mortgage payment being considered late. XXXX XXXX downplayed this, stating that any late fees would be incorporated into the loan payoff XXXX  that he aimed XXXX  close before that date. 
However, on XX/XX/XXXX, XXXX XXXX day before the anticipated closingMr. XXXX emailed me with alarming news : the refinance required a " rapid rescore '' of my credit, necessitating that I pay down approximately {$4900.00} on my credit cards XXXX  improve my score for approval. Shocked XXXX  confused, I immediately called him to discuss the situation. He admitted that without this step, he could not secure approval. By this point, I had already allocated my XXXX mortgage payment toward XXXX expenses, relying on his earlier guarantees of a timely closing. I lacked the immediate funds XXXX  cover both the mortgage and the {$4900.00} payoff. I implored XXXX XXXX XXXX  explore alternative solutions, but he insisted that proceeding without the rapid rescore and credit card payments was impossible. 
Desperate XXXX  salvage the refinance XXXX  avoid defaulting on my mortgage, I borrowed the {$4900.00} from a friend, with the agreement XXXX  repay by XX/XX/XXXX. I followed XXXX XXXX 's instructions precisely, paying off the specified credit card balances XXXX  facilitate the rescore. On XX/XX/XXXX, he sent additional disclosures for signature. Despite my compliance, XXXX Mortgage ultimately failed XXXX  close the loan, citing that my updated XXXX XXXX still fell short of their requirements. This abrupt failure left me in a precarious financial position, with no refinance, a looming mortgage payment I could not afford, and new debt obligations. 
The repercussions of these deceptive practices have been devastating. I am now facing unprecedented financial strain : I risk becoming delinquent on my mortgage for the XXXX  time, I owe {$4900.00} XXXX  a friend under a tight repayment deadline, and I was forced XXXX  withdraw funds from my accrued vacation XXXX  saved for a family trip XXXX  XXXX we have now had to cancel entirely. This has not only disrupted our plans but has also caused immense stress, anxiety, XXXX  familial tension. The cumulative impact has pushed me XXXX  the brink of financial ruin, XXXX  the extent that I XXXX have no choice but XXXX  consider filing for bankruptcy if unresolved. These outcomes were entirely avoidable had XXXX XXXX XXXX  XXXX Mortgage provided accurate, transparent information from the outset rather than making unsubstantiated promises XXXX  lure me into the process. 
In an effort XXXX  resolve this internally, I contacted XXXX XXXX, the owner of XXXX Mortgage, at ( XXXX ) XXXX, but received no response or assistance. Subsequently, XXXX XXXX XXXX XXXX XXXX reached out XXXX  me at ( XXXX ) XXXX, only XXXX  inform me that the company could offer no remedies or alternatives. Their lack of accountability has exacerbated my distress XXXX  underscores the need for regulatory intervention. 
After contacting the management team, XXXX asked me not XXXX contact them again.

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