Consumer complaint received 2021-08-02 00:00:00
Product: Mortgage — Conventional home mortgage
Issue: Applying for a mortgage or refinancing an existing mortgage — 
Company: SUN WEST MORTGAGE COMPANY, INC.
State: TX

Complaint narrative:
I would like to file a complaint against LowRates.com by Sun West Mortgage Company Inc., NMLS ID XXXX. Due to their lack of disclosures and timeliness I lost out on thousands of dollars. I have chronicled my emails and phones calls with the two individuals below : XXXX XXXX, Mortgage Consultant | NMLS ID XXXX XXXX XXXX, Sales Manager | NMLS ID XXXX My complaint revolves around a mid-day rate change which I was not made aware of as a possibility during the application. I did an application over the phone with XXXX XXXX and was quoted a rate and was asked if I wanted to lock in the rate. I asked if I could see it in writing and was told the Loan Estimate would be sent within 10 minutes and that I would get a call once sent and we can lock in then. Almost 3 hours later I received a call stating rates changed and I was out of luck. 

I then spoke with his manager XXXX XXXX who repeated there was nothing that he could do for me, that XXXX XXXX 's delay in getting back with me was due to them trying to get me exception pricing. I stated that while I appreciate that, I should have been informed of the issue as it was happening so that I could decide to take another offer I was given. Instead they called me back so late that I could no longer reach the loan officer at the other mortgage lender and missed out on locking in on their rate. When I asked for his name and NMLS ID he asked me why I wanted to know after providing it and when I told him I planned to file a complaint he became irate, trying to guilt trip me into not submitting a complaint, saying I was threatening his livelihood and that I was coming after his two little girls, and attacking him and his wife. I have never had someone try to guilt trip me so hard, it was super unprofessional and just plain wrong.

I specifically want the following answered/addressed : 1 ) Are certain disclosures required at application, if so, which? And is the company alleging they provided them all to me? I feel like the fact rates can change mid-day should be a required disclosure at application ( if not, that is feedback ). I was aware they could change daily but not mid-day.

2 ) I feel as if there may have been a bait and switch done. XXXX XXXX told me he could beat a competitor 's rate and verbally told me he beat it, it was only after I requested the official Loan Estimate that there was an issue.

3 ) Their rate of 2.375 % for 30 year with only {$2700.00} in points almost seems too good to be true after talking to other lenders for XX/XX/2021. Is there any chance that XXXX XXXX messed up on the application and misquoted me and then tried to cover it up claiming a mid-day rate change occurred? 
4 ) If a mid-day rate change did occur, at what time did the rates change? And when did XXXX find out? Timing is key here and the fact I should have had my Loan Estimate within 10 minutes of phone application yet didn't receive a call for 3 hours has me questioning the timing.

5 ) Is it appropriate to have a manager bring up his family to guilt trip me into not submitting a complaint? I feel like that in of itself is an issue.

6 ) The manager refused to let me speak to anyone else. Do consumers have the right to escalate further with the mortgage lender? I emailed two random directors I found on their website but neither replied.

Below are the phone timestamps with a summary of the call. Attached is all email correspondence : Incoming Phone Call, XX/XX/2021 XXXX XXXX  CT ( 48m 7s duration ) : XXXX XXXX called to complete the refinance application over the phone. Towards end of call he confirmed 2.375 % rate, with {$2700.00} in points and XXXX {$1200.00} in title fees. He asked if I would like to lock the rate and I asked if I could see the loan estimate. He said yes, that I would receive it in 10 minutes and that he would call me as I received it so we could review it together and lock in the rate. 

Incoming Phone Call, XX/XX/2021 XXXX XXXX  CT ( 4m 28s duration ) : XXXX XXXX called to inform me that rates changed mid-day and he was unable to get an exception to honor the pricing I received over the phone. 

I expressed my frustration since I was literally quoted a much lower rate and was told within 10 minutes I would have paperwork to lock in the rate. He advised I should call back the other company and lock in their rate ( I had forwarded XXXX a Loan Estimate from a competitor earlier in the morning that he replied back stating he could beat ).

I advised him that the loan officer just left for the day and that I wished he hadn't waited so long to tell me the bad news ( now after XXXX  XXXX  CT ). He said that was unfortunate but that we could check the rates tomorrow morning and he would reach back out shortly after XXXX XXXX CT. 

Incoming Phone Call, XX/XX/2021 XXXX XXXX  CT ( 9m 43s ) : XXXX XXXX called since I requested to speak with the manager via email with XXXX XXXX on XX/XX/2021. He informed me that due to market volatility there was a mid-day rate change on XX/XX/2021. 

I explained that XXXX set expectation to call me back within 10 minutes as I should receive a loan estimate by then so I could lock the rate in. Instead XXXX didn't email me until XXXX XXXX  CT stating " Did not forget about you and just waiting for them to send the loan estimate over to me. ". I explained that I waited until XXXX XXXX  CT before replying to XXXX asking " Any update? Am I able to lock the rate prior? I want to lock in before the day is over. '' XXXX ultimately said XXXX took so long to inform me due to trying to get exception pricing for me. I mentioned that while I appreciate that, XXXX should have informed me of what was going on while it was happening so that I had time to lock in the rate with the other company. Instead he waited until the end of the day when I couldnt lock in the rate with the other company. XXXX questioned why I couldnt have locked in and kept repeating there was nothing he could do for me, that they did nothing wrong. 

I asked for his name again and his NMLS ID. After he provided it he asked why I requested that information. I informed him that I planned to file a complaint with the CFPB, Texas Department of Savings and Mortgage Lending, and Sun West Mortgage Company. He immediately became defensive and said I was threatening his livelihood and that I was coming after his two little girls, and attacking him and his wife. I have never had someone try to guilt trip me this hard, it was super unprofessional and just plain wrong. 

I stated it wasnt my intention to make it personal, just that I felt like something was done wrong and at bare minimum that my experience should be heard by those areas. I added that if he did nothing wrong, that he should have nothing to worry about regarding his family. 

He was still defensive and a bit hostile, but stated he would try going the exception route and to give him 24 hours before submitting my complaints.

[ See email attachment, XXXX XXXX - Exception Review ]

Company response to consumer: Closed with explanation