Consumer complaint received 2025-01-25 00:00:00
Product: Mortgage — Other type of mortgage
Issue: Closing on a mortgage — Delays with the closing process
Company: Tona Mortgage, LLC
State: NC

Complaint narrative:
The original closing date for this transaction was set for XX/XX/XXXX, but due to multiple inefficiencies and delays, it was postponed to XX/XX/XXXX. This timeline highlights the inefficiency and poor service provided during the process. 

I am writing to formally file a complaint against XXXX XXXX XXXX  XXXX " The Lender '' ( Loan ID # XXXX ) and XXXX XXXX of XXXX XXXX XXXX for their negligent handling of my loan application process. The repeated errors, poor communication, and lack of accountability caused significant financial harm, emotional distress, and logistical challenges throughout my home purchase journey. 

Timeline of Events and Issues XX/XX/XXXX : The lender initiated an asset verification process through XXXX, which repeatedly failed to link with my XXXX account. Despite informing XXXX XXXX and XXXX XXXX about this issue, I was asked eight times to use the platform, which was unsupported. I explained that XXXX could not provide the required stamped bank statements due to its online-only nature. 

I complained about the inability to link my XXXX account to XXXX XXXX and XXXX XXXX. Despite providing XXXX XXXX XXXX XXXX XXXX XXXX statements as an alternative, I received no guidance on how to resolve the issue. 

XX/XX/XXXX : XXXX XXXX XXXX required HOA documents that were unnecessary for my XXXX loan type. I paid {$160.00} for these documents despite explaining that they were not required, causing additional costs and delays. 

XX/XX/XXXX : The appraisal process began but was flawed from the start. Incorrect rental comparables were included, which underestimated the property 's rental value and significantly altered the loan terms. I submitted corrected comparables, but the appraisal was revised seven times, failing to align with the underwriter 's requirements. 

XXXX XXXX XXXX  selected an incompetent and expensive appraisal company, further complicating the process. 

XX/XX/XXXX : A revised appraisal report was provided, yet it still contained significant discrepancies regarding rental comparables. The comparable rentals included in the report estimated a monthly rental value of {$1100.00}, whereas market research clearly indicated higher values, closer to {$1400.00}. 

XX/XX/XXXX : A formal rebuttal of the appraisal was submitted, and I requested recalculations based on the corrected rental values. However, the mortgage lender subsequently reduced my loan amount to {$100000.00}, leading to an estimated increase of {$58.00} per month in monthly payments with the interest rate increasing from 6.875 % to 7.625 %. This adjustment added a significant financial burden over the duration of the loan. 

XX/XX/XXXX : Despite my concerns about delays and miscommunication, Hometown Equity Mortgage asked for irrelevant documentation, such as a signed contract from all parties, which was already provided. This unnecessary demand contributed to the delays. 

XX/XX/XXXX : Additional delays arose due to the appraiser failing to note existing CO2 detectors in the report. This oversight required me to purchase additional detectors and submit proof, further delaying the closing process. 

XX/XX/XXXX : XXXX XXXX requested repetitive documentation, including asset verifications and bank statements, even after these had been provided. Many of these requests were driven by XXXX XXXX XXXX  underwriters, who failed to ask for essential documents upfront and instead demanded them at the last minute. This poor coordination caused further frustration. 

XX/XX/XXXX : Despite repeated requests for updates on the closing process, there was no communication from Hometown Equity Mortgage or the lender 's staff over the weekend. My real estate agent and I were left without information, and I had to follow up multiple times to receive basic updates. 

XX/XX/XXXX : Just one day before the closing, I was informed of unresolved issues, including missing rental comparables and asset verifications. I had already paid the down payment and transferred funds, but the lender continued to demand irrelevant documents. This last-minute chaos demonstrated a severe lack of preparation, professionalism, and timeliness on the part of XXXX XXXX XXXX  XXXX XXXX 

XX/XX/XXXX : On the day of closing, communication issues with the lender and underwriter caused delays. Despite submitting required documents, the lender failed to issue the final Closing Disclosure ( CD ) on time, ultimately forcing me to purchase the property in cash. 

Impact of Negligence Financial Loss : I incurred {$720.00} for the appraisal, which was repeatedly revised and delayed. 

I paid {$160.00} for unnecessary XXXX  documents, which were irrelevant to my DSCR loan type. 

I was forced to use {$3200.00} in cash for the XXXX money and due diligence due to the loan 's failure. 

The change in interest rate from 6.875 % to 7.625 % added an additional financial burden of approximately {$58.00} per month over the duration of the loan. 

XXXX and XXXX Stress : The ongoing delays, miscommunication, and last-minute requests caused significant stress and anxiety. 

Loss of Opportunity : The financial strain caused by this process prevented me from pursuing additional rental property investments as planned. 

Requested Resolution Compensation : Reimbursement of {$1500.00} to cover unnecessary costs, including the appraisal and XXXX  documents. 

Acknowledgment and Improvement : A written acknowledgment of negligence and steps to improve internal processes to prevent future occurrences. 

Conclusion This experience has been both financially and emotionally draining, demonstrating a clear lack of professionalism by XXXX XXXX XXXX and XXXX XXXX. I urge you to review this complaint and take corrective action to address the damages caused. Thank you for your attention to this matter. I am happy to provide further documentation upon request.

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