Consumer complaint received 2022-09-04 00:00:00
Product: Mortgage — Reverse mortgage
Issue: Applying for a mortgage or refinancing an existing mortgage — 
Company: Finance of America Holdings LLC
State: CA

Complaint narrative:
Consumer Financial Protection Bureau XXXX XXXX, XXXX XXXX XXXX XXXX XXXX XXXX XXXX DC XXXX Hello, I am sending you this information to request your help and legal protection under the law from predators that prey on the weak and vulnarble. I need your assistance to enforce the law that some organizations avoid and without conscience scamming and frauding the public. 

I am attaching the documents that I sent to Finance of America and yet to receive any answer From them. 

Please, I need your help in this delima. I can not sleep at night and my health is deteriorating thinking that I have been scammed and cheated and taken advantage of, this is illegal. 

What are the rules and laws good for? if they are NOT implemented! Companies and employees are taking advantage of individuals without any conscious or remorse. 

I truly hope that you can help me in this situation. Companies like Finance of America should understand that there are laws to follow and obey no matter how big and powerful the company is! 

Thank you in advance for all the help that you can provide me with. Thank you God Bless Please see attached. 


Finance of America XX/XX/XXXX REVERSE XXXX XXXX XXXX XXXX, I am faxing you the document that started my loan. Please check on the interest rate and even the loan principal balance. 

If you recall our discussion and my request, at the time around XX/XX/XXXX, I stated that I would like to refinance out of the existing loan with XXXX XXXX to get a better FIXED interest rate and you agreed to help with that and XXXX XXXX, broker, was my witness. 

We were supposed to start this loan with 4.550 % ( see document ), then it was pushed to 5.00 % because of all the extensions of time that the loan took and the unreliable help from Finance of America due to XXXX that some transactions took to complete. It was a very slow frustrating process to have the process going. All the way to the end before closing, we were discussing 5.375 % Fixed Loan only. 

The loan took over a year to close. During the time, we had ups and downs with Finance of America employees. Due to XXXX, short on staff help, transactions took extra time to be taken care of and attended to! 

Then, it was very difficult to deal with the escrow agent XXXX XXXX to the point of ignoring phone calls and emails. XXXX XXXX, My Mortgage broker, had a lot of issues with XXXX XXXX to the point, he was refusing to communicate with him. Then, I was asked by XXXX XXXX to communicate with XXXX and he was unwilling to talk! The only time I have heard from XXXX was in the end after I called him numerous times and emailed him a few times to communicate with me. 

I received a phone call from XXXX XXXX telling me that he is changing the loan to a jumbo loan and he has to change the account number and the interest rate might be a little bit higher up to 5.5 %. You and XXXX XXXX never said or mentioned that he is going to change the structure of the loan from a fixed loan to anything other type of loan. 

Unfortunately, XXXX XXXX changed the loan structure without the client 's approval and knowledge. ( This is against the law ). Real Estate disclosures ( TILA-RESPA ) are a must in this situation and XXXX XXXX ignored the law and proceeded with closing with a loan that has been altered to fit his ego and time schedule to exit from Finance of America to his new hired job with a different company. 

This loan started in XX/XX/XXXX and closed in XX/XX/XXXX. You ( XXXX XXXX ) and XXXX XXXX had ample time to send me the loan disclosure to have my consent and approval. However, NO one had the decency and the professionalism to respect the law and forward me the disclosures based on TILA-RESPA. 

The loan structure was altered and changed from fixed to arm based on the recent document that you sent me in XXXX of XXXX. XXXX XXXX left the documents behind and rushed to his new position. However, before sending these documents to the notary to be signed, nobody checked on the documents for any accuracy, changes or mistakes!!, nor did I receive a copy to review before signinig! ( I believe this is sort of payback against you for whatever is between both of you ). 

At the time of signing with the notary, nobody advised me that the loan was changed. I was under the assumption and impression that everything was still the same! Everything was rushed in the end to close the loan with the impression the loan is still the same and there were NO changes. We had difficulties finding a notary that services homes. It was very difficult for us to accept a stranger into our home because of XXXX infections. The signing session was fast to limit our exposure to a stranger in our home. When we proceeded with the signing, the notary told me at that time you are getting about a 5.5 % interest rate, which is great. With that assumption, I proceeded with the signing! 

Unfortunately, I am not a mortgage officer and I do not have much knowledge about loans. I am a regular citizen and I go with whatever the professionals say and promise. Mortgage brokers have fiduciary duties like trust, loyalty, accounting and disclosures to the client which in this case was omitted and ignored. 

With all the alteration of the loan #, interest rate and structure, the different charges that were tagged to the loan? The loan balance as of today is close to a XXXX dollars from $ XXXX. In less than two years, This is OUTRAGOUS. Alteration of documents without disclosing the facts is against the law and it is considered FRAUD ''. 

There is definitely something not right in the loan documents and someone should be held accountable to all these changes without client 's knowledge, approval and full disclosures. Specially, from the beginning of this loan my request was A FIXED RATE LOAN. 

So basically, 1-The loan took one year to close 2- Finance of America was short handed because of XXXX and was very difficult to proceed. 
3- I was never informed about any changes.

4- I was never given the chance to examine or approve any document before signing.

5- Loan disclosures were omitted and were never given to me.

6- TILA-RESPA disclosures were never honored and exercised, avoiding and ignoring the law. 
7- Loan documents were altered and changed without my knowledge and approval.

8- I believe a FRAUD was committed in this situation.

9- Someone should be held accountable for all these alterations and fraudulent activities.

10- The law should not be ignored and avoided.

11- NO DISCLOSURES WHATSOEVER. THAT IS ILLEGAL.

12- I was SCAMMED!! My mortgage broker led me to believe that I am getting a 5.5 % fixed Interest rate! However, all these months from the closing of the loan my interest rate was Showing around 5.5 % interest till the month of XXXX of XXXX, my interest rate changed to. 
6.98 %. I called finance of America to get the details and no one would give me the correct Information then, I called my mortgage broker and asked him to supply me with the missing Information and to my surprise, the loan is an arm adjustable loan that caps at 10.565 %. 
This is CRIMINAL. 
13- To my understanding, this type of loan is protected under the HOME SAFE program. My Wife and I went thru counseling for the Home Safe and the Senior citizen protection to Assure us that we are getting the protection that is provided under the law for the Senior Citizens. Protection from scams, fraud and to get in good faith an honest loan estimate and In good faith disclosures. 

UNFORTUNATELY, WE ( My wife and I ) DID NOT GET ANY OF THE TOP, WE WERE LEFT IN THE DARK! IT WAS A TOTAL DISAPPOINTMENT AND FRAUD. 


14- We have been scammed! This is a crime under the law. Finance of America should be Stopped and held accountable for all the illegal alterations and changes without the client Approval. They should know that there is something called loan disclosures that they have To provide, not ignore and not commit illegal activities. 

! 5- I started this loan at the right time and interest rates were low! Now, interest rates are high And I am getting pinned with this fluctuating high interest rate because of the loan mortgage Officer negligence and alteration of the documents to fit their agenda. This is illegal. 

16- I can not imagine that during the worst days of the United States of America XXXX during The Coronavirus infections, infecting and killing thousands of people, layoff from jobs and The total chaos that we passed through and still going through! Someone had the courage And will to cheat and take advantage of vulnerable senior citizens, scam and fraud them. 
This is considered a crime and it is NOT LEGAL AND IT IS PUNISHABLE BY LAW..

***PS : Please see attached. 

Please, I am seeking your help and guidance in this matter. My loan monthly payments are going over the roof and I can not handle these outragous payments, I CAN NOT BEAR THE CONSEQUENCES OF SOMEONES BAD INTENTION BY IGNORING THE LAW, ALTERING DOCUMENTS AND AVOIDING THE LOAN DISCLOSURES. 

I believe FINANCE OF AMERICA should bear the consiquences and correct the mistake. I will not accept any fluctuations in my interest rate due to the fact from the begining, I asked for a FIXED RATE, EVEN AT THE END BEFORE CLOSING WE WERE DISCUSSING FIXED RATE AT 5.375 %. 

** Why should I refinance from a Fixed 6.5 % to this outragous loan. It does not make any sence! 

** The rules of the reverse mortgage! The client can refinance again within a six month or a year if the new loan shows a benefit to the client and is a better loan than the previous one. 

I am very disappointed and angry with Finance of America for allowing anyone to participate in this type of malicious acts and fraudulent avtivities specially, with all the problems and fraud we had in the year XXXX and XXXX with the mortgage industry. We did not learn and someone is still going around the bush to take advantage of the public and especially senior citizens. This situation is against the law and should be punishable by law and it should be corrected. 

It is a big burden on my finances and my health. XXXX of XXXX should not take any advantage of senior citizens. It is NOT Ethical or legal to place anyone in this situation just to make extra income or funds. IT IS JUST TOTAL GREED. 

*** I am reaching out to you to resolve this problem peacefully. I certainly do not want to seek any legal action against Finance of America yet! 

*** I am still hoping that this issue can be resolved within Finance Of America and the proper government entities can intervene to protect the Citizens and enforce the law. 

Looking forward to hearing your response and recommendation! 


Your help is greatly appreciated. 

*Finance of America XXXX XXXX Mortgage broker NMLS- XXXX. Phone # is- XXXX Email : XXXX *Finance of America phone XXXX - XXXX Thank you, XXXX XXXX XXXX XXXX

Company response to consumer: Closed with explanation