Consumer complaint received 2025-02-09 00:00:00
Product: Mortgage — Conventional home mortgage
Issue: Closing on a mortgage — Delays with the closing process
Company: WALTON FUNDING LLC
State: TN

Complaint narrative:
Letter to the broker post closing XXXX, I was made aware that XXXX, our real estate agent had presented an opportunity for you to rectify the dissatisfaction we had with our loan process, and you declined. You should be aware of the events that took place during this closing, but I find it hard to believe that anyone who was aware of the horrible service we received would decline compensation. Let me provide you with the time line of this horrific closing. I have also included XXXX XXXX on this email as he is the managing XXXX and may have some input on this matter. 

On XX/XX/XXXX we signed a purchase offer for our home, we had already received a pre-approval letter from you. Which now I am realizing was unethical because you had not collected enough data from us ( the borrowers ). We immediately started sending documents in as you requested after we had an accepted offer on home. We thought we were moving right along but found it strange that we had not been provided any loan structuring information. We were not provided options like an arm, or rate buy down, we did not even have a tentative interest rate or given an option to lock a rate. When I started questioning you around XX/XX/XXXX this is when XXXX became involved. At this time XXXX, myself and my husband had a call. This is when XXXX started mentioning the rate by down. After hearing what XXXX offered, I made it very clear verbally and in writing to you and XXXX this is not something we wished to do. We would prefer to either take money from XXXX to put on principal of house of pay debt down. We wanted our options presented to us. ( no options were ever presented ) I made it clear, I had XXXX for cash to close. I reiterated this multiple times. I asked both you and XXXX around XX/XX/XXXX if I should take a loan from my XXXX or tap into other assets that we had available. You both assured me that I had plenty of cash to close and a XXXX loan could be detrimental to my reserve funds. 

The closing date was set by the sellers as XX/XX/XXXX for a simultaneous close. You were made aware by myself, my agent and written documents. You submitted my loan on XX/XX/XXXX. At that point loan options have not been discussed with me, we had a vague idea of what our interest rate was and still do not know how much cash we need to close. You told me " we will work on the rate later '' in text. Again, I reminded XXXX in text of the funds I had available. You missed the first deadline and allowed the sellers opportunity to walk from the deal. With us having a lease expiring the end of XXXX this would have left my family of XXXX homeless. Never once did you apologized or recognize the fact that you and XXXX missed a deadline that was set almost XXXX months in advance. But it would not be the last deadline you would miss. XXXX continued to frantically request documents from us. I understand that my husbands income is variable, as he is a self employed real estate attorney but my income or job status has not changed. The day before we are scheduled to close I had to call my XXXX to have a verification letter written urgently. This was XXXX of the most infuriating points. What were you doing with our documents from early XXXX to the end of XXXX that you did not even have my income verified. As our XXXX deadline is approaching with scared seller we missed another deadline. Mind you our home appraised for XXXX over what we paid and the sellers continued to show the home, so at any point they could have accepted a back up offer. 

Finally, we get a clear to close and this is the first time XXXX mentions the XXXX  day wait. So now we go into XXXX making us responsible for exorbitant fees from our landlord if we want to stay past lease term. We have no other options but to pay. 

Continues to worsen, now we know our terrible rate of 7.85 %. Another lender could have given us 7.5 % if I had brought them on sooner. We decided to stick with you and XXXX solely to get the loan closed. It has nothing to do with you being able to retain our business and I had XXXX faith in either of you at this point. 

Morning of the closing I still do not know that I was over {$7000.00} short to close! XXXX is still changing numbers in the closing docs and you are not answering calls from my agent. Which is a theme through the whole process. Luckily I had the {$7000.00} or this deal would not have closed. 

You had me pay off vehicles that were at a 3 % rate and other debt that was at XXXX percent rather than putting down on home. I honestly believe it was to obtain commission on a higher loan amount. I will give you an opportunity to ameliorate this before I present it to XXXX as well as other regulating organizations. 

I will not accept any phone calls from you at this point. I am requesting everything in writing. 
XXXX

Company response to consumer: Closed with explanation