Consumer complaint received 2025-04-11 00:00:00
Product: Mortgage — VA mortgage
Issue: Closing on a mortgage — Trying to communicate with the company to fix an issue with the loan closing
Company: SOFI TECHNOLOGIES, INC.
State: TX

Complaint narrative:
I applied for a mortgage through SOFI and incurred {$650.00} in appraisal fees and approximately {$200.00} for a termite inspection all in good faith. Despite my responsiveness, SOFIs poor communication and mishandling of my file resulted in avoidable processing delays that caused the rate lock to expire. My original lock cost was XXXX points, but without any notice or explanation, my XX/XX/XXXX Closing Disclosure reflected XXXX points a full XXXX increase that was never discussed or consented to. 

The central issue throughout this process was SOFIs lack of communication and care in processing my paperwork. I submitted all requested documentation within 24 hours, yet SOFI repeatedly requested the same documents and failed to respond to follow-ups. For example, my mortgage statements were sent directly from my bank ( XXXX XXXX ) on XX/XX/XXXX, then inexplicably requested again on XX/XX/XXXX. When my bank followed up to ask why, SOFI never responded. This was not an isolated incident the title company also had to repeatedly reach out with no communication from SOFI.

In addition to the communication breakdown, the Closing Disclosures I received contained multiple errors, including an incorrect property tax charge for a property that does not have assessed taxes. I signed the first disclosure in good faith with the understanding that errors would be addressed during the process. When I raised the issues, the loan officer told me, no sign as is, and title will update as we process the loan. However, this gave me no clear assurance that the disclosure would be corrected prior to closing, and I received no follow-up. 

When I received the second disclosure on XX/XX/XXXX and saw the same errors still present, I requested a corrected version and did not sign it wanting clarification first. I received no response. Then, on XX/XX/XXXX, I was sent a third disclosure, which now included a significantly higher rate lock cost increasing from XXXX points to XXXX points again with no explanation or consent. At that point, I no longer felt comfortable signing anything further, as SOFIs lack of response and unaddressed errors had completely eroded my trust in their handling of this loan. 

On XX/XX/XXXX, after I alerted the title company that SOFI had gone silent, the loan officer finally responded with : XXXX, Ive done this 20 years and you have one of the most complicated files. We are working on it. This response deflected responsibility, framed the problem as mine, and still failed to address the multiple errors or provide any concrete next steps. After weeks of unresponsiveness and avoidable escalation, I can no longer continue in good faith. 

I ultimately chose not to proceed with the loan due to SOFIs repeated failures to communicate, mishandling of my file, and the attempt to silently increase my closing costs. I am requesting CFPB review and accountability for SOFIs conduct, which resulted in unnecessary financial loss, wasted time, and a breakdown of trust in the mortgage process.

Company response to consumer: Closed with explanation