Consumer complaint received 2019-07-31 00:00:00
Product: Mortgage — FHA mortgage
Issue: Applying for a mortgage or refinancing an existing mortgage — 
Company: PRIMELENDING, A PLAINSCAPITAL COMPANY
State: MD

Complaint narrative:
First, thank you for your attention and consideration in regards to helping myself and my family with this ordeal. 

On XX/XX/XXXX at XXXX, I emailed our loan officer, XXXX XXXX of PrimeLending with the following concern : " Hey XXXX XXXX I wanted to reach out and let you know that one of my credit scores dropped substantially, 130 points to be precise. How is this going to affect our application? Right now, we are pre approved, our credit would have to be run again, correct? '' This was my second attempt at purchasing a home, and I did not understand the loan process whatsoever, I depended on XXXX 's expertise, accuracy, and efficiency to assist with getting myself and my family into a home this Spring. 

XXXX 's response was : " No it would not have to be run again. 

We should have the results of the Quick score on XXXX soon. 

This will not require me to re-pull your score for 90 days from when initially pulled. '' XXXX is my husband. I explained, as you will see in the documentation attached, that if my credit would have to be re-pulled then we would need to wait until the scores improved prior to putting an offer on a property, because of the substantial drop. Again, XXXX reassured me, " Don't give up, the SHOP ... credit worked!! '' Considering the professional we put in place to help us advised we had the green light to move forward with our home search, we did so. We put an offer and prepared to purchase a home in XXXX. 

Throughout the 30 day closing, XXXX had assured us that we would qualify for XXXX 's first time home buyer funds. I noticed on the website that they were out of funding until XXXX, their new fiscal year. XXXX did not notice this. He called me the next day and advised that I was correct, they would not have funds until after XXXX. But no need to worry, he assured us that we qualify for XXXX 's first time home buyer program which would provide 100 % of down payment to secure the loan. 

We go two weeks without hearing from XXXX. My husband and I reached out via phone calls, text messages, and emails to confirm that everything is still moving as it should. He states yes, he has an " XXXX '' with a processor at XXXX and she knows our file is coming in " hot ''. 

Our excitement is growing. We put in our {$3000.00} EMD to the title company which we borrowed, but was assured we would get that amount back based on the XXXX funds. 
We pay for the inspection and we wait to hear from XXXX and his team. They provide us with a cash to close sheet Friday prior to Closing and we send a bank statement proving we had the amount in our account to cover the closing. Four days before settlement which was scheduled for Monday XX/XX/XXXX, XXXX tells us XXXX hasn't responded and we would have to push closing back to the following Monday. 

Then he states that XXXX only issues checks on Thursdays, he never knew this either. Then he states they are so far behind that he still hasn't heard. On Monday, the original closing date, we receive an email saying credit was re-pulled and now we do not qualify for the XXXX  down payment assistance. 

The same information I informed him about first on XX/XX/XXXX, at XXXX, he acts as though he never knew. He asks us what have we done to affect our credit this way, and becomes accusatory. 

He then states, " I have an idea! You guys come up with the {$12000.00} to close Friday, XX/XX/XXXX, and I can restructure your loan from 4.75 % to 5.675 % '' We were flabbergasted. My husband actually considered taking out his retirement to cover the down payment on this terrible loan. We asked the sellers to push back closing because the retirement check wouldn't come in until 10 business days. One day later, we decided we could not go forward with such a deal that would make us house poor. We decide to decline XXXX 's new loan. 

About a week after doing this, I get a call from my agent. He tells me the seller 's agent is demanding his sellers keep the {$3000.00} EMD because we bailed on our cash to close. I was confused, as we had to get out of this deal because our lender did not provide accurate information regarding XXXX or the loan he structured. My agent tells me, " The denial letter the sellers received from Primelending says different. '' We never received a denial letter. Primelending sent our personal and legally protected information to the seller 's agent, prior to sending it to myself or my husband. We were dumbfounded. We lost our {$3000.00} and were left without any advocacy. 

When we were not as deflated about this ordeal, we met with another lender who informed us that our rights had been violated. Our lender never should have shared personal information regarding our loan with a third party, ESPECIALLY, a third party who had something substantial to gain from it. And we also found out we never qualified for XXXX because our household income surpasses the maximum limitation for XXXX. 

This was our second deal with Primelending in which they made us miss out on a home. And now my family of XXXX is still ina n apartment, after being mishandled and abused by this company since our first deal in XXXX of XXXX.

Company response to consumer: Closed with explanation