Consumer complaint received 2025-04-16 00:00:00
Product: Mortgage — Conventional home mortgage
Issue: Closing on a mortgage — Changes in loan terms during or after closing
Company: PRIMARY RESIDENTIAL MORTGAGE
State: WI

Complaint narrative:
I am filing this complaint to report serious misconduct, misrepresentation, and potential violations of lending laws and consumer protection standards by Primary Residential Mortgage , Inc. ( PRMI ) XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX 

Though I ultimately walked away from the loan due to the misconduct, I am requesting that regulatory agencies investigate and consider disciplinary action, as the behavior detailed below presents a clear danger to consumers, especially those who may not be aware of their rights or lending laws. 

In XX/XX/year>, I began the mortgage process with PRMI after XXXX XXXX contacted me and repeatedly assured me I could qualify for a special in-house down payment assistance ( XXXX ) program despite my higher income which I clearly disclosed. I knew I did not qualify for standard XXXX programs and was transparent about that fact. 

XXXX stated PRMI had a proprietary XXXX program that would allow me to put 3 % down and bring under {$9000.00} to closing. He also promised a lower interest rate than I had locked elsewhere 6.0 % compared to 6.125 %. Based on these promises, I applied. 

However, just days before closing, on XX/XX/year>, I received revised disclosures with the following drastic and unexplained changes : The interest rate was increased to 6.75 % ; The XXXX was revoked, as I was now ineligible due to income no XXXX existed ; The XXXX was misrepresented it was a loan, not a XXXX ; My cash to close ballooned to over {$37000.00} ; Monthly payment increased to {$3900.00}, compared to the promised range of {$3400.00} {$3500.00}. 

This was a bait-and-switch. When I rejected the new terms, XXXX proposed switching to an XXXX loan and falsifying my income to get approved for government XXXX. He repeatedly told me he could make it work, and assured me the monthly payment would still be {$3500.00}. 

When I asked for new disclosures reflecting the real estimated taxes of XXXX XXXX, XXXX instead XXXX a manipulated estimate of XXXX XXXXXXXX, based on outdated land-only taxes for a new construction home. This created the false impression that my monthly payment would remain affordable a clear deception. 

Additional Abusive Behavior : When I declined again, XXXX raised his voice and asked why I would walk away when I was a high-income borrower. 

He then threatened to contact the sellers agent, stating he would inform them I was backing out for personal reasons, even though it was due to the dramatic change in loan terms. 

The sellers agent confirmed XXXX messaged her misrepresenting the situation and refused to provide a denial letter, claiming I still qualified but only under manipulated and misleading terms. 

XXXX also told me not to speak to the agent, preventing me from advocating for myself as the deal fell apart. 

Violations and Concerns : Misrepresentation of loan terms ( interest rate, XXXX, cash to close ) Bait-and-switch tactics Manipulation of loan disclosures ( e.g., fake tax figures ) Aggressive and coercive pressure Threats to interfere with my real estate contract Failure to provide accurate written denial documentation

Company response to consumer: Closed with explanation