Consumer complaint received 2020-10-30 00:00:00
Product: Mortgage — Conventional home mortgage
Issue: Applying for a mortgage or refinancing an existing mortgage — 
Company: Caliber Home Loans, Inc.
State: CA

Complaint narrative:
In late XX/XX/XXXX, I was contacted by Caliber Home loans ( XXXX XXXX ) regarding the refinancing of my home. I indicated that I was looking to lower my interest rate, have no closing costs and pay off $ XXXX of credit card debt. They said they could do that and they put me in touch with XXXX XXXX who sent mortgage disclosures for a loan on XX/XX/XXXX. I owed approximately $ XXXX at the time and they indicated to me that based on comparable homes, my house was worth approximately $ XXXX. They would refinance my mortgage on $ XXXX with $ XXXX going to pay off my credit card with approximately $ XXXX coming back to me at closing. On XX/XX/XXXX, XXXX XXXX sent me a revised Loan Estimate with an est. property value of $ XXXX and loan amount of $ XXXX at 3.375 %, with $ XXXX toward my credit card debt and $ XXXX back to me at closing. On XX/XX/XXXX I paid a credit report fee of {$23.00} and an appraisal fee of {$500.00}. On XX/XX/XXXX I received a loan update from Mr. XXXX indicating my loan had been conditionally approved by underwriting and was being reviewed. An appraisal was done on XX/XX/XXXX and paid by me for {$500.00}. I received the report on XX/XX/XXXX indicating my house appraised for {$390000.00}. At some point after the XXXX of XXXX, my loan was turned over to XXXX XXXX, with a request for additional personal credit documentation. After complying, I had to contact Mr. XXXX approximately 5 times before getting a response in mid XXXX. On XX/XX/XXXX however, I did receive a congratulations letter on a conditional approval for a mortgage loan of $ XXXX. I was then turned over to XXXX XXXX who I called 5 times between XX/XX/XXXX and XX/XX/XXXX trying to find out the status of my closing. At some point in this timeframe, I received a notice from XXXX XXXX, Director of Closing Operations stating they would be working on my closing. I tried contacting Ms. XXXX 4 times between XX/XX/XXXX and XX/XX/XXXX to find out the status, with no luck. Finally, A gentleman named XXXX called me back saying they were waiting on a payoff amount from XXXX XXXX  and that he needed a signed borrower 's authorization from me to be signed, scanned and emailed back, which I did. Meanwhile, on XX/XX/XXXX I received a notice from XXXX XXXX, Loan Processor indicating that my loan application had been conditionally approved and that she would be my contact going forward for a closing by the end of XXXX. On XX/XX/XXXX I received an email from Ms. XXXX stating she needed updated mortgage pay history and paystubs, which I sent immediately. I also reached out to XXXX XXXX via email to discuss the terms of my loan to be sure that what I was reading was indeed correct, i.e. $ XXXX paid toward credit card and money back at closing. Let it also be noted that at some time after the appraisal came through ( XX/XX/XXXX ) I asked about the appraisal being $ XXXX while the loan documents indicated the value of the home was $ XXXX and I was told that they would still process the loan amount for $ XXXX. On XX/XX/XXXX, I received an updated revised loan estimate from XXXX XXXX still indicating an estimated Property value of $ XXXX ( LTV 80 % ) with $ XXXX being paid to my credit card company ( XXXX ) but only receiving back {$4800.00} at closing now with estimated closing costs of {$14000.00}. On XXXX XXXX, I received notice from XXXX to review the disclosure, sign and send back. I was told that my loan was at the " top of the pile '' to complete since it had been since XXXX when we started this process. On XXXX XXXX I received a Closing Disclosure from XXXX XXXX that still showed a loan for $ XXXX on a LTV of 80 % and a payoff of $ XXXX toward my credit card and {$4800.00} back to me at closing. Shortly thereafter, I tried contacting XXXX several time requesting that I would like to close by the end of the month ( XXXX ) with no response. Finally, when I did get ahold of her, she indicated that my paperwork was going through final closing and it would be a matter of days. On XX/XX/XXXX, I received an email from XXXX XXXX stating he wanted to update me on my loan. He indicated that XXXX had spoken to me about the appraisal coming in low and that it would prevent me from receiving any equity out of the home ( credit card payoff of $ XXXX and cash to borrower at closing ). He offered an alternative option of 2.95 % on a 30 yr. loan. 
At this point I immediately responded back to XXXX with the following email : Neither XXXX  nor anyone else has ever mentioned that the refinance would not go through as written up and signed off by me. In fact, early on, when I asked about the appraisal not matching the contract, I was told not to worry that Caliber would be going through with the loan as written. This is absolutely outrageous for you to now tell me after 4+ months of waiting and working on this that you can not honor your loan offer! This has been an absolute total waste of my time and Im going to contact the XXXX and the powers that be that govern your industry and lodge a complaint. Not only that, Im going to talk to my attorney about this whole episode. 
If you think that I would accept your alternative option or ever do business with Caliber Home Loans again, you must be out of your mind. Not only have I been basically lied to, but it was like pulling teeth to even get information from anyone in your organization or a call back. Extremely poor service! 
By the way, however you got that ridiculous telephone number for me only exemplifies how inept and out of touch with your clients your organization is. 

XXXX XXXX responded to my email on XXXX XXXX with the following : First I want to start off with saying we are very sorry for any inconvenience. Allow me to look into your file and see what may of happened and how we can correct It. I would like to make things right and once again Im very sorry for any troubles. Please allow me until end of business Tuesday ( XXXX XXXX ) to figure what can be done here and speak with all the parties involved on your file. I could get back to you sooner but Tuesday end of business is the latest. Please email a good contact phone number for you so I may call you as well. 
On XX/XX/XXXX I received a new disclosure from a XXXX XXXX from Caliber, dated XX/XX/XXXX, showing a revised appraisal of $ XXXX and a loan amount for $ XXXX at 2.875 %. With paid discounts and closing costs totaling {$13000.00} and a $ XXXX payoff of my credit card leaving me to BRING {$29000.00} to close! This was compared side by side to the last loan estimate of $ XXXX with {$10000.00} in closing costs, payoff of $ XXXX to my credit card and $ XXXX toward my original loan resulting in {$9300.00} BACK to me at closing. So how in the world does this even make sense?! Would anyone agree to bring $ XXXX to closing to include a pay off on a $ XXXX credit card? This is so ridiculous, I couldn't even begin to understand the reasoning behind this offer. At this point, I reached out to CFPB to complain.

Company response to consumer: Closed with explanation