Consumer complaint received 2016-05-19 00:00:00
Product: Mortgage — FHA mortgage
Issue: Credit decision / Underwriting — 
Company: Bay Equity LLC
State: GA

Complaint narrative:
I started working with Bay XXXX XX/XX/XXXX. I came to them seeking a refinance of my current mortgage in order to lower my interest rate and secure a better financial standing with the consumer credit bureau for credit reporting because my current mortgage is with a private lender. I was advised XX/XX/XXXX that my closing would be on XXXX XXXX. Both verbally and in writing. With hopes of earlier if they could get underwriting to finalize everything sooner. They were made aware that I would be traveling with my family from XXXX XXXX - XXXX and would be unavailable during those dates. 
XX/XX/XXXX, my current mortgage company provided a pay off letter through XXXX XXXX that did not include my XX/XX/XXXX payment because if closing took place XX/XX/XXXX, payment could be postponed in order to process the closing documents correctly using the current payoff letter. I was advised that not paying the XX/XX/XXXX payment was acceptable ( both by Bay Equity and my current mortgage holder ) due to the closing schedule. We were not made aware of the cancellation of the XXXX XXXX closing until a few days prior. We set another closing date for XXXX XXXX when I returned from my travels. Upon approval and constant contact with my current mortgage company, my XX/XX/XXXX payment was again not made due to my travel plans keeping me from mailing a payment and getting another closing date set for the day of my return, XXXX XXXX. Mailing the payment would delay the XX/XX/XXXX closing because a new pay off letter would be needed and documents proving the XX/XX/XXXX payment was made and cleared and there was no time to provide these with my travel plans. We were advised days before XXXX XXXX that the closing date had been cancelled again. When I returned on XX/XX/XXXX from my trip, I promptly mailed my current mortgage company the XX/XX/XXXX payment. My current mortgage holder sent over a new payoff letter with the XXXX payment showing paid. 
Another closing date was discussed for XXXX XXXX. I did not find out that this date was cancelled until late on XXXX XXXX and I was out of town on business XX/XX/XXXX -XX/XX/XXXX and on XXXX XXXX when I returned, I sent an email to my current mortgage company asking why my XX/XX/XXXX check had not cleared my account. They received this payment XX/XX/XXXX but misplaced the check and it was never cleared through my checking account XX/XX/XXXX due to the misplacement. Upon this news, a new payoff letter was sent along with an email explanation direct from my mortgage company Bay Equity explaining the XX/XX/XXXX payment situation. 
Each day/week from this date, I have emailed and called Bay Equity to get a status check on the closing and why we were so delayed. I have done requested of me to finalize this loan in a timely manner. I was assured multiple times by my loan officer and his staff that my loan was fine and it was internal issues that were causing the delay. I was told that refinances were always pushed back at the end of the month to finalize new purchases. I provided all requested documentation and/or responses to questions within minutes of the requests in XXXX, XXXX and prior to XXXX XXXX. Nothing has been requested of me since then. I have complied with each and every request asked of me. Each day/week, since XX/XX/XXXX, I expected a closing to be set and documents to be sent. 
My XX/XX/XXXX and XX/XX/XXXX payments have been mailed to my current mortgage holder and proof of payment can be provided. I am not sure what happened to my loan and why I am being denied due to the XX/XX/XXXX payment situation but I strongly disagree with this denial of loan and feel that something unethical has taken place.

Company public response: Company believes it acted appropriately as authorized by contract or law
Company response to consumer: Closed with explanation