Consumer complaint received 2025-06-25 00:00:00
Product: Mortgage — Conventional home mortgage
Issue: Closing on a mortgage — Closing disclosure or other related disclosures
Company: GOLDEN 1 CREDIT UNION, THE
State: CA

Complaint narrative:
Our house has closed on XX/XX/year> and we are glad to have been approved for our mortgage. Although most of the experience was smooth, wed like to share our thoughts about the process and also make a request. During the final stages of the loan approval process, our experience with XXXX XXXX XXXX  was marred by several significant errors in the closing documents. These errors included incorrect property ownership, residency, and mortgage rate. Despite our repeated communication with our loan processor and loan advisor via email, text messages, and phone calls, the revised documents were consistently returned without the necessary corrections. On occasion, the same documents were requested of us several times, which was perplexing and suggested a lack of attention to detail in reviewing our loan application. The communication breakdown primarily occurred over the final XXXX XXXX, resulting in several hours spent attempting to correct Golden XXXX mistakes. Even after receiving final loan approval, underwriting continued to request loan documents. Finally, the correct documents were sent to us for review less than XXXX hours before our title signing. Our title company alerted us about the urgency to finalize our paperwork with XXXX XXXX. The pressure to close our house on time made our mortgage experience incredibly nerve-wracking. 

XXXX  XXXX most significant error was the inaccurate representation of our mortgage rate. Initially, our loan advisor quoted XXXX XXXX after extensive discussions regarding our qualification for Relationship Pricing ( we locked in XXXX XXXX without Relationship Pricing ). We repeatedly informed XXXX XXXX that our funds would meet the first tier minimum of {$100000.00} only, and informed our advisor and underwriter about how we would source this amount from our XXXX  XXXX accounts. They retained XXXX XXXX as our rate in the final closing documents. 

It was only upon us receiving the final closing documents and us reaching out to confirm the final rate that our loan advisor acknowledged their error and informed us that they could only offer XXXX XXXX based on the established Relationship Pricing guidelines. This situation is disappointing for XXXX reasons. XXXX, if we had not asked to confirm our rate with our loan advisor, compelling our advisor to catch her mistake, this could have delayed the closing of our loan. This is because, based on the guidelines, XXXX XXXX would have asserted that we attempted to qualify for a rate discount that we did not qualify for, even though it was our loan advisor who misquoted the rate and incorrectly calculated our qualifying funds. To be clear, we never had enough funds to qualify for the XXXX XXXX discounted rate and never indicated that we would. Our loan advisor did not suggest any alternative or compensation after acknowledging we actually only qualified for the higher rate. Given our title appointment was in XXXX XXXX  and our close of escrow in XXXX XXXX, we felt pressure to proceed with the higher rate without argument. 

The XXXX  reason this situation is disappointing is that when we initially applied to XXXX XXXX, our advisor informed us that our rate would indeed be XXXX XXXX. This prompted us to accept XXXX  XXXX loan and provide our intent to proceed with them as our lender in good faith, thereby declining XXXX other competitive lenders. We feel misled and believe that XXXX  XXXX staff should have been more attentive to our application and more careful with their calculations. 

Lastly, we discovered a few days after closing, XXXX XXXX applied the mortgage to the wrong account. We applied jointly under our marital XXXX XXXX account and assumed the mortgage would be associated with it. Instead, it had been applied to XXXX spouses pre-marital individual account. This error compromised the legality of our pre-marital assets. Our individual accounts are legally separate from our marital accounts. We must have the mortgage loan associated with our joint account and make payments through it. In any case, XXXX XXXX should have attached the mortgage loan to the correct account. It took XXXX XXXX  to correct, from XXXX XXXX XXXX. We once again had to do the work for XXXX XXXX. 

For these reasons, we are very dissatisfied and disheartened with our experience with XXXX XXXX, a credit union we have patronized loyally and highly praised. This is my XXXX  mortgage, the first with XXXX XXXX, and by far the most unprofessional and inefficient lender experience I have encountered. The underwriting process should have been completed several days prior to the closing date. The staff should have been more meticulous in processing their clients files and funds. Additionally, the staff should fully understand their own rate offers, terms, and conditions. Having to reevaluate our rate due to a lender error, particularly as we are in the final stages of closing on a new house, was incredibly frustrating. While this rate increase may appear inconsequential to XXXX XXXX, it is very important to our growing familys budget and future. 

XXXX  XXXX staff needed to be more professional in presenting documents to clients and correcting their mistakes. We were patient throughout the process, but after being repeatedly asked to sign the same incorrect document to meet our title deadline, we had to take off work hours because any delay threatened the timely closure of our loan. This made us question XXXX  XXXX consideration for its clients. At times, it seemed that we were guiding our loan processor and loan advisor and performing duties for the staff. Ultimately, it seems as if we are being taken advantage of because we were diligent and honest customers. Does this seem fair? How can XXXX XXXX be held accountable for not holding up their end?

Company public response: Company believes complaint represents an opportunity for improvement to better serve consumers
Company response to consumer: Closed with explanation