Consumer complaint received 2025-01-28 00:00:00
Product: Mortgage — Conventional home mortgage
Issue: Closing on a mortgage — Closing disclosure or other related disclosures
Company: Supreme Lending
State: GA

Complaint narrative:
I am reporting this complaint due to my experience with Supreme Lending. XXXX XXXX XXXX was the loan officer involved with securing my loan as well a couple of other representatives within Supreme. XXXX XXXX portrayed herself as having more knowledge, influence and flexibility with mortgage rates and financial impact regarding loan terms than she actually had. I also received increases in multiple line items at the last minute that were readily available to disclose to me much sooner, including about {$60.00} more in mortgage insurance that Supreme is charging monthly. Unsurprisingly, Supreme has refused to take any responsibility for my loan debacle, and the company has dismissed my concerns twice by stating there was no wrongdoing and that I am simply disappointed about unfavorable market conditions when closing my loan when I have shown that is greatly inaccurate. It was also incredulously suggested that the {$7500.00} seller credit I negotiated before even selecting a lender somehow alleviates the negative financial impact from Supreme. 

To further elaborate, I selected XXXX XXXX as my loan officer since the loan disclosures she provided on XX/XX/year> were better than the others I had received from a few other lenders I was considering. I informed her that day I was going to proceed with the loan with Supreme which should have been a straightforward and transparent decision as we worked together to finalize the loan. Instead, she proposed the idea of waiting for the Federal reserve 's rate cut that was going to occur a couple of days later on XX/XX/year>. She quantified my risk as only about {$34.00} more per month if it resulted in an increase instead of decrease in mortgage rates. I was already stretched financially with a new mortgage which she knew. Therefore, I agreed to take the chance for the possibility of a lower payment even if it meant I could have a {$34.00} increase. 

Unfortunately, the consequences of waiting was much higher than {$34.00} that XXXX XXXX was slow to admit by stating she does not have a " XXXX ball '', causing a delay of about two weeks before locking a rate and costing me thousands more upfront and tens of thousands more over the life of the loan. She should not have made an attempt to predict the impact of waiting for the Federal reserve 's rate cut or quantified my risk as only about {$34.00} per month given her experience in the mortgage industry and awareness of the potential volatility of mortgage rates and the required origination / discount points from one day to the next. XXXX XXXX should have acknowledged that all she does is communicate the loan terms Supreme provides to her if that is the case without any authority or ability to monitor, negotiate or change anything on my behalf. 

Instead, there was a misrepresentation of capabilities and expertise that appear to be outside of XXXX XXXX 's position as a loan officer, and it is a violation of sound business practice to present anything different to me as a customer. In addition, the various charges, fees, costs, etc. drastically increased even after locking the rate that were not disclosed in adequate time for me to review and dispute. This created a highly contentious environment on the day of closing with Supreme having all of the leverage to either enforce closing on their terms or cause me to lose my new home and all related expenses and inconveniences. 

XXXX XXXX 's notification that Supreme has an offer allowing me to refinance with no lender fee if interest rates decrease does not compensate for the exorbitant costs between now and then, and there is no guarantee how soon, if ever, it will be feasible to refinance. It was also disingenuous for her to continue claiming she was trying to help when my financial commitment in the end is considerably greater than prior disclosures she sent. Obviously, it is very likely I would have chosen a different lender if the process was not prolonged with the belief that I would get another disclosure consistent with her estimated {$34.00} increase. I would not have taken the risk had I known what she said was not true, but my business was maintained because of the delayed realization that what she stated to me on XX/XX/year> was not going to happen. 

For these reasons, the ones listed below as well as others detailed in the remainder of this filing, I am submitting this complaint against Supreme Lending due to ongoing financial detriment to me with no accountability. 

- Providing false information which directly influenced my decision to delay locking the rate that initially won my business from other lenders - Improperly taking on the role of an advisor by determining when the market was favorable enough to either send or not send me disclosures on particular days, precluding me from making my own decision until it became a forced situation driven by the quickly approaching closing date - Showing no evidence of re-checking my credit score as I requested on XX/XX/year> since I showed an increase in my score due to activity that did not seem to be captured in my initial credit report - Substantially increasing what I owe even after locking the rate - Failing to provide an accurate " three-day disclosure '' and not providing it timely since it was not sent to me until less than 24 hours before closing - Withholding information that I could have locked in the initial 6.5 % rate with 5 % down and about {$1100.00} for origination points as disclosed on XX/XX/year> instead of waiting and still had the option of locking an even lower rate if they dropped within a certain timeframe. This was not confirmed to me by XXXX XXXX until I inquired at closing about that known option with many lenders after being informed by my realtor. That would have obviously been the best way to " help '' me given my financial circumstances rather than the chaos that was created. 
- Maintaining an unwillingness to rectify any aspect of this troubling situation at closing through the present time

Company response to consumer: Closed with explanation