Consumer complaint received 2025-06-16 00:00:00
Product: Mortgage — Conventional home mortgage
Issue: Applying for a mortgage or refinancing an existing mortgage — Changes in loan terms during the application process
Company: Normandy Corporation
State: FL

Complaint narrative:
I actively have a construction loan with another bank in had some issues with the bank and The General contractor delaying I thought it would be in my best interest to find a new lender. I found a mortgage broker named XXXX. He advised that Normandy corporation would be the best fit to refinance my current construction loan into a new construction loan and obtain the funds necessary to complete my home. 


The underwriter at XXXX Had advised that Id be facing closing costs if I proceed of approximately $ XXXX $ XXXX maximum She also made other contingencies that I feel are unfair said that they would approve me and pay off my current Construction loan and continue to fund my project but that I would have to pay over {$50000.00} to get my Construction to a point that she was satisfied with before she would allow me to close and pay off my current loan. Which was fine despite it really not making any sense because I have equity in my current situation therefore, I shouldve been able to proceed without such a contingency. But then the woman continued to tell me that if my house does not appraise for {$400000.00} and the appraisal couldnt be ordered until after I pay all this money out-of-pocket to get my house to this certain point of Construction, that she would not be able to approve the loan Putting me in a situation where its extremely risky I cant control what the appraisal is going to be I had said over and over my previous appraisal was XXXX where she came up with XXXXXXXX XXXX and why she was so stuck on this being a stipulation Im not sure but I even asked what if it comes in at XXXX then what? This company literally made it sound like Id have to pay all this money out of my own pocket and I wouldnt even have those security feeling like Im approved and then I would have to hope that some miracle occurs in the appraisal comes in exactly where she says that she wants it to be not even a dollar or less or Id be out of luck So then, I agree that this financially is going to consume all of my equity and Im not gon na be able to afford it, but I have no other choice. I need to complete my house then I cant continue with my current lender. So I thought about it a little bit & did some checking around. I got approved to refinance the Construction loan within XXXX to XXXX  days max once my home is complete into a did some checking around. I got approved to refinance the Construction loan within XXXX to XXXX  days max. Once my home is complete into a traditional mortgage with no closing cost and cash out upon refinancing .. which would take care of all the cash out-of-pocket I would be paying just to complete my home with Normandy.. I figure that makes the most sense because I cant consume all this Dad plus take on a mortgage loan and since Normandys offering me an I figure that makes the most sense because I cant consume all this Dad plus take on a mortgage loan and since Normandys offering me a construction loan that does not turn into a permanent loan at the end why not. So considering I had the approval for the cash out refinance, I agreed to move forward. Then all of a sudden I get another email that says my closing cost is now XXXX $ XXXX and that Normandy is requiring that I refinance with them at the end of the Construction. Which would cost me an additional. XXXX closing cost with no refinance option that included cash out to pay the debts Im consuming because of their contingencies. Essentially Normandy was forcing me to do XXXX closes. Giving unacceptable contingencies without any flexibility. And stripping me of all my equity because they knew I had it and they knew my situation. Essentially all they were doing was robbing me, and putting me in a situation that they knew would make them a XXXX of a lot of money and that Id be unable to pay the mortgage and all the $ XXXX debt they were forcing me to accrue personally by forcing an unrealistic appraisal amount, and forcing to close XXXX times with them with XXXX sets of closing costs that were highly above what I initially was quoted on numerous occasions ultimately would eat up my entire equity and cause me financial damage

Company response to consumer: Closed with explanation