Consumer complaint received 2025-04-20 00:00:00
Product: Mortgage — VA mortgage
Issue: Applying for a mortgage or refinancing an existing mortgage — Changes in loan terms during the application process
Company: PLANET HOME LENDING, LLC
State: OK

Complaint narrative:
I am concerned over a recent change in my mortgage lender. My previous lender was XXXX XXXX XXXX which was highly rated for customer service, and security protocols. I was with them for over 8 years during which they always went above and beyond. I had my credit information hacked thru a credit card company and when I spoke to XXXX they quickly implemented a strong password requirement the next day they called me and advised someone had called and tried to refinance my home claiming to be me they new everything about me except the password which had just been changed and were able deny access to my account. They then implemented stricter security protocols on my data. Part of this was my phone number was required and was the only number authorized to be accepted to discuss my account. It also required a passcode and text verification. I felt safe and trusted XXXX. In XXXX of XXXX I received notice my loan amount of XXXX was being assumed by a company called planet mortgage ( the terms and conditions were not being changed only thing changing was my lenders name. ) I knew nothing about this company so I began looking into them and was shocked at what I found. This company has a history of not maintaining customer data in a secured fashion. They have even had strong legal action taken against them for this ( The 41-page lawsuit alleged the Connecticut-based mortgage company failed to implement basic cybersecurity protocols to protect the sensitive information in its care, which was apparently stored unsecured and unencrypted in its networkXXXX XXXX,. ) I imidiantly had a bad feeling about this based on my previous experience but had had no say in this assumption. ( This loan is a VA backed loan and per terms Requires authorization from the VA before assumption I was never notified even though there is a document I am required to sign as part of any assumption. ) as soon as the loan was assumed my payment increased from XXXX per month ( this amount was calculated after all escrow payments had been made in XX/XX/XXXX by my previous lender. ) to XXXX a month beginning in XXXX with the new loan at planet mortgage and the term was increased from 264 months left on loan originally for XXXX 2.4 % APR with my payments set at XXXX ( total of loan would have been XXXX for the 360 payments ) to a new 360 month loan for XXXX this added 96 payments at the new inflated rate of XXXX ( total of loan would be XXXX ) giving an additional cost of XXXX over the term of the loan. 
I believe my rights have been violated by planet mortgage as they have assumed this loan and I have found no evidence of a VA approval as required in the loan documentation. They have increased my monthly payment amount by XXXX per month, increased the term of my obligation from currently having 264 months remaining to now having 360 months remaining. This issues have increased my pay off by XXXX over the term of my loan. Does not seem my loan terms were kept between the old and new lenders other than the percent rate of 2.4 % APR. its as if thus was wrote as a refinance ( which I did request ) not an assumption ( I was forced into )

Company response to consumer: Closed with explanation