Consumer complaint received 2015-05-18 00:00:00
Product: Mortgage — Conventional adjustable mortgage (ARM)
Issue: Application, originator, mortgage broker — 
Company: SIERRA PACIFIC MORTGAGE
State: CA

Complaint narrative:
I entered into a thirty day escrow to purchase a home on XXXX XXXX XXXX. I had been in contact with Sierra Pacific Mortgage prior to the offer and they indicated a willingness to serve as my mortgage broker. Upon opening of escrow Sierra Pacific Mortgage proceeded to start a loan application process. I received a mortgage report on XXXX XXXX XXXX and a request for documents required to process the loan from the Sierra Pacific Mortgage office at XXXX XXXX XXXX XXXX, # XXXX, XXXX, CA XXXX. Close of escrow was identified as XXXX XX/XX/XXXX XXXX. All documents requested by Sierra Pacific Mortgage were provided to them by XXXX XXXX. The documents included copies of my joint XXXX and XXXX tax returns. I had not yet filed our XXXX return. Sierra Pacific Mortgage also requested a form XXXX be completed and signed by myself and my wife. This was done and provided to Sierra Pacific Mortgage on XXXX XXXX. A Uniform Residential Loan Application was completed and submitted to Sierra Pacific Mortgage on that same date. Sierra Pacific Mortgage made a request for some detailed information on XXXX XXXX which was promptly provided. On XXXX XXXX we received an email from Sierra Pacific Mortgage saying ; " Great news, we have loan approval and you can release the loan and appraisal contingencies. '' We did release the loan contingency on this advice and that of our realtor. In fact, the loan was not approved and ready by the agreed to closing date of XXXX XXXX. We were forced to submit a Closing Date Extension request to the sellers which they accepted with no penalty to us. A new closing date of XXXX XX/XX/XXXX was requested in the extension. Additional loan-related information was requested by Sierra Pacific Mortgage on XXXX XX/XX/XXXX and promptly provided to them. On XXXX XX/XX/XXXX I asked Sierra Pacific Mortgage, " Did we provide everything you needed for the last set on contingencies? '' The reply was, " Yes, I believe so. I sent everything to the underwriter this morning. These conditions get reviewed and signed off, we will be able to get docs early next week. '' The XXXX of XXXX XXXX was a Saturday, upon hearing this clearly closure on the XXXX was not going to be possible. Our realtor sought another Closing Date Extension from the sellers. The sellers accepted but this time sought compensation ; " Sellers credit to buyers of closing costs per Addendum No. XXXX dated XXXX XXXX, XXXX shall be reduced from XXXX to {$1000.00}. '' We accepted rather than risk losing our entire deposit but lost {$1000.00} by doing so. We received word on XXXX XX/XX/XXXX from Sierra Pacific Mortgage ; " We have funding the loan and will let you know once XXXX XXXX XXXX has received the wire and property is recorded with the county. " We feel Sierra Pacific Mortgage lead us to believe they could provide a loan within the original XXXX escrow time period, and continued to do so at Loan contingency release, and also during the XXXX extension to XXXX XX/XX/XXXX.

Company public response: Company believes complaint caused principally by actions of third party outside the control or direction of the company
Company response to consumer: Closed with monetary relief