Consumer complaint received 2024-09-16 00:00:00
Product: Mortgage — Conventional home mortgage
Issue: Closing on a mortgage — Closing disclosure or other related disclosures
Company: Tomo Networks, Inc.
State: PA

Complaint narrative:
On XXXXXXXX XXXX XXXX my husband and I signed an agreement to purchase a home. We were pre-approved by Tomo Mortgage for a conventional XXXX year mortgage. On XXXX XXXX XXXX, the lender gave us a finalized closing cost estimate that equated to {$160000.00} ( included XXXX down payment and {$10000.00} in closing costs ). As part of our offer, we also included XXXX in " hand money '' that counted toward the down payment, therefore we were expecting to need about XXXX in cash to close on the day of closing. 

From the time our offer was accepted through the closing date ( XXXX XXXX XXXX ) we remained " on track '' to close with Tomo, providing all necessary information timely to them. It is important to note that we had over XXXX days to close- it was not a expedited time frame by any means ). 

On XX/XX/XXXX XXXX XXXX  we received the Initial Closing Disclosure to sign via email. The amount needed to close reflected {$150000.00}. This amount was close to the original XXXX i assumed would be needed, and thought nothing of the difference as I knew the estimate was just that. Therefore, I signed and returned the document same day. 

On XXXX XXXX XXXX we received an email with the XXXX from the closing company. This document showed the cash needed to close was now {$160000.00}, which was {$3600.00} higher than the CD I signed just a few days prior. This of course caused concern, and I immediately sent an email to the XXXX, the closing company, and Tomo. I did not receive any response to my inquiry regarding the difference from Tomo within XXXX hours, and subsequently my realtor and I called them on the phone to try to get the information. The representative from the company that was working on my loan advised that the difference was because of the taxes that were not accounted for in the initial CD. When I asked why they werent accounted for, he advised because they had not heard back from the closing company before sending the Initial CD. 

My agent spoke with the closing company and they advised that Tomo did not try to partner with them to balance the taxes until XXXX which was after the initial CD went out. 

Understanding that the CD is in place to allow the seller clarity on what they need to bring to closing, I was very frustrated with this and escalated the issue through several levels at Tomo. Each one providing me the same response, that the CD has " tolerances '' and this was in fact an allowed tolerance. 

The issue I have is that Tomo took advantage of the tolerances, neglected to attempt to have an accurate CD to the buyer, had plenty of time to send a more accurate CD within the 3 day requirement ( they could have spoke to the closing company on Tuesday and still been able to send the CD within the 3 day limit ), did not provide the buyer with an accurate expectation for closing and was only required to pay a lender credit for their mis-management of the closing in the amount of {$99.00}. 

In all my requests to Tomo, even through their legal counsel, for a chronological timeline and confirmation of outreaches to me and the closing company showing they made a good-faith effort to get the CD correct and/or send me a finalized CD, they have advised they do not keep the accounts of the communication but have verified they did reach out to the closing company " well in advance '' - how can one verify this if they do not have communication to back that up? Also, in their last communication to me, they send me the " final CD '' which I am attaching here, but you will notice my signature is not on it, and I have no record of receiving this document. I even asked for proof that they sent it to me, which they have also failed to provide.

Company public response: Company believes it acted appropriately as authorized by contract or law
Company response to consumer: Closed with explanation