Consumer complaint received 2017-10-24 00:00:00
Product: Mortgage — Conventional home mortgage
Issue: Applying for a mortgage or refinancing an existing mortgage — 
Company: WATERMARK CAPITAL, INC.
State: WA

Complaint narrative:
We started working with XXXX XXXX XXXX on XX/XX/XXXX. Today is XX/XX/XXXX and we are still waiting for status on our loan. The agent is XXXX XXXX. We are refinancing our existing mortgage and rolling in a XXXX mortgage. We had a XXXX-day lock on a 3.5 % home loan. The lender has consistently misplaced documents, misconstrued our income and not responded to emails and phone calls in a timely manner so they can increase the amount that needs to be borrowed and charge us more fees. 

OnXX/XX/XXXX I uploaded a series of forms. The address on a rental property in Hawaii was incorrect. I do not know if they ever corrected it but it does not appear that they included the income from this property in our income calculations. 

XXXX estimated the appraisal fee to be $ XXXX {$550.00}. The actual appraisal cost was {$750.00}. Our house was appraised at $ XXXX below assessed value which is ridiculous. At a later date the XXXX charged an additional {$220.00} on our credit card on file with no explanation. After a week of repeated phone calls and email to XXXX it was finally reversed. XXXX said we could provide our own valuation. We have a lot of equity in the house even with the low appraisal. I asked XXXX if it would affect our loan. After repeated phone calls and emails I decided that it probably would not affect our loan and did not pursue the issue that we paid {$200.00} more than estimate for a valuation that is completely inaccurate. 

OnXX/XX/XXXX we received a conditional approval of the loan. We identified at that time that we owned XXXX XXXX properties, that we were in the process of purchasing XXXX of them under private contract. The address for this property was incorrectly identified but the fact that we had an outstanding loan and the loan amount was provided along with the private loan holders contact information. At this time we ( Watermark and I ) also discussed insurance coverage for these XXXX properties and I provided my insurance agent 's contact information and a copy of the policy. 

On XX/XX/XXXXthey asked me to call the IRS and lie to them saying that I could not get a copy of my tax forms on-line and that they should be faxed " to me '' at the Watermark fax line. When I explained to the IRS that the fax line did not belong to me the IRS refused to fax the document to Watermark. They did fax the income statements to me and I forwarded them on to Watermark but I wondered why Watermark did not know that IRS would not honor the request to fax to anyone other than the taxpayer. 

On XXXX XXXX, XXXX XXXX XXXX XXXX ( XXXX ) was sent to the wrong party for an apartment building we own. On XX/XX/XXXX XXXX asked me to follow up which is when I discovered that they had sent the XXXX to the wrong party. And in fact they had never asked me for contact information for the apartment building. XXXX said they had tried to call the people but they were not answering but I got a hold of them within seconds. 

On XX/XX/XXXX, I sent the XXXX to the correct party because it did not appear that Watermark was going to do it. I also ushered the completion and return of the form because again they did not seem to be working on this. 

On XX/XX/XXXX, Watermark got very confused about the lake property with the outstanding mortgage although I had revealed the loan, loan amount and party to contact onXX/XX/XXXX. I spoke to XXXX on the phone and had a follow up with someone in his office the following Monday on the exact same topic. XXXX said he would get back to me on XX/XX/XXXX. 

I did not hear from XXXX again until XX/XX/XXXX telling us the lake property had put us over the required debt-to-income measures. I am sure this is incorrect as we refinanced another property just XXXX months ago and we make more money and have less debt since that time. My repeated calls and email requests for clarification on what was being used for income were ignored. I also tried escalating to XXXX 's purported supervisor, XXXX XXXX but he did not return my calls either. 

On XX/XX/XXXX XXXX suggested that if we could demonstrate and income increase of {$500.00} to cover the loan payment of the lake property they would look at the loan again. I told XXXX that my husband and I ( co-borrowers ) had both had raises in XXXX amount to a total of {$540.00} increase. Another week goes by, XXXX does not respond to my emails or phone calls and then finally tells me to send documentation which I do. 

On XX/XX/XXXX, XXXX emails us that the underwriter had already factored in my husband 's pay raise. We are scratching our heads about this because it came as a complete surprise to us that he was getting a raise so we do not know how underwriting knew about this. XXXX tells us if we can agree to roll in a balance from XXXX of our credit cards that will be enough to qualify. So now our loan balance has increased but we agree because we have XXXX days and an over-priced appraisal invested in this process. 

On XX/XX/XXXX, after repeated unanswered emails and phone calls we are told that our loan is in the underwriting queue. 

On XX/XX/XXXX we are asked to provide 1 ) the insurance form for the lake properties which we had discussed on XX/XX/XXXX but was not follow up on, 2 ) XXXX of the lake property. I had provided this contact information on XX/XX/XXXX but they did not follow through. They still had the address wrong but the loan holder corrected it. 3 ) Verification of my employment - why would this not have happened in the first XXXX  days? 

On XX/XX/XXXX they finally contact my insurance company and give vague instructions as to the detail they want listed on the insurance policy. Once we understand what they want my insurance agent responds within hours. 

In fact, throughout this entire process we have responded within XXXX business hours to all their requests. We have hounded our service providers to do the same and most have been prompt. 

The company, on the other hand, has been unresponsive having us wait many days up to a week for answer. In fact, it has been a week ( XX/XX/XXXX ) since I last heard from them. We are tired of our finances being held hostage.

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