Consumer complaint received 2024-11-19 00:00:00
Product: Mortgage — Conventional home mortgage
Issue: Closing on a mortgage — Changes in loan terms during or after closing
Company: NFM, INC
State: CA

Complaint narrative:
I am writing to file a formal complaint regarding the unethical and fraudulent practices I experienced with XXXXXXXX XXXX XXXX, its mortgage broker XXXX XXXX, and its parent company, NFM Consultants , Inc. This complaint is submitted in hopes of preventing similar harm to other consumers and bringing to light the concerning actions of these parties. 

Below, I outline the details of my experience : Timeline of Events XXXX. XX/XX/XXXX o I was introduced to XXXX XXXX at XXXXXXXX XXXX XXXX by XXXX XXXX from XXXX XXXX. During our initial discussion, I emphasized the importance of a smooth and transparent process due to the lengthy timeline associated with my new-build purchase, expected to close in XXXX XXXX 

2. XX/XX/XXXXXXXX  - XX/XX/XXXXXXXX  o XXXX XXXX, his processor XXXX XXXX, and XXXX XXXX collaborated with me to structure my loan application and gather documentation. 
o A key requirement from the lender was that I own at least 60 % of a business. I expressed my concern, as I own approximately 20 % of our main business. XXXX reassured me that this would not be an issue, stating he would handle resolving that condition, and mentioned getting it waived as an exception etc. 

3. XX/XX/XXXXXXXX  o XXXX confirmed my loan was officially locked with XXXX XXXX through NFM Lending ( Loan # XXXX ) at a 5.15 % 30-year fixed interest-only rate with a 60-day lock and a pre-committed 30-day extension. The projected monthly payment was {$14000.00}, inclusive of taxes and insurance. 

4. XXXX - XX/XX/XXXXXXXX  o I worked with XXXX XXXX, XXXX XXXX and XXXX to address lender conditions and prepare for closing. 

5. XX/XX/XXXXXXXX  o I received an automated email from the lender indicating significant changes to the loan terms : the interest rate increased to 6.5 %, the fixed period was reduced to 5 years, and fees were substantially higher. This raised my projected payment to approximately {$17000.00} monthly. 

6. XX/XX/XXXXXXXX  o This unexpected change led me to lose trust in XXXX and XXXX XXXX XXXX. I immediately sought alternative options and decided to work with a different broker. 

7. XX/XX/XXXX o I closed my mortgage through another broker at a 6.74 % 10-year interest-only rate with XXXX broker fees. My final monthly payment was {$17000.00}, inclusive of taxes and insurance. 

8. XX/XX/XXXX o I officially filed a lawsuit against NFM Consultants , Inc., XXXXXXXX XXXX XXXX, and XXXX XXXX. 

9. XX/XX/XXXXXXXX  o During discovery for the lawsuit, I uncovered that XXXX and his team member, XXXX XXXX, created and submitted a fraudulent letter from an accountantsomeone I had never met or authorizedto the lender on my behalf. This illegal action was done without my knowledge or consent. 

Complaint Summary The conduct exhibited by XXXX XXXX, XXXXXXXX XXXX XXXX and ultimately NFM Consuntants , Inc. was both unethical and fraudulent. 
These actions include : 1. Providing false assurances and misleading me regarding lender requirements.

2. Drastically altering loan terms without transparency or explanation.

3. Creating and submitting fraudulent documentation in my name, an act that is both unethical and illegal. 

Impact These actions caused me financial harm, emotional distress, and loss of trust in professionals within the mortgage industry. Additionally, their fraudulent practices jeopardize the integrity of the lending process and pose a significant risk to other consumers. 

Conclusion Thank you for taking the time to review my complaint. I am hopeful that my experience will shed light on the unethical practices within the industry and help ensure greater protection for future clients. Please feel free to contact me for any additional information or documentation required to assist in your investigation.

Company response to consumer: Closed with non-monetary relief