Consumer complaint received 2021-07-08 00:00:00
Product: Mortgage — Conventional home mortgage
Issue: Applying for a mortgage or refinancing an existing mortgage — 
Company: WATERMARK CAPITAL, INC.
State: AZ

Complaint narrative:
Dear Sir/Madam, My name is XXXX XXXX and I reside in XXXX, Arizona. 
I have been attempting to refinance my house, purchased couple years ago, to eliminate the monthly PMI charges and also take advantage of the recent low interest rates. I did research and found several competitive pricing by checking lenders through the XXXX XXXX website. 

After careful evaluation, I looked at the XXXX XXXX  and the Watermark Home Loans organization. Watermark came up with the best offer and waived appraisal and origination fee for me to consider as my first choice for a 20 year loan, reducing my current loan period from 30 year.

After providing substantial amount information through Watermark home loan automated website and a month of half later my loan was " conditionally approved ''. As part of the final approval process with the underwriting and discussion with Watermark home loan analyst for the Watermark Home Loan mortgage company , the organization kept on asking and requesting new information without understanding or explaining the reasons. It appeared from my view point to be classic " Bait and Switch '' type of operation, as in the real world, the interest rates were climbing up and the company did not want to keep it's promise. 

I explained to the Watermark Home Loan organization that my current debt to income ratio is less than 20 percent ( Better than the when I got my original loan two years ago ) and I am not taking any cash out of my home equity to take advantage of the increased value of my house. My monthly payments under the attached disclosure, would have remained almost the same as my current payments. My goal was to reduce my payment period and get rid of the monthly PMI, because we are retired and live on pension and Social Security. Our Social Security and Pensions are more than enough to cover our mortgage, living expenses and maintain our life styles.

Watermark Home Mortgage Loan organization, customer service was extremely poor in communicating to me what was needed and why? Recently, they have placed my loan application under " Inactive '' status and when I asked, the loan officer gave a one liner " It was for income ; we
were not able to use income ''. I was totally surprised as my debt to loan value ration is considerably better than anytime inn the past.

I have lost precious time and the interest rates have creeped up.

I have attempted to work with the loan officer and the organization but they have shut me off, without a valid reason. I have asked for the managerial help, but have fallen in deaf ears.

I would appreciate your help in investigating this organization because I feel I have been discriminated due to my age, under the disguise of " Income '' verifications. 
I can be reached at XXXX ( Mobile number ) or via email, XXXX. 

Regards, XXXX XXXX XXXX email : - XXXX XXXX

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