Consumer complaint received 2024-03-01 00:00:00
Product: Mortgage — Home equity loan or line of credit (HELOC)
Issue: Applying for a mortgage or refinancing an existing mortgage — Changes in loan terms during the application process
Company: Figure Technologies, Inc
State: AL

Complaint narrative:
My wife and I applied for a HELOC loan with the company XXXX on XX/XX/24. We received almost instantly a pre-approval for the $ XXXX we were seeking at a rate of XXXX  % for a XXXX year term. 
We were requested by email to supply a copy of our deed. My wife and I went the county court house and received a copy which we supplied to Figure. 
On Monday XX/XX/24 I received and email from Figure stating there was a problem processing the application and they requested I log in to look at other offers and wanted to give us a {$250.00} XXXX XXXX XXXX for our trouble. I called and asked for them to provide me with the details on what the problem was and the gentleman could only state that there was a problem processing our application, nothing more and could offer nothing further. I asked to speak with supervisor and was told they would contact me. A lady call a short time later and repeated exactly what the gentleman before had stated. She offered to assist me with logging back into their site to accept a different offer. I did not call her back but received an email shortly afterwards stating the deed we had supplied was unreadable. I was traveling so my wife sent new copies of the deed. 
On XX/XX/24 I contacted Figure to ensure they had received the copy of the deed and a gentleman placed me on hold and returned stating our file was being escalated and to be looking for the final approval to move forward with closing out the loan. He also stated Figure had experience an issue with some accounts over the week that were frozen and ours was one but it had since been corrected.

Shortly after I received and email and text that were ready to sign the agreement, disclosures and finalize the loan all at the initial terms we had been provided.

I was asked to supply the information for my wife which i put the her name as it appeared on our deed along with her information for signing. Her drivers license however reads differently so they told her they would have to call her back before moving forward. 
I attempted to connect with Figure through the provided link and was told there was an issue and someone from Figure would be contacting me shortly. A gentleman contacted me stating that due to the issue with my wife 's drivers license name being different they could not honor what they had offered and i would have to reapply. I was told once I had done that to call them back and they would transfer all our information from the other loan request over to the new loan. 
I began a new request but the rate had jumped from XXXX  % to XXXX %. I called Figure back with my wife on the line and the lady we spoke with us and told us she would call us back. She told us at this time that Figure had a system issue which published incorrect rates.

This was the first time anyone from Figure stated this. She later called me back stating they unfortunately the new rates were correct and the previous was an error. When asked about the fact we were getting ready to finalize and sign she stated they would have told us this at signing.

Their presentation and communication was extremely misleading and it felt dishonest. I asked them to remove my information from their system and I would not be pursing business with them.

Company response to consumer: Closed with explanation