Colten Mortgage, LLC CFPB Complaints

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2000 Latest Complaints
Date Received Timely Response Product Issue State / Zip Submitted Via Tags
06/25/2018 Yes
  • Mortgage
  • FHA mortgage
  • Applying for a mortgage or refinancing an existing mortgage
  • CO
  • 805XX
Web
In early XX/XX/2017, my husband and I were looking to refinance our current home mortgage with a new mortgage that allowed us to pay off some debt, and improve our overall monthly payments. We found Colten Mortgage at that time and began working with XXXX. Our mortgage for the most part wen smooth, and was not a horrible experience. That quickly changed out of the blue 6 months later. On XX/XX/XXXX a gentlemen from Colten contacted us stating that there was an error in our paperwork from our XX/XX/XXXX refi that was discovered during a HUD Audit that required them to refi our loan again. After a very lengthily call, and me questioning the validity of this request he continued to state that we did not have a choice in the matter and our only choice was to allow them to refi our home. However, for our " troubles '' they were going to do the following : 1. Lower our interest rate from 4.5 to 4.25 because of this our mortgage would go down. 2. They would cover all expenses of this refi and there would be NO out of pocket on our parts. 3. This would be a quick and easy process, and made it sound like this was informal. 4. We would receive a small compenstation The reason we were given for the audit was because HUD said our credit report showed that we missed XX/XX/XXXX payment. During the initial Refi, we provided Colten with information from our previous lender who had moved our XX/XX/XXXX payment to the end of the loan. I had been laid off in XX/XX/XXXX and our previous lender agreed to this move of this payment. After looking at our credit report ( all 3 of them ) our credit reports show that we have never missed a payment .... So again, this " Mandatory Audit '' seemed weird, and the story was not lining up. When I contacted Colten they stated that what they can see for their credit report shows that we missed a payment. I did reach out to the credit agency and they confirmed that what I see on my credit is what lenders would see. Next, we received a request from Colten to write a statement on our " Credit Report '' as to why we missed a XX/XX/XXXX mortgage payment, and a XX/XX/XXXX car payment. Our response to both of these line items was, how could we have missed a XX/XX/XXXX, or better yet a XX/XX/XXXX payment when these loans were paid off in XX/XX/XXXX. WE never heard another word about this again. Fast forward a few days, and now we are to do another appraisal, I guess the one from XX/XX/XXXX was too old to use. We had the appraisal done and it came back with a Loan to Value of 81 %. Last week, on XX/XX/XXXX we received the " final paperwork '' as the CD was going to the title company. In this final paperwork it had the following : 1. Mortgage Insurance for the life of the loan - Our original loan did not have Mortgage insurance for the life of the loan, and all the paperwork till now has always had the mortgage insurance for 11 years, which we were explained that because we have more then 90 % loan to value but less than 78 % we have to pay mortgage insurance for 11 years. 2. We are required to bring cash to closing - Again, from the beginning we were told this would not happen. 3. Our payment increased, it did not decrease as we were promised. 4. We have roughly {$4200.00} in fees we are required to pay for the refinance : Refi Amount - {$320000.00} ( original loan balance was {$320000.00} ) Current Payoff - {$320000.00} Initial Escrow ( Insurance 2 months, taxes for XXXX ) {$890.00} Leaves - {$3300.00} in payments and lender fees. Remember we were not to have any charges because of this " clerical error ''. On Friday when Colten refused to fix their errors and still wanted us to agree to all of this, I started contacting HUD to see if they can really do this, and I sent the following email to Colten, again trying to resolve this issue : " I just spoke to Hud national at XXXX, they have not heard of a Hud Audit that requires a refi .... But referred me to my local Hud Office and Counselor, which was XXXX with XXXX County. I also spoke with XXXX at Colorado Housing XXXX, both of these contacts were provided to me by federal level of HUD. After speaking with both these representatives, they have both confirmed that they have never heard of anything like this ( HUD Requiring a Refi and forcing a refi following an audit ) ... So, they have asked that you provide me with the Hud Contact who is pushing for this refi so that they can also reach out and understand the why. Additionally, they have advised me to file a complaint with CFPB. They have all stated that should a clerical error have occurred, we should have been able to just resign the form that was in error not a complete refi. Additionally, if a refi was done, A, we should not have any out of pocket expenses B we should not have lifetime PMI with our loan to value being at 81 % and the form online that you want us to sign still says these things. So, can you please provide me with this contact of the Hud person who is pushing for this refinance. '' Colten refused to provide me with this information. And as of XXXX on Monday, XX/XX/XXXX they have still not changed any of their paperwork and still expect us to sign the forced refinance today at XXXX. After trying to discuss these issues with Colten, they have refused to make things right. And today, XX/XX/XXXX we are required to sign refi documents that will cost us over {$4000.00} plus our time and energy including missed work and pay to make ourselves available for this forced refi. This I believe is fraudulent business practices. My family and I are out thousands of dollars in both the equity that we have paid off in the past 6 months is now gone, our payments have increased and over the years will impact us by thousands of dollars, the lifetime mortgage insurance which is illegal will amount to hundreds of thousands of dollars, and the this has taken away from our lives, and the unpaid time off I have had to take for home appraisals, paperwork, etc. This company should be investigated. I am extremely frightened at what their next game will be and the fact they will continue to make us refinance every few months. They are making good money by making us refinance and all the extra money they get out of the loan. Please help me so that this does not happen to someone else in the future.
02/05/2022 Yes
  • Mortgage
  • FHA mortgage
  • Applying for a mortgage or refinancing an existing mortgage
  • TN
  • 373XX
Web
I was involved in a property transaction with XXXX XXXX XXXX of Colten Mortgage group in the XXXX area. I first submitted an application on XX/XX/2022. I had an accepted contract, pre-approval, and cleared underwritings conditional requirements by the end of XXXX ( XX/XX/2022 ) and had received automated notifications that we we moving forward to close from Colten mortgage. ( XX/XX/2022 ) Eleven days until closing, with a scheduled date and time for title transfer ( Scheduled to close, XX/XX/2022 ), XXXX XXXX called me during my work day and stated We have a problem. XXXX XXXX informed me that Colten Mortgage underwriters had made a miscalculation in regards to property taxes, resulting in us needing to provide a a down payment of roughly double the amount originally sent to underwriting to meet FHA Front End Debt to income ratio requirements ( 3.5 % down grew to to 6.547 %, to be exact ) This caused my family to almost miss out on our dream home. While we had the cash to make that difference, something felt wrong. It felt like theft at the worst, and bait and switch at the best. Luckily, I had the common sense to have applied at several other lenders and found a lower rate, payment and less cash to close from a competing local lender however, our closing would now be delayed to XX/XX/2022. This caused us to lose our temporary occupancy agreement with the sellers for them to rent back the home until they agreed we could take possession on XX/XX/2022. When I informed XXXX XXXX of our intent to work with another lender ( XX/XX/2022 ) stated to me that he had so many man hours in this deal and basically pleaded with me not to take my business elsewhere since hed done so much work. He did provide a valid excuse, claiming he had no pull since hed only been with Colten Mortgage for a couple of months. He either couldn't or wouldn't go back to the underwriter 's and ask for adjustments to rate, insurance, or other controllable variables that could've lowered our cash to close. If the work had been done properly in the first place, we wouldnt have gotten to this point, he wouldnt have needed any pull and I would be likely writing a very different review. One of the largest red flags was a loan appraisal file sent to my real estate agent and Is emails, stating the appraisal came back invalid. Both myself and my agent called XXXX immediately concerned. XXXX XXXX then explained that was an error and meant to go to another client he was working with. I felt sorry for that client and obligated to share with the public that its frankly not safe to trust Colten mortgage with personal, confidential, and financial information. I strongly encourage anyone considering Colten Mortgage in XXXX to search elsewhere and do some independent research before agreeing to work with Colten Mortgage. I also submitted a similar version of this complaint on the XXXX website for Colten Mortgage XXXX- upon learning Id done so, XXXX called my father and asked him to have me remove the review to preserve his reputation and career. XXXX failed to disclose in writing that he had a previous business and personal ( 15 year ) relationship with my father and tried to leverage that prior relationship to convince me to remove my public comments. I have been in touch with XXXX XXXX, of Colten Mortgage 's Client Experience team, and she has relayed her " apologies '' on behalf of their organization and committed to a thorough review and explanation of what went wrong.
12/30/2018 Yes
  • Mortgage
  • Conventional home mortgage
  • Applying for a mortgage or refinancing an existing mortgage
  • CO
  • 801XX
Web
I am XXXX XXXX, writing on behalf of many of my colleagues. We continue to encounter Builders in the XXXX XXXX area ( XXXX XXXX & Colten Mortgage, XXXX XXXX & XXXX XXXX to name a couple ) that offer thousands of dollars in incentives to buyers if they use THEIR lender. In most cases, the customer pays more in origination fees & points and gets a higher interest rate but they feel like their hands are tied. Can you please help us to understand if this practice is legal? We really don't understand how it could be? Can the CFPB please confirm the legality? Thank you
12/09/2020 Yes
  • Mortgage
  • FHA mortgage
  • Applying for a mortgage or refinancing an existing mortgage
  • AZ
  • 85138
Web
Company currently sending out misleading advertisements stating your FHA- insured loan currently with XXXX XXXX XXXX has been identified as one eligible for this potential MI removal program which can reduce your monthly payment by xx.xx $ per month. To accept this opportunity, call our office at XXXX before XXXX XXXX. Have your notification number ready and cal out MI removal department at XXXX. Demand will be high so requests for information will be processed in order that calls are received. The fine print states this program is only for FHA loans.
04/01/2021 Yes
  • Mortgage
  • Conventional home mortgage
  • Applying for a mortgage or refinancing an existing mortgage
  • TX
  • 78230
Web
We received a letter, which looks very official stating numbers and file IDs, but it's actually just an ad to push us to contact this company and refinance. The top of the document looks like a Tax letter, the middle states all our home information, and the request to call us seems urgent as it states several times throughout the document.
03/24/2022 Yes
  • Mortgage
  • Conventional home mortgage
  • Applying for a mortgage or refinancing an existing mortgage
  • WI
  • 53222
Web
05/24/2021 Yes
  • Mortgage
  • FHA mortgage
  • Applying for a mortgage or refinancing an existing mortgage
  • TX
  • 77447
Web
04/22/2020 Yes
  • Mortgage
  • Conventional home mortgage
  • Applying for a mortgage or refinancing an existing mortgage
  • WA
  • 98501
Web
07/24/2019 Yes
  • Mortgage
  • Conventional home mortgage
  • Applying for a mortgage or refinancing an existing mortgage
  • CO
  • 80543
Phone
07/09/2019 Yes
  • Mortgage
  • Other type of mortgage
  • Applying for a mortgage or refinancing an existing mortgage
  • FL
  • 33351
Web