COMMONWEALTH MORTGAGE, LLC CFPB Complaints

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2000 Latest Complaints
Date Received Timely Response Product Issue State / Zip Submitted Via Tags
12/10/2016 No
  • Mortgage
  • Conventional fixed mortgage
  • Settlement process and costs
  • IL
  • 60622
Web
OnXX/XX/2016, Irefinanced my existing mortgage and closed on a new loan with Commonwealth Mortgage , LLC in the amount of {$250000.00}. The rates and associated closing costs that Commonwealth initially provided me changed after multiple times after committing to proceed. The Closing Disclosure paperwork at Closing did not match any I had seen to date - nor did it match the final version I had signed off on three days beforehand. Both prior and after receiving the final disclosure to review on XX/XX/2016, I was concerned with its accuracy and both called and emailed multiple people at Commonwealth who encouraged me to sign off without clarity implying that a potential discrepancy was likely do the payoff schedule dates. ( See attached correspondence reminding me of potential loss of deposit ( {$500.00} ) if not signed off on. Since closing, XXXX DID ADMIT that there was an error in my loan estimate and I 'd be receiving a refined based on their oversight. Commonwealth then informed me that they would be seeing my loan to XXXX XXXX XX/XX/XXXX XXXX. The notices I received from both lenders regarding loan transfer on XX/XX/2016 reflect different principal amounts ( Commonwealth shows a principal balance of {$250000.00} and XXXX shows {$240000.00}. More importantly - both lenders amortizations schedules differ from one another - and neither adds up to the amounts associated with the total proposed to pay over the life of the loan ( or principle/interest/TIP ) on ANY of the Loan Estimates or Disclosure Estimates provided throughout the process of refinancing - or at closing. To-date I have requested, a revised final closing disclosure multiple time that matches an amortization schedule and have not received either. Because my initial payment on the loan is due this month - and it 's more than two months after the date of closing, I 'd like assistance in reviewing all of the documentation I 've compiled to support this timeline in an effort to get clarify, revised paperwork and possibly revised rates to reflect what was initially quoted to me in order to secure the loan. I look forward to someone 's reply and hopefully a resolution to the lack of clarity and accurate documentation associated with my new loan. Please advise if there 's someone I can send a more detailed summary with emails/rate estimates/disclosures and closing documentation, which outline ( and prove ) the oversights relating to refinancing with Commonwealth Mortgage. In addition to my address, I 've also included my phone and email. Thank you in advance for contacting me at your earliest convenience.
02/10/2017 No
  • Mortgage
  • Other mortgage
  • Credit decision / Underwriting
  • MA
  • 02135
Web
I attempted to refinance the mortgage on my condominium with Commonwealth Mortgage XX/XX/XXXX and went through the process as far as a conditional approval ( XX/XX/XXXX ). The conditional approval made reference to XXXX requirements that had been unexpectedly added to the conditions of the loan. The loan was then rejected due to the property 's non-compliance with the newly added XXXX requirements. Interest rates increased significantly between the application and denial dates. The first explanation that I was able to get from the lender was that it would have been difficult to sell my loan on the secondary market due to its non-compliance with ( the newly added ) XXXX requirements, and that I should have used a local credit union. Upon seeking further clarification I was told that Commonwealth Mortgage can not make loans that are not XXXX compliant, but no further information confirming this has been provided.
01/27/2017 No
  • Mortgage
  • Conventional fixed mortgage
  • Credit decision / Underwriting
  • MA
  • 01930
Web