| 07/05/2021 |
No |
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Web |
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Please be advised that we wish to file a formal complaint against Cornerstone First Mortgage Inc. ( XXXX XXXX. XXXX ) located at XXXX XXXX XXXX XXXX XXXX, XXXX XXXX, XXXX XXXX, CA XXXX and their Loan Originator XXXX XXXX XXXX XXXX NMLS no. XXXX ). Due to their negligence, we were unable to meet the closing requirements on a home we wanted to purchase and lost more than {$6000.00} as a result.
We are first-time home buyers and found a home in XXXX, NV we wanted to purchase. On XX/XX/2021, we signed a XXXX XXXX XXXX to purchase the house ( see Attachment # 1, 1a, and 1b ). Per the terms of the Agreement, we provided a {$5000.00} XXXX XXXX XXXX and agreed to a proposed settlement date of XX/XX/2021. Immediately after executing the Residential Purchase Agreement we placed an application for a mortgage loan for the purchase of the home with XXXX XXXX XXXX with Cornerstone First Mortgage , Inc. ( hereinafter Cornerstone ). XXXX XXXX and Cornerstone were both referred to us by our Realtor, XXXX XXXX. Our application was for a conventional loan along with a down payment assistance loan from Nevada Housing Corporation. After the application was made, we received requests for documents and information which we believed to be a standard practice for getting a mortgage. On XX/XX/2021 Cornerstone issued us a Closing Disclosure and told us that we were approved for the conventional mortgage loan and the loan from Nevada Housing Corporation ( see Attachment # 2 ). Afterwards we learned that the appraisal had not yet come back which made us wonder how we could be approved without that ; however it did come back and the value and appraisal was acceptable to Cornerstone. At this point we believed that everything was good and that we just needed to go to closing on XX/XX/2021 and we would be homeowners. Our goal of owning a home before our wedding was going to be a reality! However, our dreams were shot down when on XX/XX/2021 we received a call from XXXX XXXX at Cornerstone telling us that due to changes in the income levels at Nevada Housing Corporation, we no longer qualified for the loan. To receive this kind of phone call 2 days prior to closing was a complete shock. We looked up the alleged changes on the Nevada Housing Corporations website and learned that the income requirements increased and did not decrease so we were confused about why we no longer qualified for the loan. We also learned that the income changes were for loans registered after the publication date which should not have impacted our loans since we were told we were already approved. It was then that we learned that Cornerstone never submitted our loan request to Nevada Housing Corporation and were never formally approved by Nevada Housing Corporation and that our loan was not approved as represented to us by our Loan Originator XXXX XXXX XXXX. Without the down payment assistance loan, we were not going to be able to meet the requirements for conventional financing. We could not believe what was happening. In an attempt to fix their error, Cornerstone suggested that we go FHA and that they could meet the new closing date of XX/XX/2021. On XX/XX/2021 Cornerstone issued us another Closing Disclosure, this time for an FHA loan, and indicated that we would close on XX/XX/2021 ( see Attachment # 3 ). However, when the Seller was approached with this news, they demanded that in order to give us the necessary extension, that we release the XXXX XXXX XXXX to them immediately. Since Cornerstone represented to us that they could make the new closing date, we agreed to release the funds. Cornerstone told us that all they needed to do was have the conventional appraisal re-done to an FHA appraisal and we would be able to close. Then, on XX/XX/2021, two days after the date Cornerstone represented they could close us by, Cornerstone called and said they had to do a new employment verification on XXXX and that since he is a union employee of the XXXX who is assigned out by the union to different jobs, each job he was assigned to was considered a new job and that he may not qualify as a result. We asked why this was an issue on the FHA loan and not on the conventional loan, however we never received a satisfactory response. Cornerstone faxed an Employment Verification document to the union late on XX/XX/2021, however a response was not received back in time to make the new XX/XX/2021 closing date. We were also puzzled why Cornerstone put a XX/XX/2021 Closing Date on the new Closing Disclosure when they knew or should have known that they were not going to be able to make that date. After this debacle ended, Cornerstone asked us to withdraw our loan application which we declined to do. We were hoping that Cornerstone would issue us a Statement of Credit denial form and that perhaps we could appeal to the Seller to return our XXXX XXXX XXXX since we were not the cause for not getting the loan approval. However, as of the date of this letter, Cornerstone has yet to issue us a Statement of Credit denial which we thought under law they were required to do.
As a result of Cornerstones performance with our loan request, the Seller refused to grant any further extensions and we lost not only our {$5000.00} XXXX XXXX XXXX, but also two appraisal fees and other costs totaling {$6500.00}. We believe that Cornerstone should refund us the amount of money we lost due to their negligence and outright lies regarding the approval of our loan and the manner in which our loan request was handled. It will take us quite a long time to try to save up again the money that we lost as a result of this matter and we did nothing wrong. We also believe that you, the Consumer Financial Protection Bureau, should investigate this company to ensure other prospective borrowers are not treated as poorly as we were.
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| 02/01/2022 |
Yes |
- Mortgage
- Other type of mortgage
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In XX/XX/XXXX I paid the deposit and upgrades ( XXXX dlls ) of a house that was going to be built in ( XXXX XXXX XXXX ) XXXX XXXX XXXX CA. The seller was XXXX XXXX But he left that job approximately in XX/XX/XXXX and XXXX XXXX arrived. it was a desperate disaster and with almost 1 year of waiting nobody gave us an explanation. my husband was eligible for a first time home buyer loan with USDA. the house would be in XX/XX/XXXX but it was not ready until XX/XX/2021.in XXXX we were recommended to XXXX XXXX Loan Officer at XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX : XXXX We realized that XXXX XXXX. now works for Cornerstone First mortage Address : XXXX XXXX XXXX XXXX XXXX XXXX, XXXX XXXX, CA.
he convinced us and we decided to start the loan with him and his company Cornestone. On XX/XX/XXXX they ( XXXX XXXX XXXX XXXX XXXX gave us the certificate of occupancy, the sellers of the house told us that we had to have all our documents ready, that we be in contact with our lender so that everything is ready before XX/XX/XXXX, this was the deadline to close after a year of waiting we were very excited since we had everything in order from our side everything was fine that's what the lender told us.
Our credit was fine, it just had too many readings, the lender checked it in XXXX, then XXXX, then XXXX times in XXXX. We questioned him, we told him that this affected us and lowered our points. he said no, that everything was fine. After XX/XX/XXXX. Everything got very strange because he did not answer our calls and messages anyway, by XX/XX/XXXX we constantly asked him when we would close. on the XXXX he told us that we would close until the XXXX which seemed wrong to us it was the last day.
It arrived on XX/XX/XXXX and we received an email from " approved loan '' and told us that we were advanced. On the XXXX, he did not answer us all day, he kept us on hold until he told us that we would not close, perhaps on Saturday.
All day Saturday he did not answer us, until Sunday morning and said that my social security needed verification. He told us that he had covid and that in his house he did not get a good signal.
On Monday, he contacted XXXX XXXX, a seller of XXXX 's houses in XXXX Ca, and told him that he needed an extension of time because the social security needed to verify my social security number.
the seller said yes. That's how it went all Tuesday XXXX this day he told us to leave the deposit of the closing costs to advance ( XXXX dlls ), Wednesday XXXX, Thursday XXXX, he told us that it didn't arrive, on Friday he told us that they sent the verification wrong again and asked for another XXXX days The seller said yes, but that it would be the last time he would give us. XXXX XXXX assured that the only thing missing was to verify my social security and that's it. Monday the XXXX he said that it was ready, and he made us sign papers like at the beginning we asked him why? and he told us that he had to do it all over again, we were very confused. he kept saying that he had covid and that he couldn't see us in person.Then he told us that our credit had gone down too much, we explained that this happened after signing the loan for XXXX cents on a card that we had just finished paying off we did not realize the interest payment, but that was long after the day XX/XX/XXXX.
On the XXXX we went to sign with his boss XXXX XXXX from the same Cornestone company in XXXX XXXX CA, there we saw that the interest on the loan was 3.6 % not the one that froze us we had 3 % and the payment went up by XXXX dlls. we were upset but we signed we wanted our house.That day I was very upset, crying I did not understand what was happening so they told us that XXXX no longer worked there that we were his last dealings and they forced him to come to face us. He came and told us that the interest went up because our credit went down ( from XXXX to XXXX ) that he started the loan again and that the one we started was no longer worth it. HE NEVER WARNED US he didn't tell us. He told us that the documents would be 3 days in review time but that early Friday we would sign and they would give us the keys.
We waited 3 days and we were calling and seeing if they could advance the time a little because again Friday was our last day. on Friday XXXX around XXXX pm they tell us NO, that the credit score is low and that it is not possible. It was another explosive moment because for 2 years we had impeccable credit and by the time we had to close our credit was still good.
We told them that they had started loans XXXX in the same month, and they had read our credit many times, they ( XXXX and company ) blamed XXXX because he made a mistake in my date of birth. And that he did not tell us that we were no longer eligible for USDA but we told him that he had been aware of the case since XX/XX/XXXX.
He said that he could start us another loan with FHA but he gave us interest of XXXX for the credit score but that he needed to ask the seller for XXXX more month Which was too much.
The seller XXXX XXXX said that it was too much XXXX month that he would try to help us ( he is also a lender XXXX MORTGAGE ) on Saturday he asked us for all the documentation and told us that he would verify if they ( XXXX ) gave us more time But until today, Tuesday, XX/XX/XXXX, he has not answered the phone I would not want to lose my house, and my illusions. and above all I want XXXX and cornestone to have a punishment after this nightmare that they are making us go through, I have not slept the whole month of XXXX, nervous, and with too much stress this is terrible. They are incompetent, I would not want another family to go through this
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| 10/24/2019 |
Yes |
- Mortgage
- Conventional home mortgage
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Web |
Older American, Servicemember |
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People Involved Realtor - XXXX XXXX Loan Officer - XXXX XXXX, Cornerstone Mortgage Cornerstone Mortgae aka Cstone Mortgage XXXX XXXX XXXX XXXX XXXX # XXXX XXXX XXXX, CA XXXX XXXX Buyer- XXXX XXXX Loan numberXXXX ( Sellers-XXXX and XXXX XXXX Owners of Cornerstone Mortgage - XXXX XXXX , Executive Vice President of Cornerstone Mortgage Lead Loan Officer of Cornerstone Mortgage ( attempted phone calls during process ) XXXX XXXX , Administrative Assistant / Secretary of Cornerstone Mortgage Timeline of Transaction XX/XX/XXXX - Advised Realtor that we had learned that we had learned from my Bank ( XXXX XXXX XXXX ) that could get a re-cast loan which would allow me to purchase a home now with 10 - 20 % down and then apply additional principal to the balance once we sold our current home to lower our payments. Discussed several homes that we wanted to see.
XX/XX/XXXX Met XXXX at the property Advised XXXX that we wanted to make offer on XXXX XXXX XXXX XXXX XXXX asked if we could prepare and submit the offer via the internet, to which we agreed.
XXXX advised that she did not like working with big banks as they often couldnt close on time and were difficult to work with. XXXX assured as that virtually all lenders were doing recast loans and that we did not need to finance at XXXX to get that type of loan. XXXX gave us a list of three Lenders that she preferred to work with, XXXX XXXX, Cornerstone, being at the top of the list ( the other two being with XXXX XXXX which I read had bought out Cornerstone ). While driving from XXXX to XXXX XXXX, I spoke at length with XXXX XXXX, advising him of our financing concerns, primarily getting a 10 - 20 % down loan with a recast feature so that we could add principle to the balance at a later time without having to refinance the loan. I provided XXXX with information regarding my assets and income so that he could provide a PreApproval letter to XXXX. XXXX assured me verbally that I was qualified to purchase a home for {$380000.00} with 10 % down. I have absolutely perfect credit, excellent income reserves and the property was a conforming property in excellent condition.
XX/XX/XXXX Applied online for the loan with XXXX at Cornerstone Mortgage and provided him electronic verification of all assets, income and liabilities. Received a copy of a preapproval letter from XXXX.
Briefly went over the electronic offer with XXXX. She did not bring up or discuss the waiver of financing or any of its ramifications. XXXX submitted the offer to the sellers, which was accepted.
Over the next several days, I repeatedly asked XXXX for the GFE / disclosures, however those were not provided to me until XX/XX/XXXX ( in violation of the rules requiring lenders to provide this documentation within 3 days of loan application while I was out of town for MD appointments. Shocked at some of the fees and rates that were quoted, I began a dialogue with XXXX XXXX and my Realtor, which is documented in the attached emails and texts. Basically XXXX went thru a bunch of bait and switch scenarios on rates from the beginning, failed to provide the type of recast loan that I requested from the onset, could not provide reasonable documents pertaining to a float down rate, ( see documentation ).
I tried repeatedly over the next several days to rectify this situation, resulting in more cheating / lying rate scamming on XX/XX/XXXX, with XXXX ultimately flat out lying on XX/XX/XXXX, claiming that I had never discussed a recast loan with him. By this time, I had lost all confidence in XXXX and Cstone Mortgage, and was not confident that I could proceed to closing and find the recast loan I wanted and at a competitive rate that I was entitled to given my excellent credit, substantial reserves and conforming property in excellent condition. Therefore I had to withdraw my loan. Because we were now less than a month from closing, it was not possible for me to start with another lender. I believe that Cstone intentionally drug their feet, violated the law, and used every scam in the Mortgage Lenders Cheat book to try to bilk me out of money by dragging me into a situation where I had no out, but to go with them and their overpriced, uncompetitive products which were not what I had requested at the outset, and that were assured to me by XXXX XXXX.
During this process and afterward, I tried unsuccessfully to reach help from within the company. See email documentation with XXXX XXXX ( in effort to contact owners ), as well as email and text documents with XXXX XXXX, all of whom promised to look into this and try to assist me, to no avail.
Ultimately, I lost my {$5000.00} earnest money, and incurred expenses of over {$500.00} in inspection fees and travel costs. I also lost the home of my dreams and will now likely have to move twice, once our home sells, incurring additional moving and travel costs. I am requesting that Cstone Mortgage refund to me the hard costs of {$5500.00} and I will not pursue them further legally. If they are unwilling to do so, I will pursue other options.
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| 06/28/2019 |
Yes |
- Mortgage
- Conventional home mortgage
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Web |
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I wanted to buy a home for my daughter to live in in XXXX XXXX. I applied and got approved with underwriting for XXXX. I found a house, made an offer that was accepted for XXXX. I gave my earnest money of XXXX and paid XXXX for an appraisal and XXXX for an inspection. Escrow was scheduled to close XX/XX/2019.
On XX/XX/XXXX the loan person - XXXX - texted me and said she needed to talk to me about some changes to my loan. She said they needed to change it to an investment property and now required 15 % down. I had the additional money but it cleans out all of my accounts and I'm not comfortable doing that when I was already approved at 10 %. This was NOT an income property but a home purchased for my daughter to live in. They called it a second home or vacation home.
They said they could do the 10 % if I had a cosigner. So I asked a person that is a client of my own, young and very wealthy and he so kindly agreed to help out. At that time, escrow had to be extended and I was asked to give up my earnest money. I did not want to sign but we had to cancel everything if I didn't so I was essentially forced to sign in lieu of losing the property all together.
I was 99 % certain the cosigner would be adequate but after 2 weeks of seriously incompetently trying to get financial information from my signer, they decided that even though he had millions of dollars in REVENUE, he didn't show enough personal income to be able to Cosign for me.
I then told them I was willing to give up the 15 % to just get this loan closed, by this time I was getting sick in my XXXX and experiencing physical symptoms from the XXXX. I HAVE 15 % but was told that it wasn't enough. I needed to also have 6 months of mortgage payments as well as 3 months of RENT as well.
They then told me that if I had someone on my lease that paid half of my rent the numbers would add up and they would be able to do the loan. My signer was not willing to do that but my boyfriend said he would. So he came that day and I put him on my lease of my apartment. I forwarded the new lease to both my agent and the loan lady and was told THAT was also not good enough. I needed to have a separate lease in my name that says I am only responsible for half the rent. This of course is completely unrealistic - what apartment company gives a separate lease for each person living there. There is only 1. Whoever is on it is equally responsible.
So that was my last straw. They just would NOT fund a loan that I was already pre approved for with UNDERWRITING. They took my XXXX and refuse to answer in regards to what can be done about it.
I lost my XXXX in earnest money I lost XXXX for the appraisal I lost XXXX for the inspection.
My daughter, who was supposed to live in the house is now scrambling to find something else because she gave notice at the apartment she is living in - with 3 people and ONE lease. She needs to move my XX/XX/XXXX unless they let her reverse her notice.
I am also physically ill and emotionally drained from this experience.
All I want is to see if there is a way to get some or all of my earnest money back. I gave them everything they wanted to be able to close this loan and NOTHING was good enough, they needed more.
Please let me know if there is anything you can do to help me salvage some of that money.
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| 12/05/2016 |
Yes |
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- Application, originator, mortgage broker
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Web |
Older American |
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My XXXX and I were approved [ twice ] by Cornerstone Mortgage CO.
XXXX [ XXXX ] for a Residential CONDO mortgage re-fi. My Cornerstone file # XXXX. The company is located at XXXX.
Cornerstone, never complied during the approximate 5 month with RESPA. also, they have refused to provide a copy of my file [ s ]. Cornerstone [ broker ] / lender/ collected a appraisal fee and commanded I close a credit line of XXXX dollars with XXXX. [ active ] and in good standing [ 1 percent interest rate ]. I was told it could be re opened. ... XXXX refused. The lender enticed me to close a XXXX Credit card. I performed upon every request. The lender had no funds. ESCROW on or about XX/XX/2016 assigned a paid notary who spent 1hour at my residence obtaining ALL signiture [ s ] and documents.
Thereafter the ''loan '' never closed or, funded. Cornerstone even forced me to significantly change my HOMEOWNERS insurance policy with XXXX and name their agency as the beneficiary Then the lender ordered another ''appraisal '' and caused in-ordinate delays to the loan.
Respa was not complied with. The general interest rate decreased and the lender refused to decrease the APR.
Again, the loan was ''approved '' and the Agent XXXX resigned from the Lender and I never heard from the lender again ... until i wrote an offer to settle and compromise.
The lender never answered the offer to settle and my loss of additional interest and costs was about XXXX dollars. The escrow # is XXXX.
Cornerstone mtg. kept the property Policy in their name until XX/XX/2016.
.Finally, Cornerstone ran without authorization my credit 5 times. I agreed to only twice.
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| 11/15/2019 |
Yes |
- Mortgage
- Conventional home mortgage
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- Applying for a mortgage or refinancing an existing mortgage
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Web |
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I was referred to Cornerstone Mortgage Group for a refinance. I was told XXXX XXXX NMLS # XXXX could handle my file and would help me get into a lower rate mortgage. He found a mortgage product that fit my needs and so decided to proceed. I clearly instructed him to order the valuation report only after all other underwriting items were 'green lighted ' ... .I am a XXXX XXXX XXXX and have been doing this for years. I also am a XXXX.
Since my property had less than 40 % leverage ( 60 % equity ) I knew even with a conservative valuation this item would not hinder the refinance process. Well Mr. XXXX took it upon himself to order a valuation report before all other items were 'cleared ' against my instructions and then he and his underwriting team could not deliver on the refinancing siting other issues. Why did he spend funds on a valuation report that was not needed as the mortgage could not be issued is truly a lack of professionalism and demonstrates the lack of experience in dealing with such matters ( which is fine as we all need to start learning somewhere - but he should have had the appropriate coaching and guidance which clearly he did not ). I do not recommend Cornerstone Mortgage Group ( NMLS XXXX ) for your refinancing needs as they have a difficult time listening to basic instructions and not delivering as promised.
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| 04/16/2021 |
Yes |
- Mortgage
- Conventional home mortgage
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- Applying for a mortgage or refinancing an existing mortgage
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Web |
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I got a call from XXXX XXXX at cornerstone mortgage who say we can refinance your loan she help me originally loan I have now from purchasing in nevada retire home move from California sold house there. The refinances loan started last year in XX/XX/XXXX. I send all information that the underwriter needs approved me 5 times the out the XXXX then a few approved of conditioning loan approvals then XX/XX/XXXX loan should have closed. So the underwriter decided not to close loan on retire booklets bottoms page were I highlighted out my CSA number retire booklets on page were the underwriter approved 5 to 6 times with the same info in pages the. Decided not to approve on XX/XX/XXXX and still waiting on closing just fax income proof letter from ssa that i will be getting in next year still have not heard anything from this company I like just paid off my debts with another co but I think they may charge me a fee can someone help please need help my number XXXX and now few more month it a year no one should wait this long for refinance loan I work XXXX at XXXX XXXX XXXX XXXX XXXX helping vets I hope this will never happen to anyone thanks XXXX XXXX this complaints of processing loan only and waiting to long as almost a year.
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| 08/03/2019 |
Yes |
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- Applying for a mortgage or refinancing an existing mortgage
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Web |
Servicemember |
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He reached out to us unsolicited, offered an interest rate without disclosing the APR alongside ..and he is also not licensed in Kentucky ... so he is unlicensed and solicited business in a state where he is not licensed
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| 01/17/2022 |
Yes |
- Mortgage
- Conventional home mortgage
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- Applying for a mortgage or refinancing an existing mortgage
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Web |
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| 07/23/2021 |
Yes |
- Mortgage
- Conventional home mortgage
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Web |
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