| 06/07/2022 |
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- Mortgage
- Conventional home mortgage
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XX/XX/2022 Under contract on a home purchase, {$280000.00} home, 5 % downpayment. Set to close on XX/XX/2022.
XX/XX/2022 1st loan estimate was issued- {$5200.00} in closing costs. Transfer taxes are not listed, the underwriting fee is not listed, and the Services you can shop for are severely underquoted. Initial escrow payment is listed at 2 months of homeowner 's insurance and 3 months of property taxes.
XX/XX/2022 2nd loan estimate was issued- {$7300.00} in closing costs. Points were added. Transfer taxes are not listed, the underwriting fee is not listed, and the Services you can shop for are severely underquoted. Initial escrow payment is listed at 2 months of homeowner 's insurance and 3 months of property taxes.
XX/XX/2022 3rd loan estimate was issued- {$7300.00} in closing costs. Transfer taxes are not listed, the underwriting fee is not listed, and the Services you can shop for are severely underquoted. Initial escrow payment is listed at 2 months of homeowner 's insurance and 3 months of property taxes.
XX/XX/2022 4th loan estimate was issued- {$7600.00} in closing costs. Added co-borrower to financing and raised downpayment to 20 %. Transfer taxes are not listed, the underwriting fee is not listed, and the Services you can shop for are severely underquoted. Initial escrow payment is listed at 2 months of homeowner 's insurance and 3 months of property taxes. Total cash to close was quoted at {$60000.00}.
XX/XX/2022 The closing company sends the initial XXXX to Delmar XXXX. This XXXX did not include a full year of escrow taxes because this happens when the bank comes back to the closing company to balance all of the fees. The closing company does not know if the bank will only collect escrow for a few months or if they will require a full year of taxes.
XX/XX/2022 I receive XXXX from the closing company. There is a {$5700.00} discrepancy between the XXXX and loan estimates.
XX/XX/2022 I sent XXXX to Delmar XXXX. The realtor and I realize the majority of the discrepancy is coming from Lender 's Title Insurance and Transfer Taxes.
XX/XX/2022 The realtor called Delmar and told them about the discrepancies, asking for the compliance department to review the loans. I receive a phone call from the Delmar XXXX loan officer, we were threatened with litigation and a loan officer tried to guilt us into signing a new loan estimate as a " remedy '' for the discrepancy. Additionally, after we expressed that we would walk away and were concerned about losing the earnest money- we were told Delmar could issue a financing denial letter. We have been told that could be fraudulent. This is all available on recording phone calls recorded by Delmar XXXX.
XX/XX/2022 Recieve closing disclosure. At the top of the closing disclosure, it says " This form is a statement of final loan terms and closing costs. Compare this to your loan estimate. '' - it says that on the closing disclosure we signed on XX/XX/2022. The total closing costs listed on the closing disclosure are {$6600.00}, making the cash to close {$57000.00}. There is an underwriting fee for {$400.00} under loan costs that was never disclosed. There is a lender credit for the transfer taxes.
XX/XX/2022 Receive a second closing disclosure. The total closing cost listed on this closing disclosure is {>= $1,000,000}, with cash to close at {>= $1,000,000}. This indicates a 65.18 % increase in closing costs, and closing is 3 days away at this point. This also contains charges for items already paid, including inspections.
XX/XX/2022 We speak with the loan officer. The loan officer tells us that they will not be moving on any of the fees, and this is how they do business. They seem completely ignorant of the fact that my issue is not with the fees, but with the lack of disclosure of the fees.
I have spoken with loan officers and managers and tried to address this amicably. They said " This is how they do business '' and are refusing to move on any of the fees.
Here are my main issues : The federal TILA-RESPA requires banks to provide a Loan Estimate in good faith and based on the best information reasonably available. We have reason to believe we did not receive a good faith estimate. We believe our original loan estimate was underestimated. Specifically, my Lender 's Title Insurance was underestimated by 58933.3 %. The cost of the lender 's title insurance is publicly available on XXXX. This is a 10 % tolerance item as it is a fee paid to an unaffiliated 3rd-party when the member is permitted to shop.
Secondly, my lender 's fees went up between estimates and closing disclosure. The underwriting fee was never disclosed until XX/XX/2022. From my understanding of TILA, this is a zero-tolerance item as it is a lender fee, so we should not be responsible for this {$400.00} charge. See Consumer Financial Protection Bureau 's website.
The transfer taxes were never included, and this has been addressed via lender credit.
My escrow amount was never disclosed. We were unaware you were requesting a year in advance. Up until this point, we had only seen 3 months for property & school taxes in initial escrow, this is reflected on all of the loan estimates and the closing disclosure we signed on XX/XX/2022. Per TILA, this amount can increase by any amount. We do not understand why we were not told this until yesterday. All four loan estimates and the first closing disclosure reflect this. It is also reflected in the " Other '' section instead of Initial Escrow Payment at Closing - why?
My closing disclosure from XX/XX/2022, has an adjustment for - {$1600.00} in section L. This was taken away on the closing disclosure on XX/XX/2022, with no explanation ( except that we were told " Oh it's different everywhere else in the country besides where you are buying your property '' ). This line item was then increased to {$720.00}. That is a 143.6 % increase. Also, never disclosed. It seems this is a tax item.
We received a closing disclosure with the statement at the top that it is FINAL. Why did we receive another one 4 days later with a 65.18 % increase in closing costs?
We have been told by the closing company that Delmar received the information from them on their fees on XX/XX/2022. We were never issued a new loan estimate and were unaware of this information until I inquired with the closing company.
On XX/XX/2022, we were threatened with litigation and a loan officer tried to guilt us into signing a new loan estimate as a " remedy '' for the discrepancy. Additionally, after we expressed that we would walk away and were concerned about losing the earnest money- we were told Delmar could issue a financing denial letter. We have been told that could be fraudulent. This is all available on recording phone calls that you should have access to.
The inspections are all pre-paid, and we do not wish to pay the XXXX HOA fee at closing. This would remove an additional {$730.00}. The owner 's title insurance should also be removed.
As far as we understand, Delmar XXXX is licensed to do business in the state of Pennsylvania. To us, that indicates that we should be receiving good faith and accurate estimates of the costs, which we have not received. We have already begun arranging our finances based on the closing disclosure we received on XX/XX/2022 ( which said it was final ). It seems unreasonable to expect us to come up with an additional {$6000.00} ( 10.50 % increase in cash to close ) 4 days before closing. We will walk away, but we have been told we will not receive my earnest money. We do not want to have to submit a complaint to the federal & state government but we may have to, considering how problematic this whole process has been. We have received no explanation beyond " This is just how it is- oops. ", " Oh I forgot to put it on the loan estimate/ closing disclosure '', ' '' They don't do it like this anywhere else in the country '', and " It was the computer/software fault ''. XXXX & I believe we have been, whether intentionally or not, taken advantage of as young, first-time homebuyers.
The issue is not with the fees, but with the lack of disclosure on the part of Delmar. Where we believe we have not been treated with good faith is that there are three major costs omitted from every estimate and the first closing disclosure until four days before closing. Delmar XXXX did not include transfer tax, lender 's title insurance, or any amount of taxes, leading to a massive underestimation of our costs to close.
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| 04/07/2021 |
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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On XX/XX/XXXX I applied for a conventional mortgage with Delmar XXXX I submitted an application and pre-approval financial documents including tax returns, and I also verbally and in writing made it known to my mortgage loan originator that my income, while quite good in XXXX, declined in XXXX due to the pandemic and my being a cXXXX XXXX XXXX. I said this to make sure the decline in income would not be a problem later, and was assured it wouldn't. My application was accepted and I received pre-approval, and was asked to pay a refundable {$500.00} lock-in fee, which I was told would be applied as a credit at closing, or returned to me if the loan was not approved. The only event in which I would forefit the {$500.00} deposit was if I chose to walk away from the loan. The contract I signed stated the {$500.00} deposit would be returned if the loan was not closed through no fault of the borrower.
We proceeded with the mortgage process for about three weeks, during which I was never given an indication there was anything wrong. I was putting down a large down payment and had good income and credit, so I didn't expect there to be any issue with my approval. I had pointed out the decline in income in XXXX ( which was already showing to be going back to normal in XXXX ) but was assured there was no problem. My financing period ended and my deposits on the home I was purchasing went hard.
On XXXX, almost three weeks into the process and two weeks away from my closing, I was told that my loan was being denied. The reason I was given was because my income declined in XXXX. The size of my down payment, my credit, the actual amount of income or the amount by which it declined did not matter. The mere fact it had declined meant they would not be approving my loan. This left me in an extremely tough position, as I had just over two weeks before my closing date and my lender had just fallen through. I was forced to scramble to search for another lender. However, none of this is at the core of my complaint.
The core of my complaint is that Delmar XXXX XXXXter declining my loan out of the blue for the stated reason of a decline in income in XXXX which they had been made aware of at the very beginning of the process, informed me that the {$500.00} lock-in fee would not be refunded, because the loan had failed to close due to my actions. They stated I misrepresented my income in XXXX which is provably and verifiably false via many emails and the financial documents I submitted to them. I spoke to an attorney who reviewed the contract and agreed that I was owed the {$500.00} refund. The attorney sent a demand letter requesting immediate payment, however the company continued to refuse. Unfortunately, the amount of money is too small to make litigation worthwhile, as I would almost certainly rack up more in legal fees than I would be recouping.
This company either did not know their own policies with regards to loan approval, did know and willfully concealed from me the fact that based on my XXXX income I would never qualify for a loan, or is concealing the true reason why they decided to reject my loan. I am a very qualified buyer with a credit score over 700 and a down payment of 40 %, so it is very puzzling why they would come to this decision. They are then refusing to return the {$500.00} deposit that their own contract says is refundable, because they're claiming I am at fault for misrepresenting my income, which is provably false.
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| 05/09/2016 |
No |
- Mortgage
- Conventional fixed mortgage
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- Settlement process and costs
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Web |
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Hello, My husband and I recently sold our house and as part of the negotiation process reached an agreement that we would pay closing costs not to exceed {$4600.00}. We noticed on the closing disclosure that we could get more information or make a complaint on www.consumerfinance.gov/mortgage-closing. Overall, we feel closing costs of {$4600.00} were too high for the transaction. We received two offers at the same time ( one with closing costs not to exceed {$2000.00} and one with closing costs not to exceed {$4600.00} ), but there were other variables that contributed to us accepting the latter offer. Please note that prior to these offers, we had two other offers with closing costs ( both {$3000.00} ) - the first rejected our counteroffer and the second fell through after the inspection process because of buyer financing. Throughout the selling process, we were told closing costs should run about {$3000.00} and even after accepting this offer, we knew that costs should be less than the amount negotiated ( seldom is it ever going to be the exact amount ). Considering discussions with relators that have conducted several recent transactions, XXXX and our own recent house buying and selling experience, these closing costs do not appear to be competitive and feels like we paid for something else. To further cause concern, the buyers of our house changed lenders after entering into the contract and surprisingly the amount of closing costs did not change. Possibly, the closing costs are legitimate, but we still wanted to follow-up with someone because the fees seem exorbitant, amount was exactly what was negotiated, and very odd that the fee amount did n't change with lenders.
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| 05/27/2020 |
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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Have been in Process for more than 90 days. The Underwriting is piece by piece. The initial Loan Processor got fired after 60 days of Processing. She scheduled my closing 2 times and both times I did not close!! I am a XXXX employee with employment in the same field for more than 8 years. Have XXXX in liquid assets verified. Would not recommend this company to anyone. Unless you want a major headache and a waste of the money for the appraisal!!!
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| 02/10/2022 |
Yes |
- Credit reporting, credit repair services, or other personal consumer reports
- Credit reporting
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- Improper use of your report
- Reporting company used your report improperly
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Web |
Servicemember |
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On XX/XX/XXXX I noticed two hard inquires from a unknown source and I didnt authorize them. All three are from XXXX XXXX XXXX Hard inquires are effecting my chances at obtaining new credit. The dates of these hard inquries are XX/XX/XXXX, XX/XX/XXXX.
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| 08/24/2022 |
Yes |
- Mortgage
- Conventional home mortgage
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Web |
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| 12/11/2021 |
No |
- Mortgage
- Conventional home mortgage
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Web |
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