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Consumer Financial Protection Bureau ( CFPB ) CLOSING DISCLOSURE : FILE AND ESCROW # XXXX XXXX OFFICER/ ESCROW OFFICER : XXXX XXXX XXXX XXXX : XXXX ID XXXX FL ID # MLD XXXX LOAN OFFICER/ REALTOR : XXXX XXXX XXXX # XXXX CONTACT FL LICENSE # As a 1st time home buyer, I was apprehensive about the entire process and relied on the professional services provided by my realtor and loan officer 's guidance and recommendations. I understood having a stellar credit and solid financial health is paramount to achieve the best result throughout the process. These measures were planned for and achieved.
During the purchasing process my mother had a serious health scare. As a health care provider my primary attention was shifted to provide ultimate care for my mothers full recovery. My realtor/loan officer was fully made aware of my overall situation. Therefore, I became more reliant on his guidance for a successful conclusion.
Sadly, to admit, I strongly feel I was taken advantage due to my lack of knowledge with the purchase transaction followed by my mothers sudden health issues.
The issues that still lingers are as follows : 1. Why are my interest rates so high in accordance with my debt-to-income ratio and income/ employment stability?
2. Why did the lender and title company escrow 13 months of taxes ( {$7500.00} ) plus 1 year of advance payment for taxes?
3. Why did escrow take 1 year for insurance ( homeowners insurance ( paid in full {$2500.00} ) and 3 moths ( {$620.00} ) additional homeowners insurance escrow?
4. I was not advised the selection of the title insurance company is the responsibility of the buyer solely not my lender or realtor 5. I provided over 25 % down payment plus an additional {$87000.00} cash to close. Why is my cost of the loan so high including loan origination fees and points?
Here Im over 1 month after the closing of my 1st home I still don't have a satisfactory answer to put my mind at ease regarding what appears to be inflated charges and inflated escrow account? I have attached exhibit 1 Closing Disclosure and exhibit 2 ALTA, regarding these questions?
My primary reason for filing this complaint is to ascertain clarity regarding the rules, regulations and laws established by your agency describes in RESPA covering section 6, 8, 9 and 10.
I trust the regulators will fully investigate my complaint and will provide the clarity I so deserve.
Thank you for looking into my complaint. Im confident and prepared to move forward with your findings.
Sincerely, First time home buyer
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