| 04/09/2020 |
Yes |
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Web |
Servicemember |
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I am rescinding my loan with Loan United ( NMLS # XXXX ) as I have been unhappy with the lack of transparency and trust through the originating process. I received the run-around through the entire process from the start and understand why people claim non-banks to be " shady '' after going through this process. My costs have changed multiple times without any warnings and have received substandard responses to these issues. I am a veteran and was completing the XXXX XXXX XXXX which is very limited on tasks to complete and no appraisal required. I can't imagine having to go through a full document home purchase or refinance with this company. I have attached all of the LE, CD, and email exchanges that have been referenced in my email below.
1. I initially spoke XX/XX/XXXX at XXXX about refinancing my loan with XXXX XXXX. I stressed not wanting to increase my loan amount since I refinanced last year and did not like the increase I underwent. I also stated I wanted to lock my loan at that time at the agreed upon rate of 2.75 % with 0.16 points ( {$280.00} ) and loan amount XXXX. In this call, I specifically mentioned locking my rate and being unsure when I should check back for possibility of the market lowering even more. XXXX mentioned we can lock now and then and if another company offers a lower rate later, which may even be a credit to my closing costs, I would just start the application with the other mortgage company and relock. Essentially, only pushing back my closing date. Finally, XXXX had said his company is behind on processing loan applications and my application may take a few days to get to me.
2. Since I was traveling for work and then visiting family out of town, I did not mind my application not coming to me for a few days. I was very informed on the refinance boom and knew mortgage companies were being overwhelmed. I left a voicemail that Friday, XX/XX/XXXX since I did not see anything in my email except XXXX initial email following our first conversation on Wednesday ( attached ). Notice XXXX email mentions attempting to lock my loan before application is sent out.
3. Again, I checked email Sunday since I had not gotten a call back from my voicemail and decided to send an email inquiring. After sending my email, I thought to check my spam. Unfortunately, my application was sent to my spam box with the kicker that it was sent only a few hours after we spoke on Wednesday. Even more disappointingly, my rate was designated as not locked. I then had to reach out to you on Monday afternoon because I had not heard back. After getting connected with XXXX and addressing my concern that my rate was not locked, XXXX explanation was that it was " company policy '' that he could not lock my rate until I signed my application. This was complete news to me and very frustrating since I covered all my bases on our first call with my concerns. There was no mention that my rate might not be locked or that I had to do anything in order to lock my rate. This call danced around the matter and was very salesy. A good part of this call was spent trying to convince me that a disservice was acceptable because it happens to a lot of people and some people can't even get an interest rate as low as mine and that I'm skipping 2 payments so I can just put it back into my loan ( this is not a benefit as my mortgage repayment is just being postponed ). He gave me the rate for that day ( 2.75 % 0.553 points [ {$1000.00} ] and a loan amount XXXX ) and I gave up on trying to explain what happened wasn't right. My loan was locked and I signed the application.
4. Clearly, I am upset at this point and call into the main line to reach XXXX XXXX 's manager in order to resolve my issue. I was connected to XXXX where I got cut off multiple times with him trying to tell me the market is crazy and giving me explanations for things I did not ask about. I think he thought I was calling to acquire a lower rate off the bat and not that something bad had happened. It took me a good chunk of time to get across my point that I was upset over the fact that I stated I wanted to lock my rate on XX/XX/XXXX and the conversation I had did not mention there was any possibility of my rate not being locked or that it was " company policy '' that I needed to sign my documents first. I stressed that I especially did not know this because I was told my application would take a few days to get to me. Again, I received a very salesy response that danced around the topic. XXXX mentioned a lot that XXXX is a really good guy and is always caring for his customers etc. XXXX echoed that it was a really good rate and he added that he thinks the market is going to continue to decrease so it might even work out to not lock my rate. I had already made my decision that I wanted to lock however. I asked XXXX about compensation to amend this error, but he said there wasn't a possible way to do that. He had said that VA loans are strict on how and how much mortgage companies credit loans and restrict this. I am aware of sellers and lender credit cant go beyond an allowable amount, but I have not received any credits in this circumstance. I continued to research this and I have not found anything that would restrict Loan United from crediting 0.393 points ( {$710.00} ). XXXX stated the only thing he could do is coach XXXX to disclose he could not lead customers into believing their loans are locked until they sign their applications. Finally, I folded because it sounded like nothing was going to be done about this.
5. I am surprised again during this process because my prepaid and escrow was estimated incorrectly and a {$900.00} VA funding fee which I'm exempt from is present. I only have my initial CD on XX/XX/XXXX ( notice the closing date is scheduled for XXXX which is important later ) to evidence this change. I inquired about these and mentioned once again that I did not want my loan amount increased in my email. The next communication was from XXXX in a voicemail where there was no reference to my concerns from my email. I sent another email ( I was working and couldn't spend time on the phone ) asking for a response to my email. XXXX answered back that the VA funding fee would be omitted and that title hadn't balanced yet so after everything was " balanced out '', I wouldn't owe anything at closing. There is no mention that this would be at the expense of my loan increasing and lead me to believe the fees were still incorrect and I had nothing to worry about.
6. Very frustrated with this process, I just wanted to close at this point and hoped that no fees would adjust again. I received a CD to view on Sunday for my closing. Unfortunately, my loan amount increased XXXX {$180000.00} ) again in order to bring nothing out of pocket at closing and to cover everything ( not what I was led on to believe from email from previous point ). Another kicker : the points have increased again ( 0.628 points [ {$1100.00} ] ) Date issued is XXXX with closing date XXXX and disbursement of XX/XX/XXXX with me receiving {$0.00} at closing. I had asked my processor, XXXX, beforehand if the title company had balanced because I was apprehensive of the numbers with XXXX CC 'd on my email.
7. I receive a call from XXXX on Monday, XX/XX/XXXX around XXXX but am working. I called him back at XXXX and there's talk of closing that night around XXXX. Within our conversation that evening XXXX lets me know that the title company does not have anyone to come out and sign that night and are pushing closing to Wednesday at their expense since they do not have someone available. However, I receive a call from an agent at XXXX with someone assigned to my loan to close that night. I let them know what XXXX had just told me. This works out better for me since everything seemed to be thrown together last minute and I was amidst reporting for work which would need to be put on pause and then continued into late hours of the night if I were to start my refinance closing at XXXX. She must have called the title company which reached XXXX to hear what seemed to be news to them. I get a phone call from XXXX at XXXX that the title company is capable of closing tonight and that I SHOULD close tonight instead of Wednesday and that I'd receive another closing disclosure ( I specifically asked if this is the same as the one I JUST received yesterday and he said yes ). The call also seemed to point that I gave title company incorrect information which I am confused over because I only relayed exactly what he had told me. I guess I'm closing in an hour at this point.
8. I happened to check my email and was surprised to see I got an email ( XXXX ) from XXXX since I just spoke to him on the phone 2 minutes prior to that being sent. It's a " Final Closing Disclosure '' with numbers changed, again. This time the only changes made are the origination points and my loan amount in order to cover the adjustment. I call XXXX as soon as I read this ( XXXX ) and left him a very concerned voicemail and follow up with an email at XXXX since XXXX does not call me back. The Final Closing Disclosure ( also the disclosure signed at closing table ) : date issued is XXXX with closing date XXXX and disbursement date of XX/XX/XXXX ; 0.703 points [ {$1200.00} ] and a loan amount of {$180000.00} ). My closing date has been pushed up from the XXXX date on the CD on the previous date and disbursement date was the same. My email stated the only change I saw was my loan amount increase and points increase.
9. XXXX never responds on Monday and I receive an email ( no call back ) on Tuesday stating " They charged you a lock extension for a couple days. I asked them to pay it and they wouldn't. '' with a screen shot of emails exchanged at XXXX between XXXX and a XXXX XXXX of XXXX XXXX XXXX XXXX- meaning this was a conversation held hours before I was intended to close on Monday. I am not sure what the email meant because all it said was that they couldn't give anymore and they maxed out, but nothing had ever been " given '' from the start of the process. The CD from Sunday had a later close date and same disbursement date without the additional fee.
2.75 % with 0.16 points ( {$280.00} ) and loan amount XXXX 2.75 % 0.553 points ( {$1000.00} ) and a loan amount XXXX 2.75 % 0.628 points ( {$1100.00} ) and a loan amount XXXX 2.75 % 0.703 points ( {$1200.00} ) and a loan amount of {$180000.00}
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| 02/16/2019 |
Yes |
- Mortgage
- Other type of mortgage
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Web |
Servicemember |
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XX/XX/XXXX applied and approved for va refinance XX/XX/XXXX called broker ( XXXX XXXX ) we paid up front {$920.00} for a Va Appraisal and the {$920.00} is included in the loan..he said he would take care of it XX/XX/XXXX notary brought loan documents XXXX to be completed to close on XX/XX/XXXX ... we questioned the ALTA settlement statement as the {$920.00} for the appraisal was included in the charges ... also many pages had blank spaces, which the notary said the loan officer or escrow officer fills in later? Also the settlement statement says due to the buyer $ XXXX..closing disclosure shows to buyer {$3400.00} ... we actually received {$5600.00} ... ..those figures are no where on our loan papers.
XXXX called and emailed broker questioning the settlement statement ... he responded to the email that he was gone for the day, and he would check out the figures tomorrow XX/XX/XXXX recent email as we had no response XX/XX/XXXX still no response called and left message and again resent the email XX/XX/XXXX sent email asking for our copy of signed loan documents to see how the blanks were filled in XX/XX/XXXX received email response telling us we were definitely getting the {$930.00} appraisal money back..and he was going to refer to his boss to check over the loan papers XX/XX/XXXX received copy of loan docs ... no blanks filled in ... no signatures on it Called and left voicemail XX/XX/XXXX received email with picture of a check for {$920.00} XX/XX/XXXX called for update on his bosses research ... As we felt the {$920.00} was in the loan cost and calculated to add to loan amount ..., we wanted it corrected and loan payment refigured ... .he told me that the hassle of doing that to save a few dollars was not worth it ... we told him {$920.00} was worth it to us.it would lower the total cost of the loan by nearly $ 1000..then he told me he was so done with this and he would have his boss call me XX/XX/XXXX sent and email to broker XXXX XXXX, telling him we had not received a call and did he really forward to his boss He responded with Yes I referred to my boss. The {$920.00} was refunded to you I responded what about correcting the loan items that were included in the total amount financed ( ieloan appraisal ). Your boss never contacted me..may I please have your bosses name, email and number His response This was a cash out loan. The {$920.00} was coming back to you regardless because it was erroneously included in the loan amount making your cash amount {$920.00} less than what it should have been. That is why {$920.00} was refunded. The loan amount was never changed in order to include. The {$920.00}, so that why the loan amount will not be changed.
Everything is finalized and was done correctly ... .ERRONEOUSLY!!!
He never did give me his bosses name email or number..dosent erroneously mean incorrectly
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| 03/23/2020 |
No |
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- Applying for a mortgage or refinancing an existing mortgage
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Web |
Servicemember |
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Contacted Loan United for VA refinancing of my home in Pennsylvania XX/XX/XXXX. My refinancing was being processed by XXXX XXXX XXXX, Senior Mortgage Loan Originator.
Loan United requested XX/XX/XXXX mortgage statement, insurance, IDs DD214, Note, Social Security cards which I began submitting.
XX/XX/XXXX Loan United expanded their information request to include 30 days of paystubs, XXXX/XXXX W2s, 2 months bank statements. Social Security letter, Retirement letter.
XX/XX/XXXX Loan United requested Home Appraisal ( Cost to me {$500.00} ) and VA Termite Report ( Cost to me : {$85.00} ) which were performed.
XX/XX/XXXX Loan United requested additional information to include P & L statements and all tax schedules for myself and my wife and her business. Sent this information Overnight to their office.
XX/XX/XXXX Loan United requested additional information K-1 tax returns, Business license, expanded information on our tax returns. Resent additional information directly to Loan United Overnight mail.
XX/XX/XXXX Loan United requested I add Flood Insurance to my homeowners even though I do not live in a flood zone.
XX/XX/XXXX Loan United, XXXX XXXX, Loan Processor emailed me : " a loan payoff was the last item needed for your loans clear to close..we will most likely fund in XXXX so I wanted to be sure XXXX as been paid '' Contacted my mortgae company XXXX XXXX, and a payoff amount was provided to Loan United in XXXX .
XX/XX/XXXX Loan United XXXX XXXX emailed me : : " All is well with your loan we are simply waiting until after XX/XX/XXXX to reloock your loan and then we should be cleared for closing ''.
My original lock in rate was 3.75 % last year but I guess since so much time has passed a new Rate lock was needed.
XX/XX/XXXX XXXX XXXX emailed me : ( after I inquired when my rate was going to be locked in ) " too high to lock today '' even though there were 3 rate cuts by the Fed to Banks and Lenders to almost zero. How could it be?
Since then no further communication. Loan United advertises their VA refinancing as quick, easy with limited information needed. I found this to be quite the opposite. This has turned into a nightmare, and I am still not closed. Im an XXXX discharged Vet and utilized the VA to help secure my original mortgage and this refinancing. I have always paid my mortgage on time as well as all my bills. I feel that this company should not be allowed to process VA loans of any type. I feel that this refinancing will not be closed
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| 02/26/2021 |
No |
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Web |
Servicemember |
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In the beginning of XXXX I responded to a mailed solicitation from Loan United to refinance my 30-year VA loan from 2.75 % to 1.75 % under the streamline plan. The person I dealt with was XXXX XXXX, Senior Mortgage Loan Originator, NMLS # XXXX, Direct : ( XXXX ) XXXX, Cell : ( XXXX ) XXXX, Phone : ( XXXX ) XXXX EXT : XXXX, XXXX After promptly sending in my documents, Mr. XXXX told me that they could not do the advertised 1.75 % rate, but they could do 2.0 %. I said okay and sent him all documents requested. I e-signed a bunch of documents beginning the process. He told me to skip my XXXX payment.
On XX/XX/XXXX, the following lady contacted me : XXXX XXXX, Loan Assistant, Email : XXXX, XXXX : ( XXXX ) XXXX | Fax : ( XXXX ) XXXX, Main : ( XXXX ) XXXX ext XXXX Next Loan United became obsessed with talking to my bank. First they contacted the wrong bank in Minnesota instead of Tennessee. This was the first delay. Next they had a third party with a thick foreign accent call me and tell me that the reason they had to talk to my bank was in order to talk about my loan with the bank. I told them that the loan was with XXXX and not with the bank, but they continued to argue with me that it was. I tried to explain that I had a loan with the bank for a condo in XXXX, and the loan I was refinancing was with Quicken and was in XXXX, TN. After all of this, XXXX and XXXX pretty much went silent on me, not answering my calls, messages, or emails. XXXX answered one time last Monday and said he would get an answer in 5 minutes, but did not.
Now XXXX has slapped late fees on me and is harassing me about my loan which will soon be delinquent.
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| 03/15/2021 |
No |
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Web |
Servicemember |
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CLASSIC BAIT AND SWITCH!
We have excellent credit and applied on XX/XX/2021 for a loan with our current lender and LoanUnited.com at the same time and both offered a 1.75 % rate on a 30 year mortgage which was unheard of but true. We went with LoanUnited because XXXX XXXX was nice/knowledgeable and the closing costs were slightly lower. LoanUnited approved our loan on XX/XX/2021 and sent us notice it was approved. What XXXX XXXX didn't do was lock our rate and misled us that he had done so. When we continuously asked about it he said not to worry that we were approved through " blah blah blah '' lender and the closing date was scheduled for XX/XX/XXXX. When we started pushing him for proof of the lock he started lying and trying to put us off then he went completely silent. We called the office and were hung up on by others including when we asked for XXXX XXXX the " owner ''?
Bait and switch is when borrowers are promised attractive terms upfront to win your mortgage business but then fail to deliver those terms when it comes time to close your loan. Changing terms at the last minute when borrowers are desperate to close their loan. In our case we should have just signed the rate lock loan estimate with our current lender at that 1.75 % rate and it would've been locked and our VA IRRRL refinance would've been done by now. Instead LoanUnited has cost us thousands of dollars with their extremely dishonest practices. I'm reporting them to the Consumer Financial Protection Bureau and VA because they are preying on our Veterans and using the VA IRRRL program to do so. STAY AWAY AND LEARN FROM OUR MISTAKE!
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| 10/13/2019 |
Yes |
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- Applying for a mortgage or refinancing an existing mortgage
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Web |
Servicemember |
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Loan United solicited me by mail and phone calls about the VA Interest Rate Reduction Loan in XXXX after reviewing my loan somehow. I was told that my interest rate was too high 5.25 % and that I could skip 2 months payments and also receive a refund from my escrow account.
I provided all necessary loan documents and waited and waited ... .meanwhile I was receiving phone calls from my current loan company XXXX XXXX XXXX XXXX and I informed them about my refi.
Meanwhile I had to dip into the two months payments for my small business and car repairs. The last week of XX/XX/2019 I was contacted by phone that I was DENIED! Due to a SEASONING REQUIREMENT? I was mad as a hornet and immediately contacted XXXX XXXX XXXX XXXX to apply for the IRRL and told the loan officer my situation.
We also tried a HELOC on my second home which has XXXX in equity but I was denied because of the missing payments.
Now Im even further behind because of this mess and facing a Foreclosure Aauction on the XXXX of XXXX even though I have already submitted documentation to XXXX LOSS MITIGATION and the VA HOME GUARANTEE SPECIALIST in MINNESOTA!
I have received letters and knocks on my door to include people talking to my neighbors about my pending foreclosure. If this home is foreclosed on because XXXX FAILED TO PROPERLY REVIEW my information I will sue them!
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| 03/12/2021 |
Yes |
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Web |
Servicemember |
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In process trying to refinance with LoanUnited.com -- - Started Refinance on XX/XX/2021 with LoanUnited representative Mr. XXXX XXXX.
XXXX XXXX XXXX Mortgage Loan Originator XXXX # XXXX | Email : XXXX Direct : ( XXXX ) XXXX | Fax : ( XXXX ) XXXX Toll Free : ( XXXX ) XXXX ext XXXX Received email and multiple telephone calls that we were going to close on XX/XX/2021 .... and have received no further notifications other than an email stating please be patient ... no calls, nothing .... Seems vastly unprofessional and I would be terminated if my customer service skills were performed at the same level as this company.
I've asked to speak with the CEO/Owner or whomever is in charge and nothing, no response, no attempts at contacting me by phone or email. As a side note I have sent multiple emails voicing my frustration with no response as well, other than an email from Mr. XXXX stating to please be patient ... this company should be shut down and those at the top should be thrown in prison.
Additional contacts from emails I've received from LoanUnited.com are below : XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX Loan Processor Email : XXXX XXXX : ( XXXX ) XXXX | Fax : ( XXXX ) XXXX Toll Free : ( XXXX ) XXXX ext XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX
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| 04/16/2021 |
No |
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- Applying for a mortgage or refinancing an existing mortgage
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Web |
Servicemember |
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2 loan officers represented a certain company did a bait and switch told many lies and misrepresented their company. and they made threats to me about loan in any future contract. XXXX a manger thought he was XXXX said he was it like he owned loanunited. XXXX WAS BAD FROM THE GET GO. THESE TWO WITH LOANUNITED OUT OF GA. Please if you deal with loan united. Stay far away from these 2.
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| 12/14/2020 |
Yes |
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- Trouble during payment process
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Web |
Servicemember |
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Recently I refinanced my home with LoanUnited. They sold my loan to another company and transferred all my principle amount.
Meanwhile I sent them one month of payment via check.
Now They are not acknowledging that they have cashed my check and have not refunded my money.
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| 04/20/2021 |
Yes |
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- Trouble during payment process
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Web |
Servicemember |
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I was over charge for the refinancing of my mortgage home if youre not at home mortgage
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| 10/03/2022 |
Yes |
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- Applying for a mortgage or refinancing an existing mortgage
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Phone |
Servicemember |
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| 08/01/2021 |
Yes |
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Web |
Servicemember |
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| 03/15/2021 |
Yes |
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- Applying for a mortgage or refinancing an existing mortgage
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Web |
Servicemember |
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| 03/01/2021 |
Yes |
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- Applying for a mortgage or refinancing an existing mortgage
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Web |
Older American, Servicemember |
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| 02/08/2021 |
Yes |
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- Applying for a mortgage or refinancing an existing mortgage
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Phone |
Servicemember |
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| 07/21/2020 |
Yes |
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- Applying for a mortgage or refinancing an existing mortgage
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Phone |
Servicemember |
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| 11/05/2019 |
Yes |
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- Applying for a mortgage or refinancing an existing mortgage
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Web |
Servicemember |
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