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Closed on a Refinance Mortgage with NewFed Mortgage on XX/XX/2019 at XXXX XXXX XXXX, XXXX. | XXXX XXXX XXXX , XXXX, XXXX XXXX XXXX XXXX, XXXX XXXX, XXXX, MA XXXX. From the very outset email communication with NewFed ( XXXX XXXX XXXX XXXX, MA XXXX ) was confusing at best and deceptive at worst. The closing was just as bad if not worse. No consumer would ever be able to read all of the documents that required my signature.
I had initially sought a refinance with the company that held my mortgage : XXXX XXXX XXXX XXXX. However, they would not inform me if and when I would be reimbursed for 6 to 8 payments ahead. Because of this I decided to seek a refinance elsewhere. XXXX XXXX continued to avoid providing me with the information. I filed a complaint with CFPB and it, at least, got their attention, although they never provided a definitive answer. It became moot because it was taking so long to refinance I would not be paid ahead by the time I closed.
In the early morning of the closing I attempted top postpone because, according to the disclosure, I had not been given credit for my most recent payment to XXXX XXXX. When I called XXXX XXXX XXXX they suggested I call NewFed. I called NewFed and they suggested I keep the appointment and they would check with XXXX XXXX and provide the update to XXXX aXXXX XXXX.
During the appointment with Attorney XXXX I what he had heard from NewFed for the update of my payment. He indicated that he was unaware of it and had not been contacted by NewFed. He told me not to worry because XXXX XXXX would have to reimburse me.
On the following Monday I received my XXXX XXXX statement, and had they checked, they would have seen that XXXX XXXX had received my payment. The refinance should have been a lower figure and I would not have needed a reimbursement.
Compounding the problem is that I received a letter from XXXX XXXX notifying me they had purchased the loan. I'm now stuck with XXXX XXXX. One of the incentives for me to refinance was to extricate myself from a company I believe to be similar to a criminal organization.
NewFed never even hinted that they would sell the loan. In fact, one of the reason I chose NewFed was that XXXX XXXX had informed me that it would only cost me a few hundred dollars when I select to pay down a portion of the loan. I had discovered that instead of making payments ahead it is better to save additional money and, when it reaches a few thousand, apply it to the loan to reduce the principal. I would not have agreed to the NewFed loan had I known I would be stuck with XXXX XXXX or any other company that could not assure me an easy way to periodically reduce the loan. Now I have to look into selling in order to payoff the loan and free myself from XXXX XXXX. I'm actually embarrassed to be associated in any way with XXXX XXXX. It's no surprise to me that they would be doing business with a company like NewFed that seems to operate in a similar way. NewFed and XXXX XXXX, working together, certainly do not appear to consider the interests of the consumer.
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I contacted via email to NewFed Mortgage company for refinancing my home loan on XX/XX/2020 providing my name, address, estimated house market value, my current outstanding loan amount, and my credit score. They got back to me on XX/XX/2020, stating the interest rate is 3.125 paying {$1500.00} or 3.25 paying XXXX for closing costs. I declined the offer saying my current interest rate is 3.5 % and did not start the application process as I am looking for a much lower interest rate.
NewFed came back stating if I can share my current mortgage statement, they might be able to check if they can give a better rate. I shared the document, and they came back with 2.75 % for {$1500.00} closing cost for 27 years. I agreed and filled the application.
On XX/XX/2020, after running the credit score, they come back and give me a rate of 3.125 % with a $ XXXX closing cost. When asked, they told me, sorry,2.75 % was mistakenly quoted to me, so I requested them to remove the credit check from my file as this not what agreed and that I don't want this interest rate from first. Then NewFed rep says he will contact his operations manager to get his removed after talking to the credit bureau agency. He also apologized for the mistake.
On XX/XX/2020, they come back stating we can not do anything, and my score will be down only 1-3 points, and I got 14 days to shop around, and after 14 days, if I get the lower rate i am looking, it will be considered another check. I told NewFed that I did not agree in the first place for 3.125 %, but NewFed convinced me that it is 2.75 %, and then I filled the application. After applying, they come back with an offer of 3.125 % with a $ XXXX closing cost, and I should consider it. When pushed them to for the rate they agreed, NewFed came and gave me an interest rate of 2.875 % with XXXX closing costs for a 27-year term. So I asked them what the breakup cost and they provided me the details on an email. I agreed to go ahead.
Today ( XX/XX/2020 ) - I am told the rates are up, and they will give me 3 % the excuse they give me is I did not lock the rate. If I want 2.875 %, I will have to buy the points or wait for the market to come down next week.
They wasted 3 days, and all they say is sorry it was an honest mistake. Well, their honest mistake is putting my credibility in check. The credit check done by NewFed will stay on my file for the next 2 years.
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