| 10/03/2022 |
No |
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- Applying for a mortgage or refinancing an existing mortgage
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Web |
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We originally applied for a mortgage loan with XXXX XXXX XXXX XXXX XX/XX/XXXX. XXXX. At that time we were told that our file needed to go through underwriting in order to get the most accurate number for our pre-approval amount. We told the mortgage officer at the time our financial situation, that included a prior bankruptcy filing, its discharge date and our need for down payment assistance. We were assured to continue with our application and subsequently received a pre-approval letter for {$450000.00} which was later revised to {$460000.00} a few days later ( XX/XX/XXXX ) We immediately went shopping for a home and went under contract sending the details to the mortgage officer and our agent. On XX/XX/XXXX we were referred by the mortgage officer of XXXX XXXX XXXX ( XXXX XXXX to Pacific Residential Mortgage ( PacRes ) for purposes of underwriting only the DPA portion of the loan. We were assured multiple times that our earnest money was protected throughout the process and that there was nothing to worry about. We proceeded with depositing {$4500.00} in XXXX XXXX with XXXX title on XX/XX/XXXX. The appraisal, home inspection and sewer scope were subsequently ordered.
We continued correspondence with our representative at XXXX for the next several weeks, who routinely reached out to PacRes for updates to our file, while continually assuring us that our earnest money was protected and that our loan was in progress.
During this time, multiple instances of negligence, malpractice and fraud took place. Pacific Residential was aware of consumers need for DPA in addition to a manual underwrite, however did not process the file in an appropriate amount of time to protect buyers earnest money. This negligent business practice, further caused consumer to invest in a transaction that could not feasibly come to light due to XXXX regulations set forth by FHA lending. XXXX XXXX XXXX defrauded consumer by providing a pre-approval letter which could not have come to close due to the previously mentioned facts.
Furthermore, a relationship between XXXX XXXX XXXX and Pacific Residential Mortgage was implied, HOWEVER, in actuality employees from XXXX were in process of terminating their positions and transitioning to PacRes hoping to take clients along the way.
On XX/XX/XXXX - We applied for a mortgage with XXXX XXXX XXXX XX/XX/XXXX - Pre-Approval letter sent via XXXX XX/XX/XXXX - Consumer goes under contract XX/XX/XXXX - Client Handoff from XXXX to Pacific Residential Mortgage for XXXX assistance. Application submitted to PacRes. Email sent to PacRes stating earnest money was to be sent.
XX/XX/XXXX - form executing agents be kept up to date.
XX/XX/XXXX - Underwriting orders report update through XXXX. Multiple emails and vms have been left to follow up on loan status.
XX/XX/XXXX- Near daily correspondence with XXXX asking for updates from PacRes.
XX/XX/XXXX - Loan denial, 3 days before closing. Had to call PacRes at least 5 times to get the denial letter to immediately notify seller.
XX/XX/XXXX - Begin process of recouping XXXX from both PacRes & XXXX.
XX/XX/XXXX, XXXX PacRes states two arguments ( 1 ) They are not the lender, no promises were made on behalf of PacRes ( 2 ) They are the lender, they are the only lender ; there were no financing changes and buyer is not in violation of purchase contract/is entitled to earnest money XX/XX/XXXX - Earnest Money forfeited due to contract violations. Demand letter sent seeking reimbursement.
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| 06/01/2018 |
Yes |
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Web |
Servicemember |
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We ( my fiance and I ) were first-time home buyers who got caught in a bait and switch scheme. I was pre-approved through XXXX when we were referred to a real estate agent who was XXXX approved through XXXX XXXX. Her name was XXXX XXXX. We signed a buyers agreement with her on XX/XX/XXXX. XXXX XXXX steered us into dropping our pre-approved lender to go with a local lender. She stated that the Colorado market was difficult to navigate and a local lender would be more responsive and preferred by sellers. She set us up with her husband, XXXX XXXX, with XXXX XXXX XXXX/Pacific Residential Mortgage. I told him immediately that we wanted a 30-year VA fixed loan. We had more than 20 % for a down payment and my credit score was XXXX. XXXX XXXX promised us a great rate. He falsely disclosed that we needed to sign an initial form that stated the our interest rate would be 5.25 %, " just to get the ball rolling '' and that he promised that it would be much lower when we would " lock the rate in '' together. We went under contract on a dream house. We completed inspection, appraisal, and were a week from closing. We were waiting on XXXX to go over the great interest rate and point options he promised. He delayed and kept delaying. XXXX sent us another disclosure with the rate still at 5.25 % with less than a week before the closing day. The national mortgage interest rate was less than a 4.8 % at the time. He stated that he had locked us in at 5.25 %. We were shocked. We asked him how he could do that with the national rate being much lower and without consulting us. He then said and then kept repeating that we could refinance down the road and that it wasn't that bad. He stopped responding and was unreachable. XXXX XXXX, our realtor, then started saying the same things. She said it was too late to switch lenders and that we should just take the loan. We had already called several other companies at that point and had multiple other offers of 4.25 % par or lower. We complained to XXXX XXXX 's manager. He agreed to drop it to 4.8 % only after we stated that we would file a complaint with multiple regulatory agencies. The owner of XXXX XXXX XXXX stated that there was nothing more that he could do and that we would need to buy the rate down to 4.25 % if we wanted to. We were caught with an unjustified high interest rate and were being rushed to sign or lose the house. XXXX XXXX and her manager were " unable '' to convince the sellers to push the closing date, which was set on XX/XX/XXXX. XXXX XXXX had previously pushed the move the closing date sooner instead. XXXX told us that if we didnt sign the loan disclosure on XX/XX/XXXX that we would lose our earnest money as well as the money that we had put down for inspection and appraisal. We decided to file this complaint because we do feel like we were victims in a predatory lending scheme. We were deceived by being outright lied during this process, a process we were nave to as first-time home buyers. We will lose thousands ( estimated {$15000.00} + ) over the course of paying off our mortgage and the money used to buy down an unjustifiably high rate. We were naive first-time buyers who trusted what our realtor and lender were telling us. We hope to help stop this scam for other buyers in the future.
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| 09/28/2016 |
Yes |
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- Application, originator, mortgage broker
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Web |
Servicemember |
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During this long and arduous process, Pacific Residential Mortgage Company was rude and descriminating towards my service-connected XXXX.
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| 05/23/2022 |
Yes |
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- Applying for a mortgage or refinancing an existing mortgage
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Web |
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| 05/13/2016 |
Yes |
- Mortgage
- Conventional fixed mortgage
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- Application, originator, mortgage broker
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Web |
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| 06/11/2012 |
No |
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- Application, originator, mortgage broker
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Web |
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