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On Friday XX/XX/XXXX I contacted loan XXXX XXXX XXXX with Profund Mortgage LLC in XXXX at XXXX to refinance my mortgage.He gave me a verbal quote and said to make loan application on line which I did.His quote was as follows : loan balance of {$190000.00} with 2.75 % for XXXX year term with no lender fees.
XXXX told me he had over 10 years of experience in the mortgage industry.
On Monday XX/XX/XXXX I follow up with XXXX but he was sick. On XX/XX/XXXX I provided him with all information he requested including tax returns for 2 years, insurance, bank statements for 2 years etc. He send me the loan estimate with the above terms as promised.
On XX/XX/XXXX XXXX sent me the the loan estimate and other documents to sign electronically.To my surprise the loan estimate to sign were different than the original one.
The new terms were as follows : loan amount had been changed to {$190000.00} and lender origination fee was now {$3300.00} instead of zero.
Once I contacted XXXX he immediately changed it to the original terms and said it was a " computer glitch ''.
On XX/XX/XXXX I provided XXXX XXXX with my credit card information to charge the appraisal fee.
On XX/XX/XXXX XXXX XXXX called to notify me that he could no longer do the loan with the terms already signed and rate locked on the loan estimate. He then referred me to his XXXX XXXX XXXX who basically said the same thing.
They could now offer me a new loan with a higher interest rate with no lender fees.
What is a written loan estimate worth if no one is holding the lenders firm to their commitment?
My personal situation did not change in those few days. My XXXX XXXX is XXXX, loan to value in the property is 50 %, great income with no debt. The ideal borrower.
How can a lender do business like that? I call it bait and switch and this should be taken seriously. I would stay away from this unscrupulous lender.
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