Mortgage -- Applying for a mortgage or refinancing an existing mortgage -- Complaint #4512184

Complaint Overview

Complaint ID: 4512184

Company: Intelliloan, INC

Product: Mortgage

Sub-Product: Conventional home mortgage

Issue: Applying for a mortgage or refinancing an existing mortgage

State: California

ZIP Code: 92882

Date Received: 2021-07-02T12:00:00-05:00

Date Sent to Company: 2021-07-02T12:00:00-05:00

Company Response: Closed with explanation

Timely Response: Yes

Consumer Disputed: N/A

Submitted Via: Web

Consumer Narrative

Attempting to refinance the only mortgage on our only residence, we initiated a loan quote with Intelliloan on XX/XX/XXXX. After several rounds of negotiations, I agreed to a rate on XXXX and told the " Home Loan Specialist II '' to move forward. Not using the exact words " Please lock in my rate '', I said " Let 's do this ''. Anyone reading the string of emails will recognize the intent to lock in a rate and start the funding process. On Monday XXXX I followed up in an email asking for confirmation that Intelliloan had everything and we were good to go. By the end of the day I rec 'd an email stating my loan had been started. On Thurs XX/XX/XXXX I rec 'd an email stating that I had not submitted paperwork. I let XXXX know that, as they indicated, they sent the package out XXXX Mon, I didn't receive it until Wed XX/XX/XXXX. The package came Wed evening, my wife was out of town until Thurs night. We stayed up late Thurs night in order to complete the paperwork and scan before Friday XXXX. Friday XXXX we shipped the paperwork back and uploaded the docs into their portal, as well as email them directly to XXXX. From there I would check in with XXXX XXXX XXXX XXXX periodically and was told everything was ok. Except I got an email from XXXX on XX/XX/XXXX, which is now 9 days after I thought the loan started, stating there was missing documents. I provided a screen shot to XXXX to show the docs were there. Anytime there was a request for information, the information was immediately furnished so there would be no reason for any delays in funding. On Thursday XX/XX/XXXX I called expecting the loan to close in a couple days and wanted confirmation of such. Instead, I was told that there was no loan. The rate was never locked in. When I pushed XXXX said he could go back and give me a rate that would have been available around middle of XXXX, higher than the rate I locked in. After many phone calls with XXXX and he would check with his boss, check his emails, ect, all he would offer is the same thing, the middle of XXXX rate. I had to jump to another lender and start the process again. And with focus on that I put off writing this review with the intent to warn or help others with this company. I've learned that some companies have a practice of not locking in the loan when they should, and they gamble that the rates will go lower. So if you lock in a 3.0 % rate on Monday, the company may want until Wed to see if the rate comes down. If Wed the rate is 2.8 % they're not going to tell you, instead they will sell you a rate of 3 % while they pay 2.8 %, increasing their profits. With no proof I can only speculate that's what Intelliloan did. As I'm writing this I realize there's at least one complaint on XXXX for the same date XXXX with the same issue, the runaround until the loan doesn't happen. Please be warned and be careful.

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This analysis is AI-generated based on publicly available CFPB complaint data. It does not constitute financial or legal advice.

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