Mortgage -- Closing on a mortgage -- Complaint #5274338
Complaint Overview
Complaint ID: 5274338
Company: Mega Capital Funding INC.
Product: Mortgage
Sub-Product: Other type of mortgage
Issue: Closing on a mortgage
State: California
ZIP Code: 92629
Date Received: 2022-03-01T12:00:00-05:00
Date Sent to Company: 2022-03-01T12:00:00-05:00
Company Response: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Submitted Via: Web
Consumer Narrative
I have a signed Loan Estimate disclosure document with XXXX XXXX XXXX XXXX, XXXX confirming my rate lock contract at 3.875 % is good through XX/XX/2022. Today, XX/XX/XXXX, they have issued an email to my broker saying they will no longer honor this rate and all rates for this loan product are now at 4.75 % Lock Desk XXXX XXXX XXXX XXXX, XXXX XXXX XXXX CA XXXX XXXX XXXX How this is even ethical is beyond me. If this is allowed, it takes away all confidence any consumer has with a rate lock. Allowing a lender at their own discretion to ignore any contracted rate locks can detrimentally hurt all consumers financially along with taking away the faith that these rate locks are meant to represent.
Frequently Asked Questions
What is Complaint #5274338 about?
Complaint #5274338 was filed against Mega Capital Funding INC. regarding Mortgage specifically about Closing on a mortgage. It was received by the CFPB on 2022-03-01T12:00:00-05:00.
How did Mega Capital Funding INC. respond to this complaint?
The company responded with: "Closed with explanation". The response was timely.
What is the risk level of this complaint?
See the risk assessment section for details on this complaint's risk profile.
How do I file a similar complaint?
You can file a complaint with the CFPB at consumerfinance.gov/complaint. Select the appropriate product category (Mortgage) and describe your issue in detail.
Can I see other complaints against Mega Capital Funding INC.?
Yes, visit the Mega Capital Funding INC. company profile at readthecomplaint.com/company/mega-capital-funding-inc to see all complaints, risk scores, and analysis.
Disclaimer
This analysis is AI-generated based on publicly available CFPB complaint data. It does not constitute financial or legal advice.