Mortgage -- Applying for a mortgage or refinancing an existing mortgage -- Complaint #5475957
Complaint Overview
Complaint ID: 5475957
Company: Bay Equity LLC
Product: Mortgage
Sub-Product: Conventional home mortgage
Issue: Applying for a mortgage or refinancing an existing mortgage
State: Illinois
ZIP Code: 60013
Date Received: 2022-04-20T12:00:00-05:00
Date Sent to Company: 2022-04-20T12:00:00-05:00
Company Response: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Submitted Via: Web
Consumer Narrative
I have closed on four conventional mortgages over the last year. This is the first time I was baited to join a mortgage company, Bay Equity. The loan officer I used was XXXX XXXX, XXXX # XXXX. I emailed him to see if they could beat a rate and the loan officer had me first upload all my information and then emailed me an edited loan estimate. When I say he edited, I used his numbers on his loan estimate and totaled {$69000.00}. His total on his loan estimate form was {$65000.00}, which did not make any sense. I confronted him about the numbers because the loan origination fees were significantly higher than the competitor XXXX mortgage, but he gave me a .01 % better rate. He claimed this rate was enough to offset the numbers. He edited the document to try and deceive me. I asked him to explain how he got to these numbers, and he told me the math adds up. He never could justify the numbers. The reason I am making a written complaint is that if he tried to do this to me, I bet he has done it to other people. I doubt most people would catch this, as closing on a home loan can be burdensome. I uploaded his loan estimate so you can verify that if you add up all the numbers itll total XXXX and not XXXX which was on the loan estimate form.
Frequently Asked Questions
What is Complaint #5475957 about?
Complaint #5475957 was filed against Bay Equity LLC regarding Mortgage specifically about Applying for a mortgage or refinancing an existing mortgage. It was received by the CFPB on 2022-04-20T12:00:00-05:00.
How did Bay Equity LLC 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 Bay Equity LLC?
Yes, visit the Bay Equity LLC company profile at readthecomplaint.com/company/bay-equity-llc 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.