Mortgage -- Problem with a credit reporting company's investigation into an existing problem -- Complaint #5617411
Complaint Overview
Complaint ID: 5617411
Company: Bay Equity LLC
Product: Mortgage
Sub-Product: FHA mortgage
Issue: Problem with a credit reporting company's investigation into an existing problem
Sub-Issue: Was not notified of investigation status or results
State: California
ZIP Code: XXXXX
Date Received: 2022-05-27T12:00:00-05:00
Date Sent to Company: 2022-05-27T12:00:00-05:00
Company Response: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Submitted Via: Web
Consumer Narrative
I applied for an FHA loan through a company called Bay Equity. I dealt with a very unethical salesperson/scammer, named XXXX XXXX XXXX This person sent me a loan estimate and verbally told me that if I go with him, I would get a 4.5 % rate for my FHA mortgage ( no admin costs ). Within 2 hours, he said that he could no longer give me that rate because my credit score came back below their 640 cutoff. I had just pulled credit with another lender within that same 30-day timeframe and my credit was XXXX. I asked that he send me proof of my credit score and he said " I didnt believe him '' and that he would no longer correspond with me because he sells 30 loans a month and doesnt need my business. He did not send me this info even after repeated attempts to get it. I called and filed a complaint and a rep from their legal counsel called me. She said she would have someone reach out that could get me the rate agreed to and my credit info. A sales supervisor called and told me XXXX did lie and that they showed my credit score to be above their 640 cuttoff. He said he would look into a solution and call me and never called me back. Now, the rates have increased, I lost the home I put an offer on and still dont have the credit info I asked for. Additionally, XXXX tried to trick me by emailing me and stating that he could possibly " trick '' his system into giving me a XXXX credit score so I would qualify but that I needed to pay additional admin fees to him. I have saved all email correspodences.
Frequently Asked Questions
What is Complaint #5617411 about?
Complaint #5617411 was filed against Bay Equity LLC regarding Mortgage specifically about Problem with a credit reporting company's investigation into an existing problem. It was received by the CFPB on 2022-05-27T12:00:00-05:00.
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.