Mortgage -- Closing on a mortgage -- Complaint #5990377
Complaint Overview
Complaint ID: 5990377
Company: Guild Holdings Company
Product: Mortgage
Sub-Product: Conventional home mortgage
Issue: Closing on a mortgage
State: New Hampshire
ZIP Code: 030XX
Date Received: 2022-09-16T12:00:00-05:00
Date Sent to Company: 2022-09-16T12:00:00-05:00
Company Response: Closed with monetary relief
Timely Response: Yes
Consumer Disputed: N/A
Submitted Via: Web
Consumer Narrative
Guild has already promised to make me whole in the following matter, but I am filing this complaint for the benefit of others similarly situated who are not aware that Guild is mishandling their account to its own advantage. Earlier in 2022, I took out a conventional fixed-rate mortgage from Guild Mortgage Company in connection with a new home purchase. As is routine and expected, Guild promptly sold the note while continuing to service the loan. I recently received a letter from Guild, stating that " As a result of an examination of your mortgage loan file, a refund for appraisal fees we collected in the amount of {$150.00} is being made for your benefit and applied to your loan as a principal reduction. '' This {$150.00} fee coincides with a line item " Appraisal Fee - Review '' which appeared on my XXXX settlement statement at closing. My presumption, which Guild did not deny when I alleged it in correspondence with them, is that no such review ever actually occurred ( Guild chose the appraiser, so why bother? ) and so they had no basis for charging this fee. This {$150.00} fee is a cost that I paid out-of-pocket at closing time, so Guild should have sent me a refund check rather than applying it to my principal balance. Furthermore, even if I had financed my closing costs, they should have given me a credit for the interest which has accrued on the {$150.00} since closing. By applying the {$150.00} to my principal balance rather than paying it to me directly, Guild was being unjustly enriched at my expense because prevailing mortgage rates, and even treasury rates, have now risen significantly higher than the fixed rate that I received. Until such time as my loan matures and the final payment has to be remitted to the note-holder, the {$150.00} credit to my principal balance is nothing but a bookkeeping entry. By postponing any actual payment until that time, Guild effectively gets to piggyback on my favorable loan terms and invest the money elsewhere at higher yields, taking the same opportunity away from me. Guild immediately folded when I confronted them and has promised to reverse the principal credit and send me a {$150.00} check instead. They evaded my questions as to why they took these actions in the first place. There are likely many other borrowers in the same situation as mine whom Guild has still not properly compensated.
Frequently Asked Questions
What is Complaint #5990377 about?
Complaint #5990377 was filed against Guild Holdings Company regarding Mortgage specifically about Closing on a mortgage. It was received by the CFPB on 2022-09-16T12:00:00-05:00.
How did Guild Holdings Company respond to this complaint?
The company responded with: "Closed with monetary relief". 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 Guild Holdings Company?
Yes, visit the Guild Holdings Company company profile at readthecomplaint.com/company/guild-holdings-company 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.