Mortgage -- Closing on a mortgage -- Complaint #8228506
Complaint Overview
Complaint ID: 8228506
Company: Academy Mortgage Corporation
Product: Mortgage
Sub-Product: Conventional home mortgage
Issue: Closing on a mortgage
Sub-Issue: Trying to communicate with the company to fix an issue with the loan closing
State: Georgia
ZIP Code: 305XX
Date Received: 2024-01-25T12:00:00-05:00
Date Sent to Company: 2024-01-25T12:00:00-05:00
Company Response: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Submitted Via: Web
Consumer Narrative
I am writing to bring to your attention a matter of significant concern regarding deceptive practices by Academy Mortgage, relating to my recent home loan experience. I completed the loan process and closed on XX/XX/XXXX, only to discover undisclosed charges for buy-down rates just three days before the closing date. The loan officer was aware that there was a cost for the interest rate that was presented to me and failed to disclose the cost. The lack of transparency surrounding these additional costs, left me in a vulnerable position. The decision between accepting unexpected expenses or facing homelessness was forced upon me due to the loan officer 's unethical actions. Attempts to address my concerns were met with a dismissive response, indicating a lack of willingness to address the issues at hand. Numerous attempts to contact the loan officer and management have proven unsuccessful. The rate was only locked in at the last minute, despite my request 30 days prior and I am left uncertain about the details of the rate buy down. This situation raises serious concerns about how many others may have closed on loans under similarly pressured circumstances. They presented the seller to increase the sale price of the home to the appraised value. Then they used {$9000.00} of that amount to pay their down fees. I came out of pocket with the other XXXX. I implore the CFPB to investigate this matter thoroughly. Your attention to the deceptive practices employed by Academy Mortgage and their potential impact on consumers is crucial. I believe that such actions should not go unchecked, and the responsible parties should be held accountable for their unethical behavior. Thank you for your prompt attention to this matter. I trust that the CFPB will take appropriate action to safeguard consumers and uphold fair and transparent lending practices.
Frequently Asked Questions
What is Complaint #8228506 about?
Complaint #8228506 was filed against Academy Mortgage Corporation regarding Mortgage specifically about Closing on a mortgage. It was received by the CFPB on 2024-01-25T12:00:00-05:00.
How did Academy Mortgage Corporation 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 Academy Mortgage Corporation?
Yes, visit the Academy Mortgage Corporation company profile at readthecomplaint.com/company/academy-mortgage-corporation 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.