Mortgage -- Closing on a mortgage -- Complaint #9557622
Complaint Overview
Complaint ID: 9557622
Company: Equity Loans LLC
Product: Mortgage
Sub-Product: Conventional home mortgage
Issue: Closing on a mortgage
Sub-Issue: Fees or costs after closing
State: Connecticut
ZIP Code: 067XX
Date Received: 2024-07-18T12:00:00-05:00
Date Sent to Company: 2024-07-19T12:00:00-05:00
Company Response: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Submitted Via: Web
Consumer Narrative
On XX/XX/year>, I received my initial closing disclosure showing a lender paid broker compensation fee of {$5300.00}. I signed this document that day. Subsequently on XX/XX/year>, I received a revised closing disclosure and a change of circumstances switching the lender paid fee to a borrower paid fee. I did not request this to be done. This second CD also showed reduced points, the administrative fee was removed, and the broker compensation fee was switched from lender paid to borrower paid. I called the loan officer to question these changes. He informed me the loan was not passing XXXX, a term I am not familiar with. The loan officer explained these changes were made in order to pass XXXX. The loan officer said, " This is the way it is done and we do it all the time. ". He also mentioned he did this to another loan for a person named XXXX and it required him to pay about $ XXXX more upon closing. The loan officer rebuked my concerns because the cost of the loan was about same. He threatened to hang up the phone rather than seek a negotiated agreement. The only solution he offered was for me not to show up at closing. I was concerned that not closing at this late stage would jeopardize my $ XXXX deposit paid to the sellers that were responsive and flexible with me in every step towards bring this house sale to closure.
Frequently Asked Questions
What is Complaint #9557622 about?
Complaint #9557622 was filed against Equity Loans LLC regarding Mortgage specifically about Closing on a mortgage. It was received by the CFPB on 2024-07-18T12:00:00-05:00.
How did Equity Loans 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 Equity Loans LLC?
Yes, visit the Equity Loans LLC company profile at readthecomplaint.com/company/equity-loans-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.