Where can I complain about a mortgage company giving us the run around?
We applied for a refi more than 45 days ago, at that time we were told that everything looked great and we should be closing in about a week. That was the first lie. We have excellent credit and were told and sent a letter confirming our jumbo loan amount. A couple of weeks later we are told that they can’t do a 80% loan to value amount but a 75%, then we received another confirmation letter…then we were told that they could only do a 70% loan to value amount…btw the reason they were dropping the percentage was not because of our credit but because of “certain guidelines” that they just were realizing we didn’t meet. When we would ask about these guidelines…it was as if they were making some up as they went along. Then, the appraisal comes back and our house appraises for well, lets just say we could easily swing the 80%, then they tell us they can only lend 60% loan to value. I swear this is for real. And they say it is because it is considered new construction (we have been in the house less than a year, which they have known from day 1). We suddenly realize that they did not count all of the square footage of the house, under by 1000 sq. ft., we tell them that they(the appraiser) made a mistake and we send the county documents to prove it and we are told that they have reviewed it and will not allow for the additional square footage. And we are sent a confirmation letter. Then we are told they would only lend the 60% to value, 3 business days later we are told they would only lend 55% to value (after we sent in a signed statement that we would pay for title fees if we decide to change our minds). This is insane…the company keeps telling us week after week that we are going to close, I think we have a total of 4 or 5 changed confirmation prices. They are offering an incredible interest rate…it is the only reason we have stuck it out this far…but there has got to be something in place that protects the consumer is there not?