Anonymous on BBB
10 years ago
02/12/2013, 07:48 AM
Complaint: Blue Brick Financial unexpectedly increased my interest rate and monthly payment on my mortgage refinance without my knowledge when I went to sign the closing documents!
During the past few months I have been working with this company to refinance my existing home mortgage. Finally, on January 10th, 2013 at 11:55 am I received a call from Blue Brick Financial (**************) and the gentleman I spoke with told me that my loan had been approved by the bank and that my new interest rate would be 3.25% and my monthly payment would be $1,551. He said to expect a call to set up a time to have someone come to my home to sign the closing documents. I scheduled an appointment, and a few days later another gentleman came to my home for us to sign the documents. My wife and I were very surprised to see that the closing documents stated that the new interest rate would be 3.49% and the monthly payment would be $1,580. We did not sign the papers because these were not the terms that we had agreed upon, so I instead tried to contact the company to fix this mistake. Instead of resolving the situation and upholding their end of our agreement, Blue Brick Financial has instead decided to try to convince me to agree to their “new” terms. Despite my repeated requests for them to honor their word, they have chosen to ignore the problem and hope it goes away. Had I known that this was the way that they treat their customers, I never would have chosen to refinance through Blue Brick Financial. It isn’t worth the anger and frustration that I’ve been forced to endure.Desired Settlement: I want Blue Brick Financial to honor our agreement by providing me with an interest rate of 3.25% and a monthly mortgage payment of $1,551. That is what was quoted to me over the phone, and I expect nothing more and nothing less.
3.25% was the rate at the time of application. It was not locked in at that point. The process of gathering documents, getting an appraisal and underwriting the file takes some time. When the loan had been approved the borrower was eligible to lock in the interest rate. The rates are subject to change. From the time the borrower applied and when he was able to lock in an interest rate the rates had increased. We confirmed that with the borrower and reviewed the new terms with him via phone. I do not claim to know where the miscommunication was with the borrower. We have a very distinct process to close a loan. Reviewing the terms before loan documents are sent to the borrower is one of them. Locking in the interest rate with the borrower is another.
There has been continual communication with the borrower. We are trying to accommodate the borrower’s desired rate even though it is no longer available. We are working with the lender to negotiate a better rate for him. We have addressed his concerns and are working with him even before this complaint was filed.