Southwest Funding, LP Mortgage Complaint

Southwest Funding, LP Mortgage department,

Conventional adjustable mortgage (ARM) Settlement process and costs Texas

Applied for a loan with Southwest Funding, a loan broker in -, T-. The loan was quoted verbally on -/-/15 by - - as 3.25 % with total fees of $1800.00 to be paid. This loan was - option on the original GFE issued by - -, although the $1800.00 in fees was higher than on the GFE. - issued several subsequent GFE 's, each - incorrect. As of the day of verbally being advised of loan approval, a correct GFE had not been received, however, we continued to proceed in good faith. A correct GFE was never received prior to closing. The final, incorrect, GFE, arrived via - on -/-/15, the day of closing. Despite being advised of loan approval on Friday, - - and requesting both the corrected GFE and HUD statements several times between that date and our scheduled closing of -/-/15, they were not received in a timely manner. On -/-/15, the business day prior to closing, the HUD statement was received late afternoon. Upon review it was noted that again, the loan numbers were incorrect. There were origination charges and fees totaling $4100.00, or $2300.00 more than quoted. A call to - - of Southwest


stated on the original GFE. She also advised that we could change to another loan, but that would take a minimum of 3 days to process. As the closing was out of state and had already been delayed once, my husband and I would have to find another time to travel, incur additional expense, etc., we decided to go ahead with the closing even though the figures were incorrect and the loan was not the one that had been promised. Southwest Funding did refund $470.00 which was the cost of the appraisal on the property, however, even with this refund, charges incurred were $1800.00 more than originally quoted by Southwest Funding. Complaints : - 's agent, - - did not provide the loan that was quoted, nor did she follow up with the actual lender to provide documentation in a timely manner, despite numerous requests for this documentation. - - did not provide the GFE on the loan that was purchased until the date of closing, at which point it was too late to make any corrections for their errors. An aside, - advised that information from - was sent via - and e-mail, however, no e-mail was ever received from - -. I believe that both of these issues are unethical practices.