Sierra Pacific Mortgage Mortgage Complaint

Sierra Pacific Mortgage Mortgage department,

Conventional adjustable mortgage (ARM) Application, originator, mortgage broker California

I entered into a thirty day escrow to purchase a home on - - -. I had been in contact with Sierra Pacific Mortgage prior to the offer and they indicated a willingness to serve as my mortgage broker. Upon opening of escrow Sierra Pacific Mortgage proceeded to start a loan application process. I received a mortgage report on - - - and a request for documents required to process the loan from the Sierra Pacific Mortgage office at - - - -, # -, -, CA -. Close of escrow was identified as - -/-/- -. All documents requested by Sierra Pacific Mortgage were provided to them by - -. The documents included copies of my joint - and - tax returns. I had not yet filed our - return. Sierra Pacific Mortgage also requested a form - be completed and signed by myself and my wife. This was done and provided to Sierra Pacific Mortgage on - -. A Uniform Residential Loan Application was completed and submitted to Sierra Pacific Mortgage on that same date. Sierra Pacific Mortgage made a request for some detailed information on - - which was promptly provided. On - - we received an


Great news, we have loan approval and you can release the loan and appraisal contingencies. '' We did release the loan contingency on this advice and that of our realtor. In fact, the loan was not approved and ready by the agreed to closing date of - -. We were forced to submit a Closing Date Extension request to the sellers which they accepted with no penalty to us. A new closing date of - -/-/- was requested in the extension. Additional loan-related information was requested by Sierra Pacific Mortgage on - -/-/- and promptly provided to them. On - -/-/- I asked Sierra Pacific Mortgage, Did we provide everything you needed for the last set on contingencies? '' The reply was, Yes, I believe so. I sent everything to the underwriter this morning. These conditions get reviewed and signed off, we will be able to get docs early next week. '' The - of - - was a Saturday, upon hearing this clearly closure on the - was not going to be possible. Our realtor sought another Closing Date Extension from the sellers. The sellers accepted but this time sought compensation ; Sellers credit to buyers of closing costs per Addendum No. - dated - -, - shall be reduced from - to $1000.00. '' We accepted rather than risk losing our entire deposit but lost $1000.00 by doing so. We received word on - -/-/- from Sierra Pacific Mortgage ; We have funding the loan and will let you know once - - - has received the wire and property is recorded with the county. We feel Sierra Pacific Mortgage lead us to believe they could provide a loan within the original - escrow time period, and continued to do so at Loan contingency release, and also during the - extension to - -/-/-.