Bank of the West Mortgage Complaint

Bank of the West Mortgage department,

Conventional adjustable mortgage (ARM) Settlement process and costs California

I signed disclosures and locked in a 60 day rate with Bank of the West on -/-/2017. I received a revised loan estimate on -/-/2017 saying " pricing changes upon underwriter review - non QM loan '' which added $3800.00 or .5 % discount points to our loan. However, the sales price has been the same since I opened escrow on -/-/2017. Prior to this incident, I kept receiving disclosures in the mail with high discount points which did n't match the advertised rates for the day. I also wondered why other banks were able to do edisclosures but this bank was the only one that sent disclosures in the mail. When I raised the issue with my loan officer -, he said the rates were off in their system and that he had no idea what was going on. I was confused as to how the rates our loan officer was able to lock were higher and had much higher discount points than what was published on Bank of the West 's website and on the Bank of the West rate watch daily emails. I told him I am adamant about not paying any discount points. I asked that he send a screenshot before locking in our rate. On -/-/2017 that 's when I locked in our 3.375 % -/-/- ARM rate with - discount points and a $790.00 admin fee. Also, their appraisals are $850.00 dollars which is $ - $400.00 higher than most banks. The loan processor - sent an email on -/-/2017 saying that my loan was approved by the underwriter and that I would get the approval in the mail. Instead, I received a revised disclosure with $3800.00 in fees for discount points.