Citywide Home Loans, a Utah Corporation Mortgage Complaint

Citywide Home Loans, a Utah Corporation Mortgage department,

Conventional fixed mortgage Application, originator, mortgage broker Colorado

We are officially filing a complaint against - - of Citywide Home Loans in -, Colorado. - - My husband and I, both - at the time, moved to Colorado and purchased our first home. Being first time home buyers we were not aware that we had options regarding our mortgage broker. Our realtor basically told us, this is who you have to use, submit your information to - - for pre-approval so I can show you houses. When our offer was accepted on our new home, we told the mortgage broker that we were interested in a physician home loan. We actually brought this up on 3 different occasions with him, once by phone between him and I, once with my realtor, and once with my father who we were possibly going to use as a co-signer. - said on all 3 occasions that - were not available in the state of Colorado, as they were illegal in some way under Colorado rules. He stated


companies at that time. So as soon as we realized this, we re-contacted - to discuss and see if he could assist us in getting into the - as we originally requested. He again argued that they were not available to us at that time. We asked that he simply pay the PMI that we had lost over the past 6 months and/or closing costs to get us into the right loan. He refused any sort of compromise or discussion. I reached out to his supervisor who directed me to corporate. We had a discussion with corporate after 2 weeks of " investigation '' with - -. The lawyers first comment to me was, " I understand you are upset because you were n't offered some sort of physician discount. '' Nope, no discount, just wanted a physician loan. Just frustrating that after 2 weeks of investigation, this is all - had expressed to her ; basically, it felt as if they really did no true investigation of the details and matters pertaining to our situation. I feel as a mortgage broker he had a fiduciary duty to provide us with the best loan in our economic interest. In our case, this would have been the physician loan. We have also been advised that we also qualified for FHA loans which also were not offered to us and could have been another more beneficial option for us. Now, either he was uneducated on what is available in the market for physicians ( if so, he had a duty to tell us he was unaware of such a loan and we could have done research on our own, rather than stating they are " illegal '' or not available in our state ) ; OR he was aware of these loans but could n't write for it himself and thus make a commission/income placing his own economic interest ahead of ours.