PHH Mortgage Mortgage Complaint

PHH Mortgage Mortgage department,

Conventional fixed mortgage Application, originator, mortgage broker Utah

In short, - - failed to disclose essential information regarding loans he procured for - of my rental properties, directly resulting in $18000.00 in additional expense to me and $6400.00 in additional compensation for him. In - 2016 I purchased - rental properties with loans procured by -. At the beginning of the financing process - provided me with disclosures indicating that the rates on the loans would be - with - points payable for his commission. I never received any other disclosures. Partway through the financing process - informed me that he was not confident that he would be able to finance me in-house through Axiom Financial due to my income, and encouraged me to switch to a different lender. I reminded - that if he included my wife 's income I would easily qualify for financing with Axiom, but - told me that would not be necessary and insisted that switching lenders was the right choice. - never disclosed to me that the original rates and terms he disclosed would not apply to the new loans. My attorney later informed me that this


When I arrived at closing I learned that the rates on the loans - procured would not be 4.625 % as disclosed, but 6.375 % and 5.875 % instead. Additionally, the commission owed for - 's services would be - points instead of the - points disclosed ; a difference of $6400.00. Also, a pre-payment penalty of $5700.00 would apply if I refinanced. If I did not close using the loans - procured, I would lose $7000.00 in earnest money and roughly $30000.00 due to - exchange restrictions. - was on vacation in Hawaii at the time and was not present at the closing to comment on the matter. I closed using the loans - procured for me and immediately sought refinancing. The first lender I contacted was able to easily refinance me at 4.25 % on both loans ( it was not necessary to include my wife 's income ). I have now incurred $18000.00 in unnecessary expense due to - 's unethical behavior : $6400.00 in paid for - 's compensation above what was promised, $5700.00 in pre-payment penalties, $1400.00 in additional loan interest due to the rates being higher than the 4.625 % - disclosed, and $4900.00 in closing costs for the new loans. When I contacted - about the matter he blamed the lender for failing to disclose and refused to refund the additional amount paid for his commission as he is required to do by law. ( My attorney later informed me that - had full responsibility to disclose, regardless of the lender 's actions. ) Since my experience with - I have learned that several of my personal acquaintances have also had negative experiences with him professionally ; at least - of whom is a former client of his.