We have been waiting for weeks to close on a 15 year fixed refi, paying one point. Well, this week, finally got notification from Dan Peterson of United Pacific Mortgage saying we were ready to close. HOWEVER they had increased the rate from 2.75% to 2.99%. I
emailed to find out why the rate changed as we have excellent credit, have a lot of equity in our home and provided all the info needed as soon as we were asked for it. Evidently, it was my fault because I did not provide info to the underwriter before they asked for it. Some info was two weeks late, Dan said, and it was our fault for the rate change. We had no clue they even needed it until I sent my weekly email to Dan Peterson asking what the status of our refi was. He would say things like, underwriting needs etc etc and we would get it to them within a day. HOW CAN WE PROVIDE INFO IF WE DONT KNOW THEY NEED IT?
Our rate went from 2.75 to 2.99 because of the greediness and/or incompetence of Dan Peterson. After Dan blamed us for this whole unethical fiasco, I found the paper trail and all the email/correspondence that transpired during the transaction and will be providing this to the BBB once I file my complaint with them.
So information was provided late (according to Dan) and our rate expired. EXPIRED??? THERE WAS NOT EXPIRATION DATE ON THE LOCK IN DOCUMENT THEY PROVIDED TO US. ISN'T THIS ILLEGAL???? . REPUTABLE COMPANIES PROVIDE A LOCK IN DATE AND IF THAT DATE EXPIRES WILL EXTEND IT AT NO COST TO YOU. REMEMBER THIS!! The local mortgage broker I contacted today also said mortgage rates had come down since we locked in on the 2.75% and there was no reason why we could not have stayed with the 2.75 rate except for greed and unethical practices.
I asked Dan Peterson for his manager's name but he would not provide it to me. And why would I waste my time because the manager probably practices this type of behavior based on complaints I have read on the internet.
PLEASE GOOGLE UNITED PACIFIC MORTGAGE WITH DAN PETERSON BEFORE YOU DO BUSINESS WITH THEM. SO MANY COMPLAINTS. Go local! Am getting at least 2.75 and they will lock me in for two months, and if need be, extend the rate at no cost to me. This will have a great ending for us!