Mortgage company fails to give promised rate, member says

Mortgage company fails to give promised rate, member says

Member complaint

I hired Pleasant Valley Home Mortgage of Moorestown, N.J. to refinance my mortgage. They locked me into a 2.5 percent rate, and then failed to honor their commitment.

I spent 50 days going through the application, appraisal, loan processing and underwriting and was at the point where I provided time slots for closing with my loan officer.

I then learned my contact was let go along with at least half of their workforce and that the company could not honor their rate quote. They suggested I walk away, or said they might be able to offer me a rate about 0.75 percent higher the following week.

I want them to refinance my mortgage at the 2.5 percent they agreed, or offer a mortgage at current rates, with enough lender credit that I’ll ultimately pay the same amount as our original agreement.

Alan Braem, Kendall Park, N.J.

Status

Penalty Box

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