This letter is in response to your correspondence received by Guild Mortgage Company (“Guild”) on November 29, 2016. Thank you for the opportunity to review and address your concerns.
In your correspondence you express disappointment with the misinformation received and felt you were mislead. Additionally, you express concerns that the interest rate increased from the initial rate you were quoted. Also, you mentioned you did not understand process of how the discount points were charged.
We regret that your experience did not meet your expectations and apologize for any confusion regarding your interest rate and the discount points.
With respect to the interest rate and discount points, when discount points are paid, the lender collects a one-time fee at closing in exchange for a lower mortgage interest …show more content…
You expressed your intentions were to lower your current interest rate of 5% to 4%, and refinance out of your FHA loan with mortgage (MI), into a conventional loan without MI.
On 6/17/2016, Guild attempted to order your appraisal. On 6/21/2016, we received notice from the appraiser you had not returned his telephone calls. On 6/28/2016, there was still no response from you nor was the appraisal scheduled.
On 7/12/2016, you returned Guild’s telephone calls and explained that had been working with a Broker and this is why you had not returned any of Guild or the appraiser telephone calls for the last 30 days.
The loan officer then informed you time had been lost during the 30 days of no communication. He made you aware the interest rate was originally locked on 6/10/2016, therefore, as a result of the delay, you would incur an additional cost of .025pts to extend the lock for an additional 30 days. All telephone conversations were documented accordingly in the file comment log.
You agreed to the terms an apologized for the delay and requested a rush be placed on the
In your correspondence you express disappointment with the misinformation received and felt you were mislead. Additionally, you express concerns that the interest rate increased from the initial rate you were quoted. Also, you mentioned you did not understand process of how the discount points were charged.
We regret that your experience did not meet your expectations and apologize for any confusion regarding your interest rate and the discount points.
With respect to the interest rate and discount points, when discount points are paid, the lender collects a one-time fee at closing in exchange for a lower mortgage interest …show more content…
You expressed your intentions were to lower your current interest rate of 5% to 4%, and refinance out of your FHA loan with mortgage (MI), into a conventional loan without MI.
On 6/17/2016, Guild attempted to order your appraisal. On 6/21/2016, we received notice from the appraiser you had not returned his telephone calls. On 6/28/2016, there was still no response from you nor was the appraisal scheduled.
On 7/12/2016, you returned Guild’s telephone calls and explained that had been working with a Broker and this is why you had not returned any of Guild or the appraiser telephone calls for the last 30 days.
The loan officer then informed you time had been lost during the 30 days of no communication. He made you aware the interest rate was originally locked on 6/10/2016, therefore, as a result of the delay, you would incur an additional cost of .025pts to extend the lock for an additional 30 days. All telephone conversations were documented accordingly in the file comment log.
You agreed to the terms an apologized for the delay and requested a rush be placed on the