Polaris Funding Group

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Review: On 7/11/13, I entered a 30 day rate lock for a 30 year mortgage with Polaris Funding Group LLC (Connecticut based mortgage broker) which provided me an option of the following 30 year interest rates and upfront fees/credits: i) an interest rate of 4.375% with an origination fee of $4,199, ii) an interest rate of 4.5% with an origination credit of $1,200, and iii) an interest rate of 4.625% with an origination credit of $4,575. While the mortgage broker ([redacted]) entered a rate of 4.375% for me in locking the loan commitment originally, I was told telephonically and via email that I could change the rate at any time (I have this in an email). On 7/12/13, I requested a rate change to the 4.625% so that I could receive the upfront credit amount of $4,575. However, this rate was never changed and at 4:52PM on 8/8/13, I received the closing documents under my mortgage for closing on 8/9/13, I noticed that the closing documents had used the incorrect rate of 4.375% which required me to pay $4,199 in origination fees. Given my position at the time, I had no choice but to accept the incorrect rate that day and pay the upfront costs of $4,199 (vs. a credit of $4,575). I would note that that the sellers of the home being purchased were threatening further action under the sale contract which could have compromised my purchase deposit and the ultimate purchase of my home. In addition, I was accruing charges under the sale contract of $240/day and would have to continue to pay these for three more days subsequent to Friday to adjust the incorrect rate. Polaris additionally did not offer reimbursement for these costs. Finally, I had made comprehensive plans to move that weekend and the delay would have been expensive, stressful, and time-consuming to my family. I would note that my wife was 7 months pregnant at the time and we have a one year old daughter making the overall move logistics quite involved.Desired Settlement: Subsequent to closing, I investigated the matter with [redacted] (lender) who confirmed that Polaris Funding had never sent in the updated rate of 4.625% for my loan. Given the back-and-forth on the rate change as well as the crucial nature of this rate in my loan application, I view the error to be gross negligence on Polaris Fundings part. Their error cost my family upfront cash of $8774, increased stress, and time to resolve this issue.

Business

Response:

Mr. [redacted]:

As I mentioned many times to you personally, I regret that we did not close your loan to your satisfaction, which is our intent on every transaction for each of our clients. However, your complaint is unfounded and your losses are unfortunately self-imposed. Although it was not our intention, you ended up with better terms on your loan at a lower interest rate lower than we signed on our loan application and submitted to the bank for underwriting. If you refer to the application you signed, the interest rate was 4.625%, just as you desired. This is what we submitted to the bank for underwriting right from the beginning, and that was our intended target. I apologize that the pre-closing documents sent to your attorney were drafted by the bank for 4.375% with an origination fee, but you actually save quite a bit of money over the life of the loan. However, I am still confused as to why you elect this route after you voluntarily agreed to close that same day at 4.375% when all you had to do was wait one business day for the bank to reissue the closing documents at 4.625%. My office and the bank were ready and able to do this for you.

Prior to your closing when you noticed that the closing documents reflected a lower interest rate of 4.375% that we had originally locked in (before issuing an application at 4.625% that you and I signed), you alerted my office and stated that you wished to close at the higher interest rate of 4.625% with lower costs. It is common practice for clients to review closing documents prior to a closing, and if any changes are required, we make them. This happens frequently in the real-estate world prior to a closing and the specific reason why you as a client review everything in advance prior to coming to the closing table. We advised that we'll make the change and that the bank will reissue the closing documents to your attorney at the higher interest rate. My office, and the bank, were ready to make the changes, but the bank stated they wouldn't be able to issue the documents to your attorney until the following business day (as that was a Friday, this meant for the following Monday.) With all the Federal compliance laws and bank procedures and disclosure protocols, unfortunately, it is not as simple as the bank simply changing the interest rate and emailing a new closing package within minutes like they used to prior to all the new financial laws and regulations.

You were provided with a clear option to close that day with the lower interest rate of 4.375%, or to have the documents reissued at the higher interest rate/lower costs for the following business day. Your contract allowed you to close the next business day, and our rate-lock allowed the same as we still had time in our 30 day lock. You voluntarily elected to close at the lower interest rate that day with the closing package as-is at 4.375%, even though it was made clear to you that you simply had to wait one business day for the bank to change the closing documents for your attorney. Therefore, any additional costs for taking the lower interest rate were costs you elected to pay instead of allowing the bank to reissue the closing package at 4.625%.

It is also important to note that according to your contract you were already delayed to your closing and you were working on a grace period to begin with, and that because you were unusually firm with the sellers to vacate their home prior to the closing, they may have had reason to be firm with you. Generally, I see buyers and sellers working together, especially in such a tough lending environment. You also had a per-diem penalty you elected to have in your contract. This is unusual and not a common practice. It was not a time-of-the-essence clause, but a custom self-imposed penalty you added to the contract. I understand your frustration, but I'm not sure why you feel I am responsible for a penalty you yourself added to the contract.

In conclusion, my firm closed a complicated transaction within the 30 day lock period (we were clear-to-close in 3 weeks from the rate-lock date, which is challenging to accomplish), my firm is not responsible for a penalty due to an unusual custom-clause you added into your purchase contract, my firm and the bank were willing and able to make changes to the closing documents to increase your interest rate and lower your costs, and most important of all, you were given an option to have the closing package revised to reflect exactly the interest rate and costs we intended to close with. Your attorney, the sellers, my firm, and the bank would have closed your transaction the following business day at 4.625%.

Regards,

Polaris Funding Group, LLC

Consumer

Response:

Review: [redacted]

I am rejecting this response because:

Review: Polaris Funding did not honor their service of refinancing our home. This was after we spent $455 towards an appraisal.

The $455 went towards a home appraisal (there was no problem with the appraisal value of home, credit scores or any other VALID reason a loan would not be offered). Their team dragged their feet on paperwork, despite us hustling around the holiday season to get them required documentation. The lock on the funds expired and rates have since increased.

Our last communication we had from them was January 15th when they informed us the rate lock expired but reassured us that they would be resubmitting our file and we would not have to pay for new appraisal or rate extension fees. Since then, they have been completely non-responsive to all phone and email communications. All phone call attempts and emails have been documented.

Not only did we miss out on a low rate (that we could have "caught" with another lender), we wasted $455 on an appraisal. Desired Settlement: I would like the $455 appraisal fee refunded to us as settlement. Despite having wasted more time and energy into this process than the $455 alone, I feel this would be the appropriate settlement.

Business

Response:

Business Response /* (1000, 15, 2013/05/09) */

Please be advised that refunding $455.00 by a broker to a client is prohibited, as this is a Federal Law violation, specifically R.E.S.P.A. You may contact the Division of Banking in Boston with any questions pertaining to this matter. Unfortunately, a refund is not allowed by law.

As pricing is improving, you may try the refinance again, but this time we must get all conditions in exactly as requested by the underwriter, immediately when requested. I have a record of the emails sent out and specifically what was requested by the underwriter the last time around, but I will not lock/submit any new terms until we have every condition/document requested last time in our initial submission package this time around.

I am allowed to offer a credit on the HUD at a closing to help indemnify the unsuccessful attempt the first time around.

Contact me at your convenience so that we may discuss this further.

Regards,

Polaris Funding Group