Is Caliber Home Loans scamming me?

8 Replies

Hi, I hope all is well. 

Long post ahead. 

We have worked with Caliber a few times before and never had major issues (except once when processor was really bad at reading e-mails and would reply asking for documents that were attached to the e-mail she was responding to).

Anyway, we started a cash-out refi which was supposed to take only 45 days to close (a bit longer due to the amount of people applying at the time). They neglected our loan when after reaching out to ask for the status, we found out that our loan was closed since they didn't move forward with it. They had to re-open the loan and make adjustments, which delayed the process. Then we were promised a $1600 credit to make up for their mistake and expenses it has caused us. 

Processors then who were supposed to give the first approval after the appraisal, also neglected the process for days and only really pre-approved after we reached out and complained about the delay. 

We exchanged several e-mails and phone calls after that with the processor, the loan consultant and their managers. We were told several times by them "everything looks good, we just need this one document and we can approve/schedule closing", to then hear from them the next day that they needed just one more document. It went on and on. I even asked that if they were not going to move forward, to let me know so I could work with another lender, only to hear "it is being approved right now". Well, this was 11/07. This nightmare kept going. We gave up going to a different lender because it just seemed like dealing with this would be faster. Anyway, we were then promised additional credit for all their mistakes, totaling $2500.

Here is where I feel like they are playing us. We first signed with them at a 2.5% points, so the credits should have been discounted from that amount. A couple days ago they changed the points to 2.875% and today (we were supposed to close) they sent the disclosure in the morning with the discount "sort of" applied from the 2.875%, not the 2.5% that we had agreed on in the beginning of this process.

We had asked them to fix the 2.85% before when we noticed the change, to which they replied they were going to fix it before closing. The way they are applying the credit is giving us only $284 credit, really. I showed it to the loan processor who says she sees the mistake, but that "they are giving us the most credit they can", only problem is that the credit isn't there. We will have to wait until Monday so she tries to resolve it, but she is not sounding very confident. 

What are your thoughts? Am I missing something? I have never gone through such situation with a lender before. 

Updated about 1 year ago

HI, I hope all is well. Never had this happen before. Lender made many mistakes during our process of refinance cause big delays. We were promised credits in the amount of $2500. Just before closing, a couple days ago, they upped the points by 0.35%, to which we asked them to fix it and they promised it would be done by the closing day (were supposed to close today and they only sent the final disclosure this morning). The final disclosure did not have the points fixed and therefore the credit was calculated based on the new (incorrect) points, giving us almost no credit at all. What are your thoughts? I have never dealt with such thing.

I’m sorry that you are going through this. This is a case in my opinion the failure of a the people that you entrusted to help you with your loan-not the company or brand. The experience should have been a good one; yet they’ve dropped the ball but you already know this. 

You noted that they promised you a credit, but did they send you anything in writing like an LE, or was all of this verbal? If the former then they have to honor it. 

Good luck. 

I do have in writing at least the $1600 (by e-mail) and the promise to adjust the points and get us larger amount of credit. However, they are still not updating the disclosure. I really don't know where to go from here. 

Hold them accountable for it. If I were the loan officer and/or the manager for that Caliber Branch I would honor the promise provided to you whether verbal or written, for a long term relationship is worth more than a few thousands dollars. 

So, my recommendation is to let them know your long history of working with them and that you were promised some things that you have yet to see. If that doesn’t work then ask to escalate your concerns up the channel, Mgr. and Regional Mgr; etc.  Ultimately if that still is not resolved you can withdraw your application and go a different direction. 

It is unfortunate that you are going through this experience as this is the kind of stuff that gives my industry a black mark. Bait and switch is not good for you the consumer or for us the lenders, but there are a few that operate their business this way-unfortunately. 

Thank you Paul! I had tried contacting every manager, director, etc. Nothing seemed to work. Anyway, after a lot of fighting and postponing closing, e-mails, etc., they finally corrected the points and gave the credit. We closed yesterday, finally! 

I am going through something similar.  Started my refinance with them 6 months ago!  They are still asking for documents.  I will likely take my business elsewhere.

Originally posted by @A Schwartz :

I am going through something similar.  Started my refinance with them 6 months ago!  They are still asking for documents.  I will likely take my business elsewhere.

I just can't imagine waiting 6 months to complete a loan.