California Capital Mortgage Company

Review: My wife and I used California Capital Mortgage to purchase a home. During our application and qualifying process there was a change in FHA lending rules which was not properly explained to us and we were led to believe our loan had particular terms. We clarified our understanding with the loan officer on several occasions, including one time where the loan officer had us sign a form that questioned this very issue, but we were told by the loan officer that this form wouldn't apply to our situation. Even after the loan closed, we maintained open dialogue and continued verbal confirmation. Five months after closing, the change in laws was brought to our attention and once again we contacted the loan officer for clarification. The officer once again confirmed and assured us we were not affected by this change in law. More months passed and a conversation happened with the mortgage holding company (bank) and they informed us that the new law did affect us. Therefore the loan officer at California Capitol Mortgage had been continuously giving us incorrect information for 8 months. Upon confronting the issue with our loan officer they immediately changed their story to match what the bank had stated AND denied that they had ever stated anything different. No responsibility was taken for months of miss information. Either the loan officer knew the truth and lied to us, or the loan officer didn't have the answers to important questions regarding our loan that they should have known. If they didn't know the answer, they should've researched it before telling us on numerous occasions otherwise. Furthermore, once the truth came out and they were confronted, they should've owned up to their mistake instead of changing their story. I would not use this company if I could go back and do it over.Desired Settlement: We would like the money back that California Capitol Mortgage charged us for getting the loan since they failed to inform us properly about crucial information regarding our loan that might have had an impact on whether or not we would have continued on with the loan.

Business

Response:

I sincerely apologize if you feel you were misled during the home loan process. It is never our intention to leave any of our past clients anything less than fully satisfied with their mortgage experience with my company. To verify and ensure you that we gave you the best possible service available, I reviewed you transaction to see if any other loan programs, fee structure, or other area could have been improved upon. Upon review I do see your final rate was lower than originally disclosed, and that you were able purchase the home with very minimal out of pocket expenses. I also checked and noted that due to your credit past and particulars of previously owned real estate the FHA fixed rate mortgage was the only loan product available to you at the time you applied for a mortgage. Again, I sincerely apologize for any ill feelings you may have regarding the purchase of your home located at [redacted], but after a thorough review of you file I can ensure you California Capital Mortgage Company properly disclosed to you all aspects of your mortgage and acted in the best interest of you and your wife throughout the process.