Don’t Trust The Company
Title: Bait-and-Switch Tactics: 5.9% VA Loan Switched to 6.5% at Closing
I am writing this to warn others about the predatory practices I experienced with Loan Factory and broker Quincy Freeman (NMLS #2147963).
The Deception: We were verbally promised a 5.9% VA loan lock on Nov 19th. Only three days before our scheduled closing, the broker revealed it was being switched to a 6.5% Conventional loan. He failed to verify the building’s VA approval status—a basic due diligence task—then misled us for over a month.
The Evidence: Documents eventually provided showed the 6.5% rate was actually locked back on Nov 19th, yet we were told for weeks that we were still on track for the 5.9% VA rate. This lack of transparency bypassed the legal 3-day review period and created an undisclosed $15,000+ funding gap at the final hour.
The Result: When confronted, the broker blamed "company mix-ups," but the financial harm was already done. This office uses manipulative tactics to lower defenses before switching terms when it’s too late to back out. I have filed formal complaints with the CFPB and state regulators.
Avoid this company if you value honesty and transparency.
