"The amended complaint describes a bait-and-switch tactic in which the lender would initially offer artificially favorable, non-fixed terms during the shopping phase to attract borrowers, only to raise the costs and interest rates later at the lock phase."
"Supporting documents from a confidential loan officer show a case where the rate increased by 0.25% in just three days despite market conditions improving. Veterans United's practice of blaming market conditions for an increase in rates is demonstrably false."
An amended complaint against Veterans United Home Loans includes 15 plaintiffs and eight claims, alleging bait-and-switch and misleading advertising. The original complaint accused the lender of misleading homebuyers about its connection to the U.S. Department of Veterans Affairs. The lawsuit claims Veterans United's loans are more expensive and have higher interest rates. The amended complaint describes tactics where favorable terms are offered initially, only to be raised later. Supporting evidence shows a rate increase despite improving market conditions, contradicting the lender's claims about market influences.
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