Attached is one of many, many letters I 've received encouraging me to refinancing my existing mortgage loan. I feel the letter is extremely misleading and basically nullifies all the effort the CFPB has put into ensuring mortgage customers are adequately informed of the conditions of their mortgage. I 'm sure the lender 's legal team has reviewed it for compliance but I believe it violates the intent of the disclosure laws. For example, the letter states : - You may be able to save an estimated {$110.00} per month by refinancing. It 's not until you read the fine print that you find out that : o The offer is a XXXX adjustable rate with caps of XXXX. How many people understand what this means? 
o It assumes a credit score of at least XXXX, a loan to value ratio of 60 % and debt to income ratio of no more than 43 %. 
o It assumes an existing mortgage rate of 3.950 % ( my existing mortgage has a lower rate than that ). 

- You may be able to defer your first mortgage payment saving you {$1000.00} right now. The footnote goes on to say " If your closing is timed correctly and you do n't make the payment the month you are closing, it is possible to add that interest into the new loan. '' It fails to mention that your payment on your existing loan may be delinquent and reported to a credit bureau as such. 

- We 'll waive all lender fees and provide a free appraisal for future refinances. How is a borrower to know what is a lender fee and what is n't? Furthermore, the footnote for the free appraisal says if you ever decide to refinance for any reason.. .loanDepot will waive all lender fees and reimburse appraisal fees on you refinance. '' Are they talking about this refinance or a future refinance? 
I could go on and on about the misleading letter and deceptive footnotes. Suffice it say that I 'm sick of these nationwide lenders clogging the market with this kind of XXXX. It confuses the public and, in my opinion, discourages all lending. 
