Compare Mortgage Quotes

maywky · Joined: 09 Jul 2011 Posts: 11 5.30 Dollars($)

Hi,

I turned in my home loan application 2wks ago, its a 15 yrs conventional loan. At that time, I chose to have a higher rate so I can have some credit ($755) towards my closing cost.

I just received a call from my loan officer yesterday, saying that he can only give me $125 for the credit as the market rate went up (instead of $755). I asked him as isn't that the rate is locked at the time when I turn in my application, he said when I start my loan application, which is a Sat, then we need to wait for the loan company headquater to send the final paperwork for me to sign, I signed the paper on the coming wed, at that time the rate changed already. But he never told me anything until right now.

He said the interest rate/GFE still the same, just he cannot give me the $755 credit anymore. I looked thru the paperwork I signed, the $755 credit is not mentioned in the GFE, but it was mentioned in the loan application form "details of transaction, credit column" as a lender credit. So even that I signed that paperwork, it can still be changed?

I get very upset that the loan officer didn't tell me anything until right now, which I only have 2 more wks left for closing date, that means I get stucked here. He still say he is being honest that those are est. figures, and letting me know ahead instead of till the date of closing?! He said he has been "superior" in services and he is being superior to find out the issue right now?! I lost my faith/ trust on him already....

Thanks for the help!!!

gmakerley · Posted: Sat Jul 09, 2011 5:14 pm Post subject:

Lousy job, mr. loan officer.

If you're applying on a Saturday, you should have known on that Saturday what your options were - for certain. Locking in on that Monday wouldn't have been impossible for him to do, unless he's in a separate universe from the one I'm used to. Two weeks without having locked in - unless you never asked him to do it - is not a good thing when it costs you extra money.

I'd like to think that you could contact a Sales Manager or someone in that organization with a little stroke who could iron out the issue. If that means that mr. loan officer loses a little bit of commission, then he'll be ready next time and will work things out in advance.

If this is truly a mistake that he made, then you ought not to suffer the consequences...let the supervisor know this.

Superior? Only in attitude, it appears; and that's not right at all.

maywky · Joined: 09 Jul 2011 Posts: 11 5.30 Dollars($)

He said he cannot lock me in till I signed the paperwork, which is Wed, I think at least he should check the rate before meeting me, or let me know asap when he found out the rate changed already.

He still insist the rate /GFE is the same, just cannot give me the credit. And he is honest that those are est. figures... I was so upset and asked him what happen if I want to cancel, he said I don't have to pay any penalty. But only 2 more wks left, that means I get stucked with him here.

I guess because I asked him about my intention to cancel, then he said that he will be "superior" to find out this issue! He said "his customer always satisfied and will make sure I'm satisfied too. Actions is louder than words and will let them continue to shine thru...." I took all these as "BS"....

I am thinking maybe I give him a little bit time and see how "superior" he can fix this. If he can't fix that then talk to supervisor? Another option is to switch loan company asap, but then I will be late on the closing date which is another set of problems...

I should have picked a better person than this "superior" loan officer....

Thanks Mr. Akerley!!

gmakerley · Posted: Sun Jul 10, 2011 6:16 pm Post subject:

You're welcome, but why wait to see "how" he'll fix it. Get his supervisor involved now and you'll see something happen in your favor, I'd guess.

raymond · Posted: Mon Jul 11, 2011 6:35 am Post subject:

>>He said he cannot lock me in till I signed the paperwork, which is Wed

He could, and should, have locked on Monday.

>>He still insist the rate /GFE is the same

Then the $755.00 should have been included in that GFE, and you're entitled to receive it.

I feel uncomfortable with you Loan Officer too, and if it were me, I'd switch to another one if he's unable to offer you that credit, with the same interest rate.

maywky · Joined: 09 Jul 2011 Posts: 11 5.30 Dollars($)

The credit only mentioned in the loan application form "details of transaction" but not GFE, which I don't realized that it has to be mentioned in GFE as well.

Talked to his supervisor today, apperantly he already talked to her (superviser) . He told the supervisor I'm still shopping so he didn't lock me in!!! I told the supervisor I said yes on the Sat, and thought I can sign some paperwork but he need to wait till the headquater to send him back the final paperwork, which is tue, but he is not available till Wed. For the whole time I don't see how I "shop".

The supervisor asked me "did u ask him to lock the rate for u?". I told her: he showed me 2 differnt rate I picked the higher one with credits, and I signed the paperwork with both the rate and credit written, and checked "no" on the box "can the interest rate increase?" I thought is already "locked", I didn't re-confirm to ask him to lock the rate again. She said is probably miscommunication.... he/she just doesn't want to admit he made a mistake.

The supervisor agreed that he cannot lock the rate till I signed the final paperwork, but I don't believe that, if a customer is happy with the rate you offer, he/she need to wait 2 days to get the rate locked (for the paperwork), rate changes daily and it doesn't sound right to me.

Anyway, at the end, the supervisor said that she can get me $750 back for credit, she asked the management for an exception at this time, which the $5 diff I don't really care much. I do want to switch company but just its too late right now, I only have 2 wks left for my closing date. I don't feel comfortable for this company as a whole. The supervisor don't even "appologize" at all, she only said "I understand".... Or they're not supposed to admit they made a mistake? Too bad...

Thanks a lot for all the help!!!

gmakerley · Posted: Tue Jul 12, 2011 9:40 am Post subject:

May that $5 is just stupid in my opinion, but it ought not to be a stumbling block in your efforts to close the loan. You "don't really care much" about it, which is the right attitude to have.

Feeling comfortable with the company might not make a difference, as they're about to sell that loan as soon after closing as they can, I'm sure. That won't affect you, so don't let that worry you either.

I don't know if you've got your own lawyer for the closing or not, but in your best interest, please be certain that every detail of the closing documents is explained to you. If there's anything that you don't understand as it's presented to you, please be absolutely certain to get a detailed explanation...and stand on your demand until it makes sense to you.

I'm not going to try to accuse this lender of being devious...it's just that we are all human and make mistakes, and they've already made enough of them to make us all suspect that there could be more on the way.

Be wary and be vigilant and get every detail you can.

maywky · Joined: 09 Jul 2011 Posts: 11 5.30 Dollars($)

The main thing I got upset previously is the way they treated the customers/ put the blame on me. But anyway I accepted that's their way of doing things which I have my limited timeframe so will continue for the closing. And, as you said, they're just middle person so hopefully everything will be ok then I'm done with them.

I do not have my lawyer for the closing, which I know is something good to have just is costly. I will be very cautious and pay attention to details make sure things sound right to me at closing.

Thanks Mr. Akerley again for all the help and advice! You have been very helpful and I really appreciated!!

gmakerley · Posted: Wed Jul 13, 2011 9:15 am Post subject:

With a competent attorney and the attitude you're bringing to the closing, you ought to be in good shape overall. I wish you well...and you're most welcome.

Posted: Fri Jul 22, 2011 1:44 pm Post subject:

Mr Akerley ,

The Closing date is tomorrow and I just received the HUD settlement and found out the final lender credit is $650, and I asked about it and the loan officer said that this is because they miscalculated the amount. And he apologized for it. I know I cannot do anything at this point but I am upset that he didn't tell me earlier until I found out right now. Should I file a complaint? Or any suggestions?
alculated.

gmakerley · Posted: Sat Jul 23, 2011 5:56 am Post subject:

I'd raise a ruckus if I were you. Yeah, it's only $105 that you're talking about, and that's not a ton of money...though for many of us these days that's about two tons.

You ought to negotiate to the finish, fight this as much as you can...tell your lawyer that you want the lender to cut you a check for that money, even if it doesn't appear on your closing documents.

Do you have any written correspondence about this $750 or $755? An email, even, would be beneficial.

This is a crappy company you're working with - well, at least the loan officer and the supervisor are below par. Complain to their regulatory body...that'll appear on the disclosure documents you received when you began this nasty process.

Should you file a complaint? Yes, yes, a thousand times yes!

maywky · Joined: 09 Jul 2011 Posts: 11 5.30 Dollars($)

Mr. Akerley, I guess you will be disappointed to hear that.... I didn't get to see your response before the closing this am. I did sign the final paperwork. Part of the reason is because I’m buying a house from a friend, she want to get rid of this house asap so she can buy her new house with her kids. I already get problems with another loan officer previously, and I withdraw the loan, I posted to the forum about a month ago. So the seller is very anxious to get this done before the closing date. Therefore, even that my gut told me no, but I still sign it so to get it done on time, which should be yesterday. I asked them to wait till next wk after as I didn't get to see the fee breakdown till very late pm yesterday, but both the seller and loan officer kind of pushing saying don’t want to mess up the contract so I need to sign within 24 hrs of the written closing date. Actually whatever I did today still have to wait till Monday, so why rush?! And, I don’t even know I won’t get the key as it is a Saturday! The title company assistant said that according to the loan officer, I requested to close on today (Sat) in anyway, so that’s why she showed up just because of me, apparently is the loan officer want to close today, but not me. The whole thing is a mess, that’s all I can say.

My plan is, call the supervisor on Monday and ask her what happened? As she told me she requested a one-time exception for $750, it is very clear on the amount, I don’t get the “miscalculation” coming from. I know there is nothing I can do at this point as stupid me signed the final papers, but I’m going to file a complaint to their headquarter, to the loan regulatory body(the one mentioned in the application), and the better business bureau. Not sure will they get hit by these complaints, but at least I want to do something... I tried to suck up the 100, get it on time, but I can't get rid of my resentment...

Yes, I did have the initial loan application saying $755, and the loan officer’s email saying he resolved the issue and I can have $750, not sure if they can help at this point, as the final paper I signed saying $125 (on loan application), $651 on HUD.

I do wish it is more than $105 which I will have more power to say no, and have a better reason to tell the seller to wait… but still $105 is not a small amount which I hate to see that go to these dirty hands….

Thanks Mr. Akerley!! If I didn’t get to know this forum, which people here are so nice and helpful, I already hated all loan officers…Glad to see there are still good people out there!

gmakerley · Posted: Sun Jul 24, 2011 3:16 pm Post subject:

Based on what you'd said earlier about your closing date, I figured you wouldn't see my last post, but I also figured that it was worth my trouble to write what I did because you'd have the chance to see it sooner or later, and I was hopeful that you'd take the reins in your hand and ride to victory for that additional sum of money, the $105.

I commend you for having the stamina to hang in there, and I also commend you for taking the time (as you will) to advise all those parties of how you were handled, with the supposedly nominal amount of $105 in question. For the lender, that's a pittance in the overall scheme of things, and they can't scrunch their view down low enough to see that a mere $105 is meaningful to the vast majority of borrowers. It's a drop in the bucket for a lender, and that makes me feel that you'll ultimately be successful in reaping the benefit of your complaint.

I wish you well, of course, in that effort, and I'll cheer you on again if you post another unnecessarily sad post because they decided to continue being moronic in their methods of treating people.

If someone asks you, tell them how you were treated by this company and by this loan officer...not only that (just came to me)...let the company know that you're planning on spreading the bad news about how they treat people. Bad publicity is the last thing that lenders looking for business want to hear about, and that might just turn the key to unlock the door to your promised money.

And, of course, you're welcome for any benefit you've derived from all this discussion and from whatever counsel I was able to provide.

maywky · Joined: 09 Jul 2011 Posts: 11 5.30 Dollars($)

I sent an complaint via email to the headquarter, originally wanting to send to better business bureau today as well. But hestitated as I worry I will make it too big that this loan officer get into big trouble or get fired? Or just I'm thinking too much. I just want to express my disatisfaction and want him to learn a lesson, don't mean to chop his head off... of course if I get the $100 back, then is a bonus.

Will see if I get any response from the headquarter, if nothing back for a couple days, then make a complaint to the regulary body/ better business bureau. Don't feel like want to talk to his supervisor again, as not much good feeling from last time, don't wana waste my time there and increase my stress level.

Thanks Mr. Akerley!! You always make my day, seriously! People around keep wondering why I keep complaining, as house buying is stressful in anyway. For me, the stress is from the sneaky people, not the process.
These sneaky loan officer won't be able to see from the customer point of view, they only see the money, which is bad, as business should be a long term thing, not a one time deal.

Anyway, hopefully is the end of it, I am not sure if I can handle any more on that...

gmakerley · Posted: Mon Jul 25, 2011 7:08 am Post subject:

May, I don't think I'd want to speak to anyone over there either. Personally, I think that the BBB is a waste of time, particularly in a situation such as we've been discussing. That's just me, however; and there are millions of believers in them all around the country.

Of course, if this lending institution is not a member of the BBB, it won't benefit anyone anyway. Do you know if they're card-carrying members?

I hope you're right and that you're at the end of the turmoil.

Let us know, please, if anything further occurs...particularly any benefit you derive from all this angst.

Company	Loan Type	APR	Est. Pmt.
				Go
				Go
				Go
				Go
				Go
				Go

Compare Mortgage Quotes

Sudden change in lender credit 2 wks after loan application

Bookmark this page

Helpful References

Calculators

Financial Tools

Our Community

Community Rewards

Followers (252)

455 People like Mortgage

Property State:
Property Type:
Credit Rating:

All times are GMT - 7 Hours

Page 1 of 1