Grrrrr.
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| Mon, 04-20-2009 - 12:25pm |
Good morning, I am so irritated I wondered if anyone had heard of this before:
A couple weeks ago my husband and I were talking about ways to cut our monthly costs. Our mortgage is high so we were thinking about trying to refinance our house into a fixed rate since rates were dropping. My real estate agent and pal gave me the name of a mortgage broker she liked. I tried and tried calling but it took numerous messages to get the broker to call back. I laid out out situation with my lay off and our income drop and how my self employment could not be counted into our household income for two years. I also told her we had a serious amount of credit card debt tied to the lay off. She said the only way to see our options was to pull our credit report and start an application. No problem, we've done that many times before. She said she'd call us back in about 10 minutes. Four days went by with me leaving multiple messages. She finally called back and quoted me an offer where she would do was a refinance with $20K cash out to pay down some of our debt so we would qualify in debt to income ratio. The rate was 5.1 percent but the catch was it would cost us $6K in origination fees because they would charge us a point.
I thought that was high. About a week went by and rates started dropping even more. My realtor suggested I call the broker and ask what the rate and monthly cost would be under the exact same deal but with no points. I left messages and sent emails to the broker and got no reply. Days later she finally sent me a terse email saying we had too much debt and couldn't work with us and the only option we had was sell our house. Hello? She could find us a loan product that enriched the bank $6K a week earlier. Then I got a letter from her saying I owed the bank $22 for pulling our credit report and starting the loan but not finishing it! I am furious. Is this something new?
I love how I get crappy service, can't get her on the phone, she blows me off, sends an insulting email and then charges me for it. I have been on the phone trying to track down a supervisor to complain but no one wants to take ownership of this.
Grrrrr, Jenny

How nice of her, you are lucky you didn't refinance with her as it sounds like a shady operation.
My understanding is any business who charges you the fee for pulling your credit report for info on a loan of any form, must inform you at the time they suggest pulling the report of any related fees.