Report: World Savings And Loan

Reported By: (Princeton New Jersey)

World Savings And Loan ripoff This company wouldn't accept my appraisal report done by their own people once they realized I was black and then had another done which came in under the current market value Piscataway New Jersey

... I sell World Savings Option ARMSs too

1Author 1Consumer 1Employee

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World Savings And Loan

345 Hoes Lane
Piscataway New Jersey 08854
U.S.A.
Phone:
Web Address:

Category: Mortgage Companies

Submitted: Tuesday, August 31, 2004

Last posting: Sunday, September 18, 2005

I was looking to do a loan with World Savings and Loan. This company is completely prejudice. There is no other way to look at this. I had a black loan officer who works for them, and also stated that there were alot of shady doings going on at this business, but I guess she has bills to pay as she is still there.

I had an appraisal done by their own people (which they told me they only use their appraisers) after which my appraisal came in high as expected. Well they weren't to please when they realized that they had to commit to my loan, so they stated that my debt ratio was off. LIARS!! My husbands salary was $120k and mine was $80K, with no other debt. WHAT THE...... So they declined our loan and stated we should try back in 3 months, well we did and this time they had another appraisal done, which they made us pay for stating that it was a different loan package.

This time they told us the appraisal came in under what we needed. Let's say $123K less than the current market value of our home. Our home is newly built 3500 square feet, every upgrade imaginable and lots of others. The selling price to build it at that time without any additions was $570K, they appraised our home for $480! When we told them about the previous appraisal they had just done three months back, they stated that the company they used they were no longer using their services. They had me speak with a district appraisal manager, and the manager of the loan servicing dept.

Both who gave me the run around until I started to scream RACISM. Then I was told that they would refund me my appraisal deposits. Which they did, but they were short $20. Now I had to find another company at the last minute, which was a total nightmare and I ended up with another LOSING Broker. Also, the broker stated that several loans that she has brought in for over $500K for minority home owners, excuses were given and these loans were denied. I submitted my information to the New Jersey Banking and Insurance Division, who then passed it on to another office.

Which of course, I have not heard from as of yet. I did receive my appraisal fees minus $20, but I am upset because the loan I was promised was at a rate of 1.9%. My oldest daughter is going to college and I really needed a lower interest rate. Please don't ever fill out the information that states, what is your ethnic background. It is definately used against you!!!!

Betty
Princeton, New Jersey
U.S.A.

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REBUTTALS & REPLIES:

1Author 1Consumer 1Employee

Employee

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would you please....

Michele - Clifton (U.S.A.)

SUBMITTED: Saturday, September 17, 2005 POSTED: Saturday, September 17, 2005

Please Please PLEASE cut it OUT with your RACISM comments!!!!!!! I cant even take your complaint seriously and I am a BLACK WOMAN who works for this company!

So your telling me that they didnt give you the loan because your black? Oh My God, what has society come too?

If you want, I can also send you your $20 that you were cheated out of, which they did because you are black. The racial card doesnt work in this company. Everyones money is just as green as the next persons money. Whether you are white, BLACK, asian, or indian.

By the way, I did your loan. You may want to recap what you said in this report, because basically, you made this whole thing up because you didnt have your way. And not ONCE did a conversation ever come up about shady business going on over here. Get over yourself already.

MP
world savings

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I sell World Savings Option ARMSs too

Steve - Corona (U.S.A.)

SUBMITTED: Sunday, September 18, 2005 POSTED: Sunday, September 18, 2005

I am a mortgage broker in California and I use World Savings for Option ARM products 2-3 times a month. While it is true they require us to use appraisers on their approved list, that issue is not at the heart of this matter.

Here is specifically why I HIGHLY DOUBT the accuracy of your complaint. The "Option ARM" or "Flex Pay" type of loan product is a loan that pays a TON of rebate (profit, ie commission) to the person(lender,broker) that originated your loan. I guarantee you that if that loan could have been done, the loan officer would have gotten it done.

There are some other issues in the mix here that keep this loan from going. You need to ask your loan officer SPECIFICALLY why you can not get this loan. Ask these questions:

Can you use the appraisal value, or do you have to use the purchase price as the value because the house has less than 1 year of "seasoning"?

Is the "loan to value" too high for this loan product? IF it is over 80% LTV, can I borrow up to 95% LTV and what would the mortgage insurance be?

If we fully document our income, what is our debt to income ratio? There are other options here, but your credit (FICO) scores may limit some of these options.

What are your FICO scores? If you can fully document income and your reserves are adequate, a 620 mid score can qualify you. If you have to "state" your income, I believe a 680 score is minimum.

Here is why I guarantee you that that you are not telling "the truth, the whole truth, and nothing but the truth".

A $500K World Savings Option ARM with the 1.99% start rate would pay me (the loan officer) a "rebate" or "gross commission" of 2.875%. Do the math and that comes to $14,375.00. After I pay my processing and documents costs of about $1,500.00, this loan puts $12,875 in my pocket. There is NO WAY that a loan officer, broker, owner, manager would have declined your loan based on racism. That is pure hogwash. Trust me, I don't give a hoot what color you are, it that loan is "doable", it gets done for that kind of commission.

THAT is why I can guarantee you there are some other issues here in the mix.