• Report: #229194

Complaint Review: Argent Mortgage Company

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  • Submitted: Sun, January 07, 2007
  • Updated: Tue, December 11, 2007

  • Reported By:Gainesville Florida
Argent Mortgage Company
44 South Broadway, 16th Floor White Plains, NY 10604 White Plains, New York U.S.A.

Argent Mortgage Company Unfair business practices and dishonest claims White Plains New York

*UPDATE EX-employee responds: Please don't blame the middle man!!!

*Consumer Comment: pile of balony

*Author of original report: Additionally regarding brokers

*Author of original report: Additionally regarding brokers

*Author of original report: Additionally regarding brokers

*Author of original report: Additionally regarding brokers

*Author of original report: I dont think you read my report

*UPDATE Employee: Account Manager

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For the purpose of my complaint, Argent Mortgage Company LLC located at 44 South Broadway, 16th Floor White Plains, NY 10604 1-866-345-6334 and Fax 1-800-396-2158 will be referred to simply as Argent Mortgage.

For the purpose of my complaint, Argent Mortgage Company LLC employee Mr. Eliazar Suriel, Division 02- Reg 07 Sales 1-866-345-6334 extension 53617 will be referred to as Mr. Suriel

For the purpose of my complaint, mortgage brokers: Todd Van Ee and Rob Patti of America's Home Loan Corporation located at 1360 Powers Ferry Road, Suite C100 Marietta, GA 30067 1-678-368-9398 and fax 1-775-295-5385, will be referred to collectively as AHLC.

My complaint comprises of the following statements:

I. Argent Mortgage has caused, encouraged, or permitted AHLC to commit unfair and misleading acts in order to induce myself in entering mortgage transactions for my property located at 3729 SW 15th Street, Gainesville, FL 32608.

II. Argent Mortgage has committed unfair and misleading acts in order to induce myself in signing new loan documents subsequent to already closing a mortgage loan with Argent Mortgage, including making fictitious guarantees.

Several weeks prior to closing a loan with another mortgage company, AHLC contacted me and informed me I could save much more money on a home loan if I applied through their office. Representatives of AHLC told me that only their office could offer rates and terms that are favorable to persons of my credit standing. Within the course of several weeks, AHLC engaged me into a mortgage loan with Argent Mortgage.

AHLC used unfair tactics such as bait and switch, offering me appealing terms at the time of application, however switching them at the time of closing. These terms include but are not limited to: higher note and annual percentage rates than previously offered, the presence of pre-paid penalties and terms not mentioned in previous documents or revealed in TILA disclosures.

AHLC also told me that I would be able to obtain a much more favorable refinance within twelve months. However, due to the loan's 36-month prepayment penalty, I would in fact not.

AHLC misrepresented the terms of the adjustable rate provision in loan xxxxxxxxxx-9607. Failing to describe how the loan would in fact adjust, I was unaware of the variable rate feature included with my loan until closing. Upon contacting AHLC by telephone after the closing, AHLC mentioned, Yes, we did tell you the rate terms were fixed, fixed for three years.

AHLC fabricated a stated income amount to maintain my eligibility for the loan, and instructed me to sign off on the amount so I may be approved for the loan.

AHLC denounced the integrity of the Truth in Lending document and told me to ignore the unfavorable rate and cost figures it contained.

AHLC failed to notify me of the possibility of purchasing points to lower or curve my annual percentage rate.

Closing on both loans took place July 13th 2005. One week subsequent to closing, Argent Mortgage employee Mr. Suriel contacted and informed me that I must resign certain closing documents. He mentioned Argent Mortgage lost these documents.

Unhappy with the loan items mentioned above, I told Mr. Suriel that I was hesitant to resign any more loan documents with Argent Mortgage. Mr. Eliazar offered me a check for the amount of $200 and the promise that I would not have to pay a prepayment charge as specified in the original closing documents.

I accepted this arrangement and received a DHL overnight envelope the following day. Following the explicit instructions of Mr. Suriel, I opened and signed the documents enclosed in the envelope, received the check and sealed the envelope for DHL to pick up on the following day.

Mr. Suriel provided very explicit instructions to not copy or record the documents prior to sending them back and to sign in the same color ink, preferably using the same pen and date as I did on the original closing documents.

Mr. Suriel told me that once he received these documents, he would send me the new loan information stating the prepayment changes within 5-10 business days, which I never received.
Within the last year, I have made several requests through Argent Mortgage to get a copy of the new loan documents or speak to Mr. Suriel regarding our transaction, all of which have been denied.

On December 4, 2006 I requested in writing that the prepayment privilege be reinstated. A reply through Argent Mortgage representative Bryan Jourdonnais located at One City Boulevard West, First Floor Orange, California 92868 1-888-311-4721 extension 10302 and fax 1-949-567-2556 also denied this request.

I recommend an immediate and thorough investigation of Argent Mortgage's business acts and practices. I find the conduct and lending practices of this lender to be misleading and unfair to borrowers, more specifically to those with marginal credit or limited credit experience.

William
Gainesville, Florida
U.S.A.

Click here to read other Rip Off Reports on Ameriquest Mortgage Company

This report was posted on Ripoff Report on 01/07/2007 10:36 AM and is a permanent record located here: http://www.ripoffreport.com/r/Argent-Mortgage-Company/White-Plains-New-York-10604/Argent-Mortgage-Company-Unfair-business-practices-and-dishonest-claims-White-Plains-New-Yo-229194. The posting time indicated is Arizona local time. Arizona does not observe daylight savings so the post time may be Mountain or Pacific depending on the time of year.

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REBUTTALS & REPLIES:
0Author 8Consumer 0Employee/Owner
Updates & Rebuttals

#1 UPDATE EX-employee responds

Please don't blame the middle man!!!

AUTHOR: Louise - (U.S.A.)

I've read all the comments regarding this report and as a former employee I would have to agree with what the Account Manager said and the parts of the last comment. Argent was the middle man. You supply the broker with documents, they supply it to us. If they alter it there is but so much that we were able to do to find out if it was altered. It is the borrower's responsibility to know what is going on with your loan, this is your life. Yes, the borrower's trust the professionals but you have to understand that after the loan is done, it will be up to YOU to pay the loan.

A lot of people are being taken advantage of, which is wrong. I'm not making excuses. I just think you are blaming the wrong person. As was stated in the last comment you need to go to someone that you can deal with one on one that doesn't require a middle man. I don't believe that the Account Manager's words were rude, it's the truth. I hope you learned your lesson. Pay attention next time.
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#2 Consumer Comment

pile of balony

AUTHOR: Tom - (U.S.A.)

my name is tom. I am a licenced mortgage broker in florida.

I know who argent is. Believe me. I know. When i was a loan officer in ohio a couple of years back, i would have the 'account rep' for argent come in and suckhole for loans.

i have NEVER taken one single one of my clients to argent. Why?

THEY ARE THE WHOLESALE DIVISION OF AMERIQUEST.

i refused, and still refuse ever to have anything to do with ameriquest or anyone who has ever had contact with them.

I know how the brokering biz works. If you were dealing with argent, then you couldnt have been dealing directly with them, but your broker or mortgage company who middled the loan.

you must have been suckered by the loan officer who used argent as the lender. The loan officer quoted you the bait and switch rates . Not argent.

Argent gave the broker the REAL DEAL who then pasted it onto you.

Argent doesnt deal with homeowners directly. Ameriquest did. Argent only deals with brokers.

So now you are stuck with this ripoff loan.

I have been to 1000 closing in my tenure. I can tell you that the homeowner TRUSTS the closing agent and their BROKER to tell them the truth.

It is not reasonable for the homeowner to read every little detail of the loan or anything else. The closing would last 8 hours. Thats provided the homeowner was able to UNDERSTAND all the details.

We are the PROFESSIONALS. The homeowner TRUSTS us to tell us what 'all the details' are. It is NOT COOL TO LIE ABOUT WHAT THOSE DETAILS ARE.

so this 'chickee' stating -its your fault for signing ' is IRRESPONISBLE AND UTTERLY MEAN.


next time, find someone, a local bank, or a local banker that you TRUST from referral or whatnot to get you a loan.
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#3 Author of original report

Additionally regarding brokers

AUTHOR: William - (U.S.A.)

Alicia,

As I am sure you are also aware, Sales and service departments of Argent Mortgage Company LLC and AMC Mortgage Company remind new and existing customers that Argent Mortgage Company LLC and AMC Mortgage Company deal exclusively with their Brokers. One representative of Argent Mortgage Company LLC claimed, ?Most of our loans are sent from our own private brokers.? As this may or may not be true, you may either want to review your company's business practices or inform Argent sales employees that this is not true.

Thank you,
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#4 Author of original report

Additionally regarding brokers

AUTHOR: William - (U.S.A.)

Alicia,

As I am sure you are also aware, Sales and service departments of Argent Mortgage Company LLC and AMC Mortgage Company remind new and existing customers that Argent Mortgage Company LLC and AMC Mortgage Company deal exclusively with their Brokers. One representative of Argent Mortgage Company LLC claimed, ?Most of our loans are sent from our own private brokers.? As this may or may not be true, you may either want to review your company's business practices or inform Argent sales employees that this is not true.

Thank you,
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#5 Author of original report

Additionally regarding brokers

AUTHOR: William - (U.S.A.)

Alicia,

As I am sure you are also aware, Sales and service departments of Argent Mortgage Company LLC and AMC Mortgage Company remind new and existing customers that Argent Mortgage Company LLC and AMC Mortgage Company deal exclusively with their Brokers. One representative of Argent Mortgage Company LLC claimed, ?Most of our loans are sent from our own private brokers.? As this may or may not be true, you may either want to review your company's business practices or inform Argent sales employees that this is not true.

Thank you,
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#6 Author of original report

Additionally regarding brokers

AUTHOR: William - (U.S.A.)

Alicia,

As I am sure you are also aware, Sales and service departments of Argent Mortgage Company LLC and AMC Mortgage Company remind new and existing customers that Argent Mortgage Company LLC and AMC Mortgage Company deal exclusively with their Brokers. One representative of Argent Mortgage Company LLC claimed, ?Most of our loans are sent from our own private brokers.? As this may or may not be true, you may either want to review your company's business practices or inform Argent sales employees that this is not true.

Thank you,
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#7 Author of original report

I dont think you read my report

AUTHOR: William - (U.S.A.)

Alicia,

Thank you for your attempt to coax my problem with AMC Mortgage LLC however, I do not think you read through my report. Once you completely read through my report, you will note that in addition to unfair Broker practices caused, encouraged, or permitted by AMC Mortgage LLC (Read Alameda County, CA Case #RG06260804) you will also note that I had written and verbal agreements to change executed mortgage documents in exchange for correcting a mishandling error on your company's behalf. Your insolence in overlooking this MAJOR point and responding to my report is rude and quite careless. Please do not bother contacting this report or writing responses to my report with your company until you have thoroughly read through the report and have a factual basis for your responses. I invite you to contact me by telephone. 305-298-6123

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#8 UPDATE Employee

Account Manager

AUTHOR: Alicia - (U.S.A.)

To William,


Let me first apologize for your horrible experience. As an Account Manager we are aware that certain brokers create fradulent practices and have put proceedures in place to deter this behavior. We are not soley to blame for your situation. Many times broker submit deals that a borrower is not qualified but for the interest of that borrower the file may be countered to different terms in an event to make that loan more beneficial. Any changes in programs, rates, pre-payment penalties etc. must be updated by the new broker via, updated GFE, TIL and loan application. All of these documents are required to be signed by you the borrower. We have no way of knowing if you have actually been notified of these changes. Once you get to closing you are supplied with our updated loan application that has all of the information that was given to us. If you see details in your closing documents that are not accurate, it is your responsibility not to sign those documents until they meet the terms that satisfy you. Consumer's must take precautions. If someone is offering you money for something that doesn't sound legit, chance are it is not. I'm responding to let others know that this is not a standard practice and that the actions of one individual who is associated with a company that has thousands of employees does not mean that these are standard practices. For the consumers out there, read your closing documents, speak to your brokers and let them know what you want and the limits you are willing to go when doing a loan. If you don't want your income to be fabricated, make sure you tell your broker that you want a loan that requires you to document your income. Not only will this protect you against aquiring loans that you can not pay for it will most likely save you money because those loans come with lower interest rates. I hope that this response is helpful to many.

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