• Report: #856191

Complaint Review: Greenlight Financial Services

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  • Submitted: Mon, March 19, 2012
  • Updated: Tue, April 17, 2012

  • Reported By: knp — Florida United States of America
Greenlight Financial Services
18200 Von Karman, Suite 300 Irvine, California United States of America

Greenlight Financial Services Warning: a promo that says "$500 says you're not getting the best home refi offer" is bogus Irvine, California

*Author of original report: I am done

*UPDATE Employee: Please send your closing docs today.

*Author of original report: Will closing documents meet your requirements?

*UPDATE Employee: Greenlight Financial Services-Responsible Mortgage Lending

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Dont waste your time responding to Greenlight Financial Services offer of $500 if youre not getting the best home refi offer. If they can not beat the offer that you receive from another lender, Greenlight will demand a Rate Lock Agreement. This happens to be a form that Greenlight uses; however, not all other lenders use that specific form. Numerous efforts were made to satisfy Greenlights requirements. The lender with the lower rate responded via e-mail that the rate was locked; a letter was also provided from the lender quoting the lower rate. I even offered to give them copies of the final closing documents; however, Greenlight will not pay the $500 that is used in their promotional material. It is my opinion that this company is deceitful and dishonest. Beware!

This report was posted on Ripoff Report on 03/19/2012 01:14 PM and is a permanent record located here: http://www.ripoffreport.com/r/Greenlight-Financial-Services/Irvine-California-92612/Greenlight-Financial-Services-Warning-a-promo-that-says-500-says-youre-not-getting-th-856191. 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:
2Author 2Consumer 0Employee/Owner
Updates & Rebuttals

#1 Author of original report

I am done

AUTHOR: knp - (United States of America)

Today (the same day as it was requested) I gave them copies of the following: Good Faith Estimate (previously provided); e-mail from the lender stating that I have a locked in rate, the actual closing documents including the note, the truth-in-lending disclosure statement and the Settlement Statement showing that I closed at the rate that was quoted in the Good Faith Estimate. I closed at the rate that they could not match or beat. Now I am being told that they are not paying the $500 out because there is no rate lock agreement-this is a document that they use but my lender does not. The rate was obviously locked based on the confirming e-mail from my lender and the fact that the closing documents are at the same rate that was in the Good Faith Estimate. I am done wasting my time responding to GreenLight. Should they reply, my lack of response is solely due to my desire to not waste any more of my time. I would suggest that anyone looking for a refinance check with Third Federal Savings and Loan. Their rates are more competitive and they are an honest and ethical lender.
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#2 UPDATE Employee

Please send your closing docs today.

AUTHOR: GFS Consumer Affairs - (United States of America)

Greenlight Financial Services welcomes the opportunity to review your closing docs including the FINAL HUD SETTLEMENT STATEMENT. Please also provide your lender's version of the rate lock agreement so we can review the pricing on the actual day your loan was locked. GFS will honor the promotion if in fact you are eligible.  If we do not receive your docs in the next 5 business days we will take no further action and close out your request. Please contact the Office of Consumer Affairs @ Greenlight Financial Services to send/review your documents today @ 866-663-2783.
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#3 Author of original report

Will closing documents meet your requirements?

AUTHOR: knp - (United States of America)

My lender doesn't use your form but I have alkready closed at a rate substantially lower than you offer. There are no documents more legal than the actual closing documents. I'm offering to provide them, knowing that you will still have some excuse for not paying the $500 from your bait and switch scheme.
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#4 UPDATE Employee

Greenlight Financial Services-Responsible Mortgage Lending

AUTHOR: GFS Consumer Affairs - (United States of America)

Greenlight Financial Services (GFS) and lenders alike are responsible to provide borrowers with full loan disclosure. All lenders are required to disclose the same documentation including: Good Faith Estimate, Truth in Lending Disclosure, Uniform Residential Loan Application (1003) and Lock Agreement. Please send GFS your signed lock agreement, completed Uniform Residential Loan Application and Final HUD statement from the lender that closed your loan. GFS will be happy to review your eligibility for our promotion again. Please contact our Office of Consumer Affairs today to address your claim @ 1-866-66-FASTER.

For further information about mortgage loan disclosures and lock agreements, please visit...
www.hud.gov
http://www.federalreserve.gov/pubs/lockins/default.htm
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