• Report: #868693

Complaint Review: LSI Mortgage Plus

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  • Submitted: Sat, April 14, 2012
  • Updated: Wed, April 18, 2012

  • Reported By: ConcernedCust — Georgia United States of America
LSI Mortgage Plus
6470 East Johns Xing #220 Internet United States of America

LSI Mortgage Plus LSI Mortgage, Georgia, Duluth, Low Price Guarantee: Lies, Mike Saltzman, Carl Higgins, Corruption, High Origination Fees Internet, Internet

*REBUTTAL Individual responds: Response To The Claim

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LSI Mortgage, Georgia, Duluth, Low Price Guarantee: Lies, Mike Saltzman, Carl Higgins, Corruption, High Origination Fees

Everything written in this letter is to inform the public as to the type of business that LSI Mortgage Company in Duluth, Georgia is engaged in.  It is strictly my opinion based on my dealings over the past several months.  

Lies:  We originally decided to use LSI due to needing to close on a loan within 3 weeks. 

Knowing all details ahead of time, not only did they not come close to doing as stated, our mortgage advisor left the company for an unknown reason.  His replacement would not even call to discuss critical issues until we strongly voiced our concerns with LSI management.  

Lies:  LSI Mortgage gave me a verbal low price guarantee that was said to be on their website.  I was told directly that they will beat any other legitimate offer from any other mortgage company and I was sent the statement directly that we will not be beat on rate and terms.

While finalizing everything with LSI, paying for an appraisal, etc., I received a mirror good faith estimate from another mortgage company, and told LSI that I was making the comparison.

I ended up with two good faith estimates on the same day that I presented to LSI.  Everything on both estimates was basically the same except the origination fee.  LSIs origination fee was $2,000.00 to $3,000.00 higher. (These were actual figures, everything considered).

There was a huge difference in the fees between these two companies, and I am sure that I didnt happen to choose the lowest price mortgage company out there for a comparison.

Corruption:  LSI refused to honor their guarantee by saying that their competitors good faith estimate was not legitimate. At that time, I was basically ready to close with either company.   

Corruption: Carl Higgins, supposedly part of the LSI management group refused to honor their low price policy.  During our phone conversation he responded by saying that the competitors Good Faith Estimate was not legitimate but could not give any explanation.  After this conversation Higgins refused to take any of my other calls. 

Legitimate Competitor:  I chose to close with LSIs competitor to save $2,000 to $3,000 in origination fees.  Amazingly, the closing with the competitors company went very smoothly with no surprises.

Corruption: Mike Saltzman, also part of LSIs management group, when confronted about the questionable business practices, refused to give any restitution, not even to return our appraisal money that he mentioned doing so. 

I think that by reading through several other LSI Mortgage complaints that you will notice a pattern in the way they do business.  My goal is to inform the public of my dealings with LSI Mortgage.  You know the saying goes something like this:  If you treat a customer well they will tell ten other people.  If you lie, cheat, swindle them with your corrupt business practices then they will tell many others..  By the way, the competitor that I used was Ben Thornton at AMAC Mortgage Company.

Phone- (678) 905-6033


This report was posted on Ripoff Report on 04/14/2012 03:48 PM and is a permanent record located here: http://www.ripoffreport.com/r/LSI-Mortgage-Plus/internet/LSI-Mortgage-Plus-LSI-Mortgage-Georgia-Duluth-Low-Price-Guarantee-Lies-Mike-Saltzman-868693. 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 0Consumer 1Employee/Owner
Updates & Rebuttals

#1 REBUTTAL Individual responds

Response To The Claim

AUTHOR: LSI - (United States of America)

Simply put, the client in the claim closed with another Lender---which is his right to do---after we gave him the best offer at the time.  AFTER his loan closed he called and asked LSI to send a check for the difference (approx. $3000).  This being ridiculous, we refused and wished him well.  The client then stated if we refused he would "smear us all over the internet".

All correspondence was professional and courteous.  LSI is a top 2 Lender with Lending Tree and strives to give the best price and service.  

The client also failed to mention the when his appraisal came in low with the other Lender, they raised his fees.  We didn't and don't play bait and switch and offered our best with his current appraisal in mind.

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