• Report: #556713

Complaint Review: Lending Solutions Inc (Lending Tree)

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  • Submitted: Tue, January 19, 2010
  • Updated: Thu, December 02, 2010

  • Reported By: Rickhoff — Katy Texas USA
Lending Solutions Inc (Lending Tree)
6470 E Johns Crossing, Internet United States of America

Lending Solutions Inc (Lending Tree) LSI Mortgage Plus, False Promises, Qualified, Appraised, Locked-in, and left hanging, Internet

*Consumer Comment: CORRECTION - Two Lending Solutions, Inc.s

*Consumer Comment: Lending Solutions, Inc. is a joke

*Author of original report: Lending solutions Inc. (LSI) Marie Wallace & Flagstar Bank

*UPDATE Employee: Please remove the name Lending Solutions Inc. from the title of this report. We are in no way affiliated with Lending Tree and have no involvement in this case.

*Author of original report: LSI Mortgage, Marie Wallace & Flagstar Bank

*Author of original report: LSI Mortgage, Marie Wallace & Flagstar Bank

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The Lending Tree refinance process is misrepresentation at best, fraudulent at worst!  The only ones making out in this lending environment are the so called "independent" appraisal companies, what a waste of time and $400.


I had my reservations about the process, turns out I was far more intuitive than I gave myself credit for.  Beware of lofty promises of quick closing, low costs, and false lock-ins, it all sounds so good and simple, don't be fooled!



I had a 750-800 credit score, 60% LTV on my refinance request, and I was eventually denied after a lengthy string-along.  The bottom line, mortgage companies don't want solid, low-risk loans at slim margins, they want the marginal loans so they can dictate terms and exponentially increase their margins.



Sound familiar, this kind of thinking is what got us into this mess in the first place.  Good thing we taxpayers funded the bailout, which was supposed to keep the credit flowing.  I will be okay, just wanted to save a little interest, I feel bad for those that really need help! 

This report was posted on Ripoff Report on 01/19/2010 10:31 AM and is a permanent record located here: http://www.ripoffreport.com/r/Lending-Solutions-Inc-Lending-Tree/internet/Lending-Solutions-Inc-Lending-Tree-LSI-Mortgage-Plus-False-Promises-Qualified-Apprais-556713. 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:
3Author 3Consumer 0Employee/Owner
Updates & Rebuttals

#1 Consumer Comment

CORRECTION - Two Lending Solutions, Inc.s

AUTHOR: Dean - (United States of America)

I would like to make a correction on the above post. There are indeed two LSI's or Lending Solutions, Inc's. I thought you could only have one Inc per company in the USA, but apparently not.

The first LSI is located in Duluth, Georgia. This is the one that is affiliated with Lending Tree and has the compliants listed by the author known as Rickoff - Katy.

The other is located in Elgin, IL. By all accounts, seems to be a stand up company with a "trustworthy" past dating back to 1994. I was able to speak with one of the company's Executive Vice Presidents, and he wanted to make it clear that they are not associated with either Lending Tree or the LSI in Georgia. With a phone call to the LSI in Duluth, Ga, they reiterated the same.

I would like to apologize to the folks at LSI in ELGIN, IL. They are at the mercy of the market, just like every other mortgage processing company.

You should have no worries about doing business with the LSI in Elgin, IL.

Thanks and sorry for all the confusion

 

 

 

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#2 Consumer Comment

Lending Solutions, Inc. is a joke

AUTHOR: Dean - (United States of America)

Lending Solutions, Inc is a joke of a company. If you are refinancing, check with your credit union and make sure they don't use this company to do it. They will more than likely take your money and never refinance your house. On the email signature it says "Thank you for your patience during this busy time".  Or if you try to call them 400 times and even provide your cell phone number, you will never talk to a human. "Since we have been unable to connect via telephone, I am writing this email..."  What? CALL MY CELL PHONE.  A answer to a question will take weeks to get. SCAM SCAM SCAM. I starting this process in the spring of 2010. April I think. Christmas is coming up...  Wow! Really?
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#3 Author of original report

Lending solutions Inc. (LSI) Marie Wallace & Flagstar Bank

AUTHOR: Rickhoff - (USA)

I reiterate that the Lending Tree process is a joke, and although not legally affiliated with Lending Tree, it was Lending Solutions Inc. that made false promises and direct misrepresentations to me, not Lending Tree.

LSI is listed on the Lending Tree site and clearly has a marketing affiliation with them. I relied on the LSI relationship for direction, documentation and correspondence, and I paid appraisal fees at the direction of LSI.

I was initially reluctant to move forward but was continuously assured by LSI that all the hoops I was jumping through were necessary and there was no risk of not closing and losing my appraisal fees.  I received no good reasons or explanations, only excuses and I'm sorry.

Sorry just wasn't good enough for me i guess.
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#4 UPDATE Employee

Please remove the name Lending Solutions Inc. from the title of this report. We are in no way affiliated with Lending Tree and have no involvement in this case.

AUTHOR: Lending Solutions, Inc. - (USA)

Please remove the name Lending Solutions Inc. from the title of this report.  We are in no way affiliated with Lending Tree and have no involvement in this case.  We are a third party company working primarily with credit unions.  This report is showing in various search engine results and has the potential to tarnish a solid reputation that we have spent 16 years building.  Again, we have no affiliation with Lending Tree and request that our name be stricken from this report.

Thanks,

Bill Hultstrand
Lending Solution, Inc.
Manager, Marketing & Communications
800-937-4249

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#5 Author of original report

LSI Mortgage, Marie Wallace & Flagstar Bank

AUTHOR: Rickhoff - (USA)

Marie Wallace had my appraisal fees returned to me after reading this report, thank you ROR !!
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#6 Author of original report

LSI Mortgage, Marie Wallace & Flagstar Bank

AUTHOR: Rickhoff - (USA)

Adding Broker name and Mortgage Company to posting.
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