• Report: #193028

Complaint Review: Lending Tree Home Loan Center

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  • Submitted: Tue, May 23, 2006
  • Updated: Fri, March 28, 2008

  • Reported By:Baltimore Maryland
Lending Tree Home Loan Center
163 Technology Dr Irvine, California U.S.A.

Lending Tree Home Dba Loan Center Mortgage Fraud Lied and Gave Me Fake Good Faith Estimate to get my business Irvine California

*UPDATE EX-employee responds: The real scammers today....ARE THE BROKERS!!!! Always have been!

*Consumer Suggestion: Latest SCAM to get new business

*REBUTTAL Individual responds: GFE is just that...ESTIMATE

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I applied for a mortgage for 95% of the cost of my new home with several internet lenders. All gave me the same interest rate, but the banker with Lending Tree - Home Loan Center told me there would be no mortgage insurance (PMI) because Lending Tree - Home Loan Center does such a high volume they are able to get special deals from the banks they deal with. He sent me a Good Faith Estimate and Disclosures showing "0.00" for PMI.

I only discovered at the closing that the mortgage had the same PMI as all of the other offers did - amounting to about $1700/year in non-tax-deductable dollars. I contacted Home Loan Center's "customer excellence" department regarding all of this, and not only did they provide no assistance, but they sent me a copy of another Good Faith Estimate dated the same as the one I had received, only this one had the PMI included. I think the banker sent me one GFE with no PMI, and sent the other with the PMI to the processor.

When I asked for an explanation of the 2 discrepant GFE's the "customer excellence" people told me they were finished with me and that they would not communicate with me further. They have referred me to the "Compliance Department." That's the latest as of today. I think this constitutes a violation of the Federal Truth in Lending Act and I am going to do whatever I have to in order to get revenge. Caveat emptor.

Outfer
Baltimore, Maryland
U.S.A.

This report was posted on Ripoff Report on 05/23/2006 09:39 PM and is a permanent record located here: http://www.ripoffreport.com/r/Lending-Tree-Home-Loan-Center/Irvine-California-92618/Lending-Tree-Home-Dba-Loan-Center-Mortgage-Fraud-Lied-and-Gave-Me-Fake-Good-Faith-Estimate-193028. 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 2Consumer 1Employee/Owner
Updates & Rebuttals

#1 UPDATE EX-employee responds

The real scammers today....ARE THE BROKERS!!!! Always have been!

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

The first guy is right. The Truth in Lending applies only to the note itself not the GFE. Why? The loan is made to you IAW the actual loan docs,..not based on the GFE, which again was clearly stated as an ESTIMATE! So youre basically saying that there was no PMI on the GFE but when you got the actual loan docs, there was PMI and you signed it anyway???? If thats the case, ..then YOU need to accept the responsibility for the mistake YOU made.

We all know there were (and still are) tons of unscrupulous lenders out there, but now because of the current status of the mortgage industry, every yahoo out there is now going to cry 'foul' because they didnt take the time to understand (or even read, for that matter) their mortgage docs fully and now want out of the loan they signed for.


Brokers..geesh! Where should I start? Talk about the pot calling the kettle black. Just to make this easy..I'm going to use a cliche that I've heard bazillions of times in the industry but it does get the point across.

Lets say you want to get a cup of water from a well. The well is close and youre fully capable of getting the water yourself, but a broker comes along and says,..."No, no! You just sit down, let me take care of this for you! I'll get the cup of water for you and when I get back with the water,.. you can pay me thousands of dollars for it? Sound good?"

All these subprime lenders..most of the mortgages that ended up defaulting and putting us all in the situation we're now in......were by broker shops! Its that simple.
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#2 Consumer Suggestion

Latest SCAM to get new business

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


Congratulations to the piece of sh** who slid the non existant PMI in your loan.

This is no mistake. Believe it.

I am a mortgage broker. I used to be a 'loan officer' , then got a 'net branch' and now am a full broker with my own brokerage.


The latest SCAM is now closing costs. It used to be 'bait and switch' interest rates where pricks would undercut the rate, then add in 3 buydown points later.

Now, its a GFE which basically has a SKELETON for closing costs, so the homeowner will go 'wow' I will go with them, all to be SCAMMED into the same damn closing costs as the other guy who was honest on the GFE.

WHOOPIE.


Guys will now come on here BARKING. I DONT DO THAT blah blah blah

Ever wonder why we have a BAD reputation?

I have something to defeat all this, but I aint going to post it here. Not a chance.


Saying 'its only a GFE it is only an 'estimate' is shorthand for WE CAN LIE TO YOU .

GET THE APP. GET EM SIGNED UP AND SO FAR INTO THE PROCESS, THEY PROBABLY WONT BACK OUT.

for every one guy who comes on here to complain about the BAIT AND SWITCH , there are 9 others who just took it and signed the loan.

Congratulations PR**KS.
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#3 REBUTTAL Individual responds

GFE is just that...ESTIMATE

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

Actually, that is not against the Truth In Lending Act. Being a licensed loan officer, I know that a GFE is just that, an estimate. They should have notified you of the PMI, however it does not have to be listed in the GFE. The GFE is something they provide before any full details are worked out on a loan. It does not have to be exact and it can change.
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