My experience with Lending Tree was not at all pleasant and I can guarantee I will never use their services again nor will I recommend them to anyone. The following reasons are why:
1. First of all, the person I was working with was not up front with me about all the documentation I would need to provide the lender in order to qualify for the loan. The original checklist that was sent did not include requirements to provide HUD-1 forms on previous loans. This was brought to my attention about a week into the process. I was told that these were required to prove I had never taken any cash out on the house in the three times I had refinanced the second loan (which all three times were to get a better interest rate). Lending Tree had me running around trying to find this specific form that I was told I had to have or the loan would not go through. I called all three banks and they thought I was crazy. These forms only existed on the original loan on the house. The person I was working with was very adamant that I should have gotten a HUD-1 form each time I refinanced, but that is not the case. This tells me he has no idea what he is talking about. Additionally, when I tried to understand the purpose of all of this, no one could explain it to me. I just kept being told, It's a rule. Well that's not good enough and ignoring a customer's request for information is not acceptable.
2. There were too many people from Lending Tree calling me. I spoke with four different people regarding my loan. I was working with a customer service person the most. Then someone from the escrow department called me telling me I needed to call my bank to have them send a payoff to Lending Tree. I couldn't even understand this guy as he did not speak very clearly. Then I had someone calling me saying she was my loan processor and that I would no longer be working with the customer service rep. When I started feeling like I needed to cancel this loan because I was losing trust in the company, the supervisor called me and said that the customer service rep was my point of contact throughout the whole process. It was like no one was talking to anyone else, they were just shuffling my paperwork around. I didn't appreciate having so many different people calling me because when I would ask a question about my loan to one person, they didn't know and said I would need to speak to one of the others. It was very confusing and frustrating.
3. When I had finally had enough with the chasing of the non-existent HUD forms, not answering my questions and the multiple people calling me, I began to distrust the company so I told the loan processor that I would be cancelling the loan and gave her a brief reason for it. She did not care one iota that I was doing that, did not ask me why, did not ask if she could have a supervisor called me, nothing She said okay, she would cancel it and that was it. I don't appreciate being blown off. In order to better understand customers, you have to know why they are pulling out and taking their business elsewhere. How else do you improve business practices?
4. When the supervisor did call me, we did have a nice conversation and he apologized for some of the inconveniences that I had experienced. He encouraged me to reconsider the loan, however, he pressured me into making a decision. This was on a Friday and he wanted an answer that day. How do you pressure a customer into making a $200,000 decision in an afternoon? I have other parties involved in my loan process and it just wasn't possible. I did get back with him on Monday and I understand the time constraints, but I didn't appreciate being pressured.
5. My appraisal came in extremely low but I was told that Lending Tree could still do my loan with some minor adjustments. This was told to me by the supervisor and the customer service rep. However, I received in the mail a Fair Credit Report statement saying that Lending Tree turned me down for the loan since my appraisal came in below the necessary amount. WHAT?!?!? So now Lending Tree is telling bold faced lies!! Lending Tree did not turn me down, they were asking me to reconsider following through with the loan. I turned down and cancelled the loan process. So why is this company lying about the outcome of this process? Why would I trust this company that causes something that should be easy to be so painful in addition to lying about a customer/potential customer?
6. My $600 deposit was not refunded. Because of my painfrul experience, it would have been good faith on the part of the company to refund the portion of the money that was not used for the appraisal ($250).
Richmond Hill, Georgia