• Report: #179334

Complaint Review: Texas Lending.com

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  • Submitted: Sat, March 04, 2006
  • Updated: Fri, October 10, 2008

  • Reported By:Frisco Texas
Texas Lending.com
4309 Alpha Road Dallas, Texas U.S.A.

Texas Lending.com Another poor experience Dallas Texas

*REBUTTAL Owner of company: THIS IS FRANK FROM EARTH MORTGAGE, THE COMMENTS ABOVE A FALSE

*Consumer Comment: Frank with earth mortgage is bogus but the TL.com complaints are REAL

*Consumer Comment: This is Frank with Earth Mortgage

*Author of original report: Update

*Consumer Comment: How convenient

*REBUTTAL Owner of company: NOT LEGALLY ABLE TO DISCLOSE

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I also had a very poor experience with Texas Lending. I began trying to refinance my house in 2002, and paid their $100 fee to get started at that time. After 6 months the loan officer still had not closed it. I contacted Kevin Mitchell (the president) several times, who responded to my emails, but it was not helpful. I also stopped by to check on status (the office is down the street from my work) to no avail. At that point my husband lost his job, so it was impossible to refi at that point. Six months later he was working again, and I went back to refinance through them. Three months after that they still had not closed it, so I contacted another company that was ready to close in 6 weeks at a better rate that what Texas Lending finally offered.

In addition, I had to have two appraisals done, $650 total (the second because the first one was so outdated by the time we actually could refi) and I did not even end up needing them for the loan I got. By my estimates, by sitting on the loan for so long and not taking the time to attempt to close it, Texas Lending's loan officers cost me $3000-5000 total. I would never recommend this company to anyone.

Lindsey
Frisco, Texas
U.S.A.

This report was posted on Ripoff Report on 03/04/2006 05:38 PM and is a permanent record located here: http://www.ripoffreport.com/r/Texas-Lendingcom/Dallas-Texas-75244/Texas-Lendingcom-Another-poor-experience-Dallas-Texas-179334. 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 4Consumer 2Employee/Owner
Updates & Rebuttals

#1 REBUTTAL Owner of company

THIS IS FRANK FROM EARTH MORTGAGE, THE COMMENTS ABOVE A FALSE

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

THE STATEMENT ABOUT A FORMER EMPLOYEE THAT CLAIMED THAT I TOLD THEM TO SLAM TEXAS LENDING IS FALSE.

This is a disgruntal employee that was terminated by Earth Mortgage!
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#2 Consumer Comment

Frank with earth mortgage is bogus but the TL.com complaints are REAL

AUTHOR: Tired Of Predatory Lenders - (U.S.A.)

The comment from "Frank with earth Mortgage" makes no sense. I know that the complaints against TL.com are true and real because I and my family were one of the victims of this company, recently. So whoever reads these complaints and is thinking about doing business with TL.com, your experience with them may be better than ours was, but nontheless, BEWARE.
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#3 Consumer Comment

This is Frank with Earth Mortgage

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

Don't be fooled - this complaint is Frank (President) with Earth Mortgage. I used to work for Earth Mortgage and Frank Cortese would do these fake complaints against Mortgage Company's that he was competing against on this website all the time. After Frank posted these complaints he would advise his Loan Officer to go back and notify the prospects that the Mortgage Company they were dealing with had complaints on ripoffreport.com. This complaint definitely sounds like one of his fake complaints...
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#4 Author of original report

Update

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

Quick note - I never asked for a 15 year fixed loan. I was looking for a 5/1 arm or a 30 year note. As an opinion, I question the practices of any mortgage company that needs to advertise as much as TL does. Generally when someone is trying too hard to sell a product, people don't need it.
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#5 Consumer Comment

How convenient

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

How convenient for Texas Lending to leave out the amount of wasted money on the home appraisals. I was seriously looking into Texas Lending until I read this report and the pathetic rebuttal Texas Lending provided.
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#6 REBUTTAL Owner of company

NOT LEGALLY ABLE TO DISCLOSE

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

I apologize for the lack of clarity regarding this loan considering the complaint came 4 years after this consumer was working with our company.

Upon review of the data file it appears Texaslending.com had a loan for the consumer but it did not meet the satisfaction of the client.

Texaslending.com is legally unable to disclose credit scores, debt ratios etc. regarding consumers.

For all those considering the comments in this complaint please be aware that mortgage rates were at 7% in april of 2002 (and have not reached that level since then) and dropped steadily to 5.75% in November of 2002. If another company was able to improve debt ratio by locking a loan at lower rates in November then it is quite likely this loan was able to close under the terms the client desired.


Please be aware that neither Texaslending.com nor any other mortgage company governs the movement of rates that may determine the viability of a loan Fannie Mae or Freddie Mac guidelines.

Debt ratio was an issue with this loan along with credit scores being less than perfect. The consumer wanted a 15 year fixed mortgage even though the high ratios did not make it possible at the time. A better option to improve debt ratio when rates were high would have been the 30 year fixed for lower payments.

When rates dropped over time it surely became a more viable loan and if the credit scores improved along with the improved rates it is easy to see how the loan became possible under terms acceptable to the client.

It is also easy to see how a mortgage company quoted better rates after this consumer last spoke with Texaslending.com. We too quoted people better rates to consumers in late 2002 yet we credit this to the market and not to any attributes of the character Texaslending.com. In the same regard we find it healthy to not accept blame or responsibility or a rip-off moniker when market rates increase, anymore than I would take credit for the rising or falling of a publically traded company's stock price.

It is irrational that Texaslending.com or any other company would not close a closable loan as mortgage companies and most loan officers only get paid if loans close.

It sounds like the consumer got a good loan and that is all we can ask for anyone.
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