• Report: #160403

Complaint Review: Texas Lending.com

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  • Submitted: Tue, October 11, 2005
  • Updated: Fri, August 25, 2006

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

Texas Lending.com ripoff misleading dishonest Dallas Texas

*UPDATE Employee: How can we help

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In June of 2005 I decided to refinance my house. I checked for several months to find the best company with the best interest rate.I'm a single mom with two children. I made my final decision to go with Texas Lending.com.

I dealt with a person by the name of Tim Hart. I live in a small town and due to a physical address problem my refinance took nearly 6 months. I finally closed in June and decided to escrow my property taxed and insurance.

At the closing Tim Hart and a person from the Title Company (Chapin Title Co. in Sherman Texas) were present. I ask Mr. Hart and Chapin Title if my taxes and insurance were taken care of for the first year. Both assured me that everything was taken care of.

Four months after my close I received a cancellation notice on my homeowners insurance. I contacted my insurance to find out that my policy was never paid. I contacted Tim Hart at Texas Lending on Oct. 6th to informed him of the problem and that my insurance was going to be cancelled on Oct. 9th and I needed to find out what was going on.

I finally received a phone call on Oct. 11th only to be told that there was a mistake and the money was given to me by mistake in my cashout amount and that I would have to pay my insurance for a year on my own along with the extra into my escrow account. Beware of this company! I would not recommand this company to anyone!

Diane
Whitewright, Texas
U.S.A.

This report was posted on Ripoff Report on 10/11/2005 05:21 PM and is a permanent record located here: http://www.ripoffreport.com/r/Texas-Lendingcom/Dallas-Texas-75244/Texas-Lendingcom-ripoff-misleading-dishonest-Dallas-Texas-160403. 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 1Consumer 0Employee/Owner
Updates & Rebuttals

#1 UPDATE Employee

How can we help

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

We apologize for any perception that we have ripped off this client.

Texaslending.com is in the service business to facilitate the transfer of money from financial institutions, whether it be from our bankroll or from another financial institution, to the consumer, for use by the consumer to purchase, refinance, or obtain equity from their home.

As Diane states, she shopped for months to find the best mortgage. We did provide the best mortgage so Diane chose Texaslending.com.

She did touch on the fact that there was a physical address problem. Her Driver's License, City Water Department Bill, County Tax Assessor, and local Post Office each had assigned her house a different street number it was the municipal 911 administrator's address that was settled on all others were changed coincide with that one.

The other issue that had to be worked through was that she owned several adjoining lots that had been previously combined on one loan. Viewing her several County Tax Certs it was discovered that there was an Agricultural Property Tax Exemption on an unclearly defined portion of her land. We had received an underwriting Clear to Close 30-45 days earlier but the title company balked at the Ag Exemption issue. The lender throughout the process didn't require a survey but to satisfy the title company a survey was ordered and performed to coincide with the existing Homestead non-exempt Tax Cert.

Now, with a survey and the several months that passed since her original inquiry due to the physical address issue Diane also passed a date limitation from a previous public record issue and her loan application became eligible for a Fannie Mae Texas Cash Out program with a lower rate than that for which she originally applied.

Diane wanted an escrow account for the annual payment of property taxes and homeowner's insurance. To set up an escrow account mid-year we have to know the expected amount owed and when it will be distributed. We had the tax cert for the property and her homeowner's insurance Declaration Page. If her homeowner's insurance was cancelled due to non-payment because the funds were directed to Diane instead of paying a premium the only thing I can think of is that is was assumed that the Policy Expiration Date was also the paid thru date because I don't recall her specifying that she was on a payment plan for that current year's policy.

As Diane states, her loan closed and she received cash at closing. Her rate and costs were inline with those disclosed to her prior to closing. Texas state law for home equity loans requires the closing statement, with exact fees and terms, be disclosed to the consumer at least one day prior to closing. The consumer signs off on the closing statement to acknowledge all is correct.

In this case the title company, as escrow agent, was located in the rural area near to Diane's home. They were to pay out all fees as directed on the closing statement. Title companies charge an "escrow fee" for this service. Texaslending.com has no relation to the title company.

Months later Diane called Texaslending.com requesting us to pay her insurance for her because apparently the funds had been sent by the title company to her rather than to the insurance company. Our reasoning for this

It is our wish that Diane's insurance company reinstate her insurance on the terms agreed to by Diane and the insurance company. Diane should still have an escrow account intact for the payment of insurance for future insurance needs as this is collected by the lender with each mortgage payment.

It is our position that Texaslending.com performed the service for Diane to the best of our abilities and provided all services to Diane as agreed. All fees charged to Diane were disclosed, all laws were followed, and any moneys regarding her insurance were apparently paid to her for her disposal. Texaslending.com has closed over 10,000 home loans since our inception in August 2001. We desire for all consumers to be treated fairly and receive concise and accurate service under the most competitive terms possible.

Please email us your concerns and questions to info@texaslending.com.
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