• Report: #458684

Complaint Review: WCS Lending

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  • Submitted: Thu, June 04, 2009
  • Updated: Sun, August 12, 2012

  • Reported By:New York New York
WCS Lending
wcslending.com Southfield, Michigan U.S.A.

WCS Lending - WCS leads you in with a low interest rate;then tells you they can't lock in the rate without an appraisal, then the appraisal comes in lower than the market value then jacks up your rate even higher. Southfield Michigan

*UPDATE EX-employee responds: Complaint is non-founded

*UPDATE Employee: Please reach out to us!

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I wanted to refinance my condo and reached out to WCS lending for rates. They came in very low for a 30year fixed with 1 point. My credit report was excellent; filled out their application which was approved the whole process took about 30 days. I kept on asking to lock my rate in at the 4.85% that I was promised but was told that until my apartment was appraised they couldn't lock in the rate.
This is only specific to WCS by the way, the other banks that I spoke to would lock in a rate as long as you paid their application fee. Several days ago the rates went up from 4.85 to 5.35% so I decided to give them $385.00 for an appraisal to lock in the 5.35% rate. I get the appraisal back and it comes in at 600K, under what I paid for the apartment The appraiser didn't come into the apartment only drove by, and compared my apartment to comps in the area with buildings that are nothing like the one that I live in.I live on the 18fl with a complete view of Manhattan with state of the art appliances etc. Now WCS is telling me they might now do the loan or the rate will go up even higher than the 5.35% with more points. So I'm out the $385 for the appraisal.

At all cost avoid using this company. It was a big waste of my time and money and now the rates have risen to where it doesn't make sense to refi my mortgage.

Sdv
New York, New York
U.S.A.

This report was posted on Ripoff Report on 06/04/2009 04:12 PM and is a permanent record located here: http://www.ripoffreport.com/r/WCS-Lending/Southfield-Michigan-48075/WCS-Lending-WCS-leads-you-in-with-a-low-interest-ratethen-tells-you-they-cant-lock-in-458684. 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 0Employee/Owner
Updates & Rebuttals

#1 UPDATE EX-employee responds

Complaint is non-founded

AUTHOR: Leanne - (United States of America)

 Having 15 years in the mortgage industry (2 yrs with WCS Lending), it's obvious this consumer is upset that she purchased a the subject property and it declined in value, like the rest of this country. I'm assuming the property is a condo, because only specific banks loan on apartments.

 The statement "Reached out to WCS Lending for rates." Means that she called and got a quote on the posted rates for the day.  She even states that a few days had passed and rates went up, so then she decided to proceed with the appraisal.  If the other banks would lock her loan, why didn't she do business with them?  She missed the window of opportunity for a certain rate by choosing to float and then blames WCS's. fault. Locking an interest rate requires an application and applicable forms which are specific to each transaction. All of which are done in writing and are required to be signed and dated by all parties.  

"State of the art appliances" do not increase the value of real estate. Appraisers are third party vendors which have base their estimate of value based on statistical data.  An appraisal has to include at least comparable sales located in the subjects building and one comparable sale in a similar building. 

I worked for WCS for a couple of ears and not once did I ever see of hear such nonsense as referenced in the complaint.  The owners of WCS are hands on, they just don't do business like what is described.  
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#2 UPDATE Employee

Please reach out to us!

AUTHOR: WCS Lending Customer Service - (United States of America)

Good day,

We are sorry to hear you were disappointed with the service you received from WCS Lending. We encourage you to contact us to discuss your experience, as we are more than pleased to assist you. The contact phone number is 866.WCS.LEND x 467.

Thank you for your time and consideration.
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