ED Magedson – Founder
Castle and Cooke Mortgage2735 East Parleys Way, Salt Lake City, Utah USA
Castle and Cooke Mortgage, Castle and Cooke Homes, Matthew Pineda, Buck Hawkins Higher Priced loan for my family to make the LO thousands more Salt Lake City Utah
I closed a loan last year with Castle and Cooke Mortgage, which apparently is part of Castle and Cooke Homes and owned by Dole Foods. I recently saw a complaint was filed by the CFPB against the President, Matthew Pineda and VP Buck Hawkins for allowing their Loan Officers to be paid a bonus for putting individuals like me in a higher interest rate loan.
I have friends in the industry since the last 12 months and they all told me I should have filed a complaint for such actions at that time, but this further resonated when I saw this come out today in the Utah District Court. I questioned my loan officer right before closing why my rate was higher than the prevailing interest rate at the time and he told me it was because they get loans done faster than everyone else. It seemed to make some sense, but my rate was a good .75 - 1.00% higher than everyone else, which according to others in the industry is far too large of a spread between just getting a loan done faster at one place over another.
One of my friends who is in the industry knows the person who completed my loan and said he brags about getting a bonus every quarter for upselling the interest rate and how all the employees endorse it because the company says they paid a lot of attorneys to come up with a way to hide it from the Government Agencies. So I called my Loan Officer a couple months ago and just asked him about it. He said, and I quote, "yes, I get paid a bonus each quarter and it does make up a large portion of my income but I did not make any additional monies on your loan." I asked how I could believe that and he simply stated I would not lie to you as I work off of referrals and depend on others to send me business.
I am a bit clueless to the mortgage industry, but my friend said if I paid .75 - 1.00% higher interest rate that this could mean as much as 8-10k that I was overcharged to pay the Loan Officer more money. Not too mention my payments are potentially over $100 higher than they should be.
If anyone else feels they are effected I found this website and have contacted them by phone for assistance as things are not adding up and I am certain their are monies owed to me from the actions that took place at Castle and Cooke Mortgage. https://help.consumerfinance.gov/app/mortgage/ask
For fun, I called back to my Loan Officer today and asked about this and he just shrugged it off and said we have been already working with the CFPB and this will all go away as we are backed by a Billionaire. Very shocking, but I said just curious if I were to refinance what would be the interest rate today. He said since you are a former customer I could get you 4.50%, but this would not make sense since when we did your loan you got 3.75%. I said OK. I called another Castle and Cooke office and explained my situation and told them I was a former customer and he told me 4.75%.
I was getting a kick out of this so I decided to call upon another office in a different state, Colorado, and spoke to the Manager and he said 'yes, we offer a special discount that I could give you through the corporate office and your rate would be 4.375%". Obviously, these 45 minutes of conversations led me to more concern about this company and apparent lack of caring about the well being of the thousands of customers they have financed over the last 2-3 years.
I am very curious if anyone else has experienced the same type of situation with Castle and Cooke Mortgage and what steps are necessary to process a potential claim against this company for its actions or lack thereof.
This report was posted on Ripoff Report on 07/23/2013 06:31 PM and is a permanent record located here: http://www.ripoffreport.com/r/Castle-and-Cooke-Mortgage/Salt-Lake-City-Utah-84109/Castle-and-Cooke-Mortgage-Castle-and-Cooke-Homes-Matthew-Pineda-Buck-Hawkins-Higher-Pr-1069517. 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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