e-Trade Mortgage ripoff violation of federal RESPA act unfair and deceptive practices doing business in NH without a license disbursing funds contrary to HUD-1 form tricked and lied to us ripoff fraud business Huntington Beach California

The company does not comply with Federal RESPA act in closing loans. They refused to give me a Uniform Settlement Statement in compliance with the Federal RESPA act. When I finally did get a HUD-1 Settment Statement as required by law, they disbursed funds on our refinance that did not match the original Settlement Statement. They did not disburse funds on the day immediately following the expiration of the Rescission period(which would have been first thing on September 12, 2002) but waited to disburse until a later date, issuing HUD-1 that was "amended" as of September 6, 2002.

The staff finally was made to realize that they had to comply with the federal statute and sent me a completed Settlement Statement in the form that the law requires. However, when they did disburse the proceeds of the refinance, they "amended" the HUD-1 Settlment Statement and sent even less money than they had originally told us we would get. This is a felony and in direct contradiction of federal laws.

If I can hear from other people with this same experience (and I would be willing to bet almost anything that everyone who has dealt with e-Trade Mortgage has because I am informed by e-trade that this is the way they do business), I can perhaps arrange for prosecution under the criminal law.

I was lucky because I have done real estate closings for years. The average person refinancing their loan does not know what their rights are and are being taken advantage of.

Patti
Plaistow, New Hampshire