Report: #1131882

Complaint Review: First Option Mortgage, LLC

  • Submitted: Wed, March 19, 2014
  • Updated: Wed, March 19, 2014
  • Reported By: Investor1 — Fishers Indiana
  • First Option Mortgage, LLC
    8888 Keystone Crossing Suite 900
    Indianapolis, Indiana

First Option Mortgage, LLC Think Twice before you decide to do business with this bank - Never Ending Paper Work Indianapolis Indiana

*Consumer Comment: Has it been less than 3 days since you closed?

Show customers why they should trust your business over your competitors...

I had reached out to First Options to refinance my rental property.  I was very impressed in my initial meeting with the loan officer.  They explained to me that I will have to provide a whole bunch of doucmentation before they can provide me GFE.  The reason they would like to get everything up front is so they can be accurate and by the time we close there would be no surprises.  I agreed to provide all the information.  Every day it kept changing as to what they wanted me to send them, however, I complied.

They gave me an application to fill out with interest rate of 4.65% with $25,000 cash out on my rental property.  I also provided First Option two offers from other banks with interest rate of 4.75%.  I went ahead with my application because the other bank could not give me more on cash out.  Since, First Option promised what I thought was reasonable, I went ahead.

First, I was asked to provide a never ending paper trail.  I have been doing refinances and dealing with banks over nine years, however, they asked me to facilitate documentation what was simply a joke.  A lot of unnecessary paper work that it almost turned into a full time job.  Once the appraisal was done which was exactly the same amount as another bank provided a week ago things started to change slowly.  I got another document to sign with interest rate of 5.25%.  They also bumped down the cash out to 25,000 dollars.  I could see why the cash out might have changed since they failed to incorporate second line of credit, however, once again bad business practice on banks part.

Just 24 hours ahead of closing I asked the bank to provide bottom line.  I got a document indicating what I will be getting back a certain amount.  In a matter of two hours I got another document showing $1100 less than I was shown in the previous document.  By the time I got to closing table and asked for additional information that number changed once again. 

I spoke with the branch manager and he indicated this is an honset mistake because the loan was handled by someone new.  Needless to say their mistake is going to cost me $10,000 in interest if I keep the loan for the whole duration.  Similarly, they jacked up $2,500 on closing cost that were never part of GFE.  Bank eventually gave me credit of approximately $650 dollars, but their answer to interest rate change request, we cannot do anything.  So, my advise to you is consider other options.  I am going to be writing an official letter to corporate head office and asking them to make things right, but I am not certain that will do me any good.


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This report was posted on Ripoff Report on 03/19/2014 12:27 PM and is a permanent record located here: 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. Ripoff Report has an exclusive license to this report. It may not be copied without the written permission of Ripoff Report. READ: Foreign websites steal our content

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#1 Consumer Comment

Has it been less than 3 days since you closed?

AUTHOR: FloridaNative - ()

If so, since it is a refinance, you can cancel the deal before it funds.

If it has been longer than 3 days, then the deal has funded and your recourse would be to pay it off as soon as possible and report the lender for RESPA violations.

You might consider reporting them to CFPB if the lender took longer than 3 days from your mortgage application to provide you a GFE. It is a RESPA violation. It also sounds like the lender charged you more at closing than was disclosed in the GFE which is also a RESPA violation.

Do some research right away on what these violations mean to you for remedies from the lender.


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