Report: #451275

Complaint Review: Guaranteed Rate

  • Submitted: Tue, May 12, 2009
  • Updated: Tue, May 24, 2011
  • Reported By: barrington Illinois
  • Guaranteed Rate
    1699 Woodfield Road, Suite 300
    Schaumbrug, Illinois

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

In this difficult economy I was shopping for home loan and I accidentally entered my information on a website and next thing I remeber is getting a call from Guaranteed rate ,some by name XXX called me and tells me my Home is worth xxxK and I could get a loan at very reduced rate , he also promises me that he had a word with appraiser and the appraiser is somebody who he knows best and he will make sure that home is appraised to that amount . I knew that my home was worth that much or more when it was listed in 2007 , I did ask him if that is still the same , then he goes on to say that my area hadnt depreciated and blah ..blah ..

Here is what I should have done , I should have walked away from him "THE LENDER SHOULDNT TALK TO THE APPRAISER FOR THE VALUE " I didnt know this and I was trying to get it refinanced some how in my free time.

I went to the office submitted my documents and gave him the check for appraiser , then I see that appraised value came close to 10% lower than his "online research" and it seemed my speculations about this business has come true.

The business model is somehow lure the customer to office ,get the check and once the check is with them they think that customer will stick with them. Once you give the check, XXX has no interest in your loan , then it is your duty to follow up with him and then he turns rude and gives completely different closing cost and then you realize that he made $100 from the appraiser fee .

here is the sample conversation I had when I asked him about the extra $100 he collected from for appraisal.

Guarateed Rate response
"Good Afternoon XXXX,

Did you decide if you would like to move forward yet?



My mail"

why do you need 450 when the invoice is only 350 ..."

Guarateed Rate Response
Date: Thursday, May 7, 2009, 4:28 PM

I dont need $450."

My Mail
in the event that am not doing loan with you will you be refunding the extra 100 ?"

Guarateed Rate Response

"Date: Tuesday, May 12, 2009, 4:15 PM

That was an FHA appraisal."

My mail

"but the invoice says $350 , check the fwded appraisal before you comment"

final response from Guarateed Rate

"Doesn't matter its 450

Sent from my BlackBerry wireless device from U.S. Cellular"

It doesnt matter to them , what amount they collect from you . I have all the proof for the above conversation . It is the agent had no clue why they collected that money . First he says he doesnt need 450 ,he needs only 350 . Then he tells it was for FHA loan. then the moron changes his tone again " Doesnt matter ".

I request any one with legal knowledge help me to to uncover this shady business that traps innocent people and preys on their hard earned money .

Any rebuttal I would publish the whole email trail and voice messages .

barrington, Illinois
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This report was posted on Ripoff Report on 05/12/2009 08:29 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 General Comment

Use your common sense

AUTHOR: Mortgagespecialist - ()

beforeper before giving money for appraisal, you should use your common sense.

values have dropped dramatically.   It will take about 6 month to a year for the new sales to hit the system.   

Any homes purchased between 2005 and 2011.   These will have very low values.   To check the accurate estimate on how your appraisal will turn out.   You must go out to the tax accessors office.   Find the homes that sold in your subdivision.   Or you local 1/2 mile area.    If not in subdivision.    Find the homes that sold in last few months.  Get parcel numbers and sale prices.  Make sure they are close to same style house that you have.   These properties can be given to appraiser to help him do his work.   

It these values are close to what you owe.   Then you should wait for market to improve.   Do a second mortgage if you are trying to get rid of credit card debt.  Make sure you are not in bad debt.  Or see attorney for other options.

never give money for appraisal until you did your homework.   It is not loan officers responsibility.  Or the banks.   You pay separate company for appraisal.   Which has nothing to do with the bank.  

You complaint is illegitimate.   do your homework on the value of your home.  Prior to appraiser getting your money.  If you do not do your homework. Then you are paying appraiser to do it for you.

it sounds like you owe more money than your house is worth.  You should pay down balance before you borrow anymore.  Sounds like you are mad.   Because your house is worth more than you owe.   This is a common problem nowadays.  

most people that owe more than the house is worth they are eligible to reduce their rate on harp program.   This does not require appraisal.   it is great program.  

But it does not allow you to keep borrowing money.   It allows you to reduce your debt.  Which is a smart thing to do.  

It is not smart to keep borrowing money to the max.  Then get mad at bank.  Because you have no collateral.

next time do your homework.  Check with tax accessors office on home sales in subdivision.   

Check worth your current lender to see if you are harp or hamp eligible.

pay towards principal more than your minimum payment.

good luck!   Maybe the market will go up for you this year.

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#2 REBUTTAL Owner of company

John HVCC Apprasial Value

AUTHOR: Mortgages13 - (United States of America)

I am responding to The negative comment on Rip Off Report
To John ,
The reason you were angry is the appraisal we ordered through a HVCC Appraisal Company we have to use passed by Congress in 2009.  Had your home value  come in much lower than your idea of your home value. I have no control over appraised value  I also informed you of the value and stated there was not any options left with my company .  I also ended up paying the appraisal out of my pocket so you saying your paid 450 is incorrect as I have the chargeback sheet to prove it .


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#3 Consumer Comment

Guaraneed rate is a Scam

AUTHOR: john - (United States of America)

Before using Guaranteed Rate I checked them out on Rip off report and as advised went with Kevin Beck. HUGE MISTAKE! At first he seemed very professional and sounded like he knew what he was talking about. I sent the required documents and paid for the appraisal and that is when everything change. All of a sudden his tone changed and he sounded like he didn't care about the loan anymore. In the end my rate and closing cost were higher and I just wrote the $450 I paid for the appraisal as a loss and went with another company. STAY AWAY FROM THIS PLACE!!!
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#4 Consumer Comment

Guaranteed Rate - Fair, Fast, & Friendly

AUTHOR: Erin - (USA)

I just completed a house mortgage with Guaranteed Rate. After struggling for months with Wells Fargo, I went to Guaranteed Rate since they had lower fees and Rate.

My representative, Kevin Beck, in Schaumburg IL was fantastic. He explained everything, was very quick in responses and was a painless experience.


Maybe you should have asked for another representative since I know all companies have bad apples.

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#5 Consumer Comment

Know your facts before you write something

AUTHOR: Real esate pro Boston - (United States of America)

I had to write a rebuttal, because I can't stand people that don't know why they are talking about.  Thank your politicians for that, back in May of 2009 congress passed a bill that made banks to use a third party appraisal management company for FHA and Fannie mae approved loans.  Most banks use a third party appraiser manager company and most appraiser manager companies are run by the same bank what a scam.   Listen I work for a bank that does just that.  Mostly all of them due and they collect that extra $100 in there pocket to pay for the person that they hire to schedule the appraisals.  So don't be mad at the mortgage broker or originator until you know all the facts.  I use to be an appraiser for 4 years I got out of it for it took to much time and not worth it.  Most people see and appraiser leave a home within 5 to 10 minutes but they have no idea what entails to find comparable sales.  Driving by taking pictures and writing the report and they get paid the least in the whole process and take the most risk if the value isn't there.  That is why I went to sell loans for you make the most and talk on the phone all day.

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#6 Author of original report guaranteed rate -UPDATE

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

I was contacted by Guaranteed rate Management and they have promised to help me with my mortgage and also my promised to help me with issues I had with a loan officer.
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#7 Author of original report guaranteed rate -UPDATE

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

I was contacted by Guaranteed rate Management and they have promised to help me with my mortgage and also my promised to help me with issues I had with a loan officer.
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#8 Author of original report guaranteed rate -UPDATE

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

I was contacted by Guaranteed rate Management and they have promised to help me with my mortgage and also my promised to help me with issues I had with a loan officer.
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#9 Author of original report guaranteed rate -UPDATE

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

I was contacted by Guaranteed rate Management and they have promised to help me with my mortgage and also my promised to help me with issues I had with a loan officer.
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