ED Magedson – Founder
M & T Bank4949 SW Meadows Road #500 Lake Oswego, Oregon United States of America
John Kennedy at M&T Bank gave me a Good Faith Estimate for a refinance loan on my single family residence townhome. Based on a guaranteed 30-day rate lock, I paid $400 for an appraisal of the property.
After the appraisal came back, John told me he didn't realize the property was a town home. I reminded him that I had told him it was. He said he had assumed the property was a detached single-family residence based on a Zillow.com listing.
The Zillow website showed that it was actually a town home in a Google maps photo at the bottom of the page, but it appeared John had overlooked this. Then John said he would have to re-quote the loan at a higher rate based on the error in classification of the town home. The higher rate no longer saved me enough to make it worthwhile, so I declined, and told him I would like the $400 I paid for the appraisal to be refunded.
John, as well as his superior argued that the mistake was not their fault, but the property mis-classification was clearly their mistake. Because of John's mistake, and M&T Bank's refusal to refund my money, I spent $400 for nothing. Several other lenders I spoke with and told my story to said this was clearly M&T Bank's mistake, and that they should refund my money. Now my credit report shows a serious delinquency since I refused to pay the $400 charge based on non-performance by M&T Bank for the service they had assured me I would obtain from them.
By law I have the right to refuse to pay for a loan rate that was locked in but later revised. It does not seem fair to me that I had to pay for their error in classifying my town home correctly due to negligence on their part. Due to John's error in mis-classifying the property, I paid $400 for nothing. Trying to get me to accept a higher interest rate loan and I paid for the appraisal seems like "bait-and-switch" to me.
This report was posted on Ripoff Report on 05/19/2012 03:13 AM and is a permanent record located here: http://www.ripoffreport.com/reports/m-t-bank/lake-oswego-oregon-97035/m-t-bank-mt-bank-west-region-loan-center-mt-bank-would-not-refund-400-i-paid-for-rea-884951. 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.
If you would like to see more Rip-off Reports on this company/individual, search here:Search Tips
In order to assure the best results in your search:
Advertisers above have met our
strict standards for business conduct.