• Report: #180570
Complaint Review:

Steven Milner Ceo Of Mortgage Concepts Dba Us Mortgage Corporation

  • Submitted: Sat, March 11, 2006
  • Updated: Fri, August 20, 2010

  • Reported By:nesconset New York
Steven Milner Ceo Of Mortgage Concepts Dba Us Mortgage Corporation
4170 Veterans Memorial Highway Suite 201 Bohemia, New York U.S.A.

Mortgage Concepts Dba Us Mortgage Corporation, steven Milner Ceo Of Mortgage Concepts Dba Us Mortgage Corporation LIED AND MADE EXCESSIVE AMOUNT OF $16133 ON MORTGAGE RIPOFF Bohemia New York

*REBUTTAL Owner of company: Explanation

*Consumer Comment: Advice

REBUTTAL BOX™ | Respond to this Report! | Consumer Comment

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I am writing this letter to complain about the treatment and the excessive amount of yield spread premium (over 16133) that the company MORTGAGE CONCEPTS received to process my loan. I was not told about the amount of the yield-spread premium until we (my wife and myself) were at the closing. I had stopped signing and proceeded to call Steven Milner president and CEO of Mortgage Concepts who was the loan officer on the transaction, who at that point had assured me that he was buying down (his words) the rate to get the loan. At that time I had taken him at his word, after all why would he lie? Then after I had moved into my home I started to look over my paperwork I noticed the HUD 1(see enclosed) and also copies of the disbursement checks (see enclosed) and proceeded to see the amount of over 16133 that MORTGAGE CONCEPTS was paid. I started doing some research and found out that in fact there is no buy down that was being done but that is the gross amount that MORTGAGE CONCEPTS made on the loan. If I had known that this was the case I would have never signed the loan and shopped around for a better deal. I am asking for your help to force MORTGAGE CONCEPTS to rectify the deal and change the Margin to a lower amount or to make restitution for the lie that was told to my wife and myself. If at the time of application and throughout the loan process I was told that MORTGAGE CONCEPTS was making this kind of yield spread premium I would have never gone with them and would have shopped around. I did go with Steven Milner because I used to work for him and always found him to be a straightforward person and even considered him a friend but this shows that I was wrong. The GFE that was presented to us at closing had the yield spread premium on it but in small print smaller than everything else that is on the GFE. It also is the only one that we received with the amount of yield spread premium on it.

nesconset, New York

This report was posted on Ripoff Report on 03/11/2006 07:26 AM and is a permanent record located here: http://www.ripoffreport.com/reports/steven-milner-ceo-of-mortgage-concepts-dba-us-mortgage-corporation/bohemia-new-york-11716/mortgage-concepts-dba-us-mortgage-corporation-steven-milner-ceo-of-mortgage-concepts-dba-180570. 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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Updates & Rebuttals

#1 REBUTTAL Owner of company


AUTHOR: Mortgage Concepts - (United States of America)

Good morning Michael,

I would like to take an opportunity to help clarify and quell your concerns that you were improperly treated and that both Mortgage Concepts and I, Steven A. Milner in particular did anything to deceive you by charging you an excessive amount of money on your loan.

First off, Mortgage Concepts is fully committed to its clients who are the life blood of our business. Mortgage Concepts takes any and all complaints big or small of the upmost concern, and is committed to 100% customer satisfaction. This commitment is evident in the fact that Mortgage Concepts business is referral based and is reliant on a happy and satisfied customer base.

Referencing your specific complaint about the size of the Yield Spread Premium (YSP), there is a fair and straightforward explanation for this:

To start with, I just wanted to point out that a Good Faith Estimate was created and delivered that showed the amount of YSP.  I do apologize that you had a difficult time reading it, as we would have been more than happy to supply a clearer copy. 

Michael, recalling past conversations it was your desire to purchase a loan with a low 1% interest rate. We discussed that this below market rate was only possible with a negative amortization loan that has a pre-payment penalty. We further discussed the impact of both the negative amortization on the loan balance, which you were comfortable with, and the fact that the loan would carry a pre-payment penalty for the first 3 years, which you also agreed to since you wanted to keep the loan rate at 1%.

With regards to the 3% YSP, that is the rate paid by the lender to the broker, and it is mainly based on the length of the pre-payment penalty, in this case 3 years. Since it was your desire to keep the interest rate at 1% the corresponding YSP with a 3 year pre-payment penalty was 3%. If there was an issue with the YSP we would have been more than happy to discuss other solutions, but to maintain the 1% interest rate this was the only solution.

I truly hope you know that I and Mortgage Concepts are fully committed to clarifying your complaint and again if you still feel mistreated or want any further clarification please call us at 1-800-LOANS15.

Many Thanks and Regards,

Steven A. Milner - President & CEO - Mortgage Concepts

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#2 Consumer Comment


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

I am sorry to hear about this. I was once a loan officer and can provide you with some information that may or may not help you. First of all was this company a broker, direct lender, or correspondent lender? The next question is where is the "buydown" amount located on your HUD? It should be in the column labled "Discount Points". If it is not located there and typed as "yieldspread" which is usually abreviated as "YSP" that is a non recoverable because that means the broker inflated your interest rate in order to receive compensation from the bank. For future transactions this may be helpful: A broker cannot receive commission from a "buydown" amount located in the discount column, this is illegal. However, if they are a correspondent lender or direct lender, it's allowed. I hope I could help a little bit. If you'd like to speak further you can just respond.
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