• Report: #466026
Complaint Review:

United Pacific Mortgage

  • Submitted: Mon, June 29, 2009
  • Updated: Wed, July 08, 2009

  • Reported By:Portland Oregon
United Pacific Mortgage
#1 Orchard Dr. Lake Forest, California U.S.A.

United Pacific Mortgage Expiration of locked mortgage rate, morgage company blames federal goverment Lake Forest California

*Author of original report: Company's response on BBB

*Author of original report: What went wrong?

*Consumer Comment: Lucky

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We decided to refinance in May and went with United Pacific Mortgage company in Lake Forest, CA as it has high BBB rating.

5/7/09 Mortgage rate locked at 4.75% without point or escrow for $410k.
5/8/09 Lender waived $695 processing fee to match another broker's offer.
5/13/09 3rd party appraisal promised to call
5/14/09 Direct Mortgage (3rd party handles the appraisal due to new federal government procedure according to lender) repeatedly charging customer's credit card and caused credit card lock down. Appraisal loft handles the appraisal for Direct mortgage. Harbor Appraisal got order from Appraisal loft and made appoinment with the client. Appraisal alliance got order from Appraisal loft as well. Appraisal loft claims the order with Harbor Appraisal is cancelled, the latter knows nothing about it.
5/15/09 Lender was very apologetic. VP ensured customers that he would personally see to the matter and this is not the way they do business.
5/20/09 Home appraisal done by Appraisal appliance.
6/1/09 Lender confirmed the appraisal, waiting for report.
6/2/09 Appraisal loft contacted customer, claiming they can't locate the appraiser, thus setting up yet another appraisal by a different company on 6/3.
6/2/09 Lender apologizes for the home appraisal mess, confirming waiving the appraisal fee and promising report by 6/5 and the file will be closed asap.
6/8/09 Lender confirms receiving appraisal report. Lender also confirms relocking the 4.75% so customer has nothing to worry about.
6/08/09 customer requests appraisal report and never received it.
6/17/09 Customer inquires status of refinance, lender says Because of the appraisal issue the rate lock expired and your loan is ready to close immediately. We have been watching the rates the last couple of days and they are on there way back down. We are close to were we started and hopefully by the end of the week they will be back were we started the loan or better and we can close. underwriting is forwarding you the appraisal first thing in the morning.
6/29/09 Customer inquires once again, lender says I am sorry for this. The appraisal system that was put into place my the Federal Government really messed up a lot of loans. Yes, we are waiting for rates to drop back down. Today we are at 4.8% at a 1.5 point cost. If it makes since to you to close on this loan we can get docs out this week.

So, we are ripped off with the loss of locked 4.75% rate, and the mere answer from United Pacific is federal goverment? This is just not right.

Portland, Oregon

This report was posted on Ripoff Report on 06/29/2009 12:58 PM and is a permanent record located here: http://www.ripoffreport.com/reports/united-pacific-mortgage/lake-forest-california-92630/united-pacific-mortgage-expiration-of-locked-mortgage-rate-morgage-company-blames-federal-466026. 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 Author of original report

Company's response on BBB

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

Company's Initial Response - Posted 07/07/2009
On 5/7/2009 we locked the interest rate and ordered the appraisal for our customer. Per current guidelines all appraisal orders must go thru a third party. Once we order the appraisal we are not even permitted to contact the assigned appraiser. All contact and tracking of the appraisal is done by the third party. We received the appraisal on 6/8/2009 at which time the rate lock had expired. We are in constant communication with our customer to provide maximum benefit for there refinance. All costs were covered by the appraisal company.
Initial Response Summary
We take pride in our effort to provide quality service to our customers but the appraisal process with the current guidelines is something we are unable to control.

The response above is in direct contradictory to email records from Dan Peterson which stated he relocked the rate on 6/08 and was finishing up paperwork that day. The president of the company Sean O'Brien has been cc'd on all complaints but has not made any response.

I am aghast by the lack of quality and professionalism Dan Peterson and Pacific United Mortgage displayed in our refinance case. I certainly hope this is not the quality service they take pride in their effort to provide.
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#2 Author of original report

What went wrong?

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

What puzzles me is that our original lock could have expired after 30 days (i.e. on 6/7/09). The lender confirmed relocking the rate on 6/9, had the appraisal report in hands which is the last thing he needed to push the paperwork through, and said he would wrap up that day. Then nothing happened. He did not replay to me inquiry after 2 days. Then I called him up, he said my rate expired. What went wrong? WHere is my relocked rate?

Put aside the new federal regulation of 3rd party home appraisal, the broker did not honor their commitment and did not deliver professional service.
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#3 Consumer Comment


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

You are lucky. You say:

Harbor Appraisal
Appraisal alliance
Appraisal loft
Appraisal appliance

That alone is not normal with a mortgage company who isnt out to rip you off.

Find a fixed rate mortgage.
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