Complaint Review: Austin First Mortgage - Austin Texas
- Austin First Mortgage 13284 Pond Springs Rd #404 Austin, Texas U.S.A.
- Phone: 877-236-3863
- Web:
- Category: Mortgage Companies
Austin First Mortgage Bait & switch mortgage broker - BBB affiliation is a joke, worthless ,Austin Texas
*REBUTTAL Owner of company: Will Listen, Investigate and Improve.
*Consumer Suggestion: Not exactly true....
*Consumer Comment: Austin First Mortgage was great for me !
*Consumer Comment: Great experience with Austin First Mortgage
*Consumer Comment: Good experience with Austin First Mortgage
*Consumer Comment: I am A Satisfied Consumer of Austin First Mortgage
*Consumer Comment: We can trust Austin First Mortgage
*REBUTTAL Owner of company: Our business is still growing fast than we expect
*Consumer Suggestion: Maybe they should read the FCRA instead of quoting RESPA.
*Author of original report: Response to Bob's comments
*Consumer Suggestion: Still confused!
*REBUTTAL Owner of company: Answer your question. We respinbse all complains and questions.
*Consumer Suggestion: Few Questions
*REBUTTAL Owner of company: If BBB is not trustable, who you can trust. This file has BBB arbitration decision already
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I shopped on the internet for the best mortgage rate available for my new home. It was between Austin First Mortgage and a Ca. company. I decided to go local with AFM. Terrible mistake. I signed a contract on a house, with the provision I would lose my earnest money if we did not close in 30 days.I signed a "Lock In Agreement" with AFM on a set loan amount, interest rate and closing costs.I received the Truth in Lending from AFM showing the interest rate and costs we agreed to.
Shortly threafter AFM claimed, never proven to me, even though I have asked for proof, that they could not find three credit scores on my wife, the lender had turned down our loan, so they could not honor the "Lock In Agreement" and I would have to pay an additional 1/4 point or risk not closing in 30 days.
They also told me they would probably not get the loan done in the 30 days they had promised me before, unless I agreed to their demand for additional money.
I went on the internet, found all three credit scores for my wife, sent a copy to AFM. Even with this information in their hands, they continued to insist my loan had been turned down becasue they could not find enough credit scores on my wife.
I asked them to send me a copy of the turn down letter from the lender. Never has any letter or email been furnished to me showing our loan was turned down.
I am convinced it was a ripoff, they suckered me in with a low rate and them were going to find excuses to keep raising my fees. I ran away as quickly as I could.
I protested to the state.
AFM then threatened me with not being able to gt my loan out in 30 days if I filed a formal complaint to the state. I filed it anyway.I protested to the Austin BBB, AFM threatened to divulge my personal information.
I filed the protest anyway, we are currently involved in arbritation over my deposit. I think the certification or endorsement by the BBB is a joke. It will not carry any weight in any future dealings I have with a business.
My and my wife's credit scores were excellent.
I went to a different mortgage broker, he got us a loan in 5 business days, we closed on time.
I would strongly recommend you pursue other mortgage brokers before you use Austin First Mortgage.
Austin loan ripoff
Austin, Texas
U.S.A.
This report was posted on Ripoff Report on 09/25/2007 11:42 AM and is a permanent record located here: https://www.ripoffreport.com/reports/austin-first-mortgage/austin-texas-78729/austin-first-mortgage-bait-switch-mortgage-broker-bbb-affiliation-is-a-joke-worthless-275963. 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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#14 REBUTTAL Owner of company
Will Listen, Investigate and Improve.
AUTHOR: James wu (xiaomin) - (U.S.A.)
SUBMITTED: Thursday, March 11, 2010
Hi:
We are sorry to hear that you are having such a bad experince with AFM. We have many satisfied customers and we are shock to hear this report.
I will investigage and contact you to see we can do anything to help.

#13 Consumer Suggestion
Not exactly true....
AUTHOR: Vinny - (USA)
SUBMITTED: Thursday, November 19, 2009
I've been doing business with AFM for the last 10 years and I am pretty please with their service. I call them when I need to get a loan or refi, and they get things done. They are very professional and polite loan officers, and I thought I was the one who was demanding.
I never got this type of treatment as you mentioned. It seems like you already got a loan from someone else (Plan B), you should be happy and move on with your life...

#12 Consumer Comment
Austin First Mortgage was great for me !
AUTHOR: Mike Threesi - (United States of America)
SUBMITTED: Wednesday, November 18, 2009
I cannot understand these complaints, they did a great job for me, I got a great rate, excellent service, and I am very happy with my loan process. Christina was my processor, she was great, always on top of things. If I ever need another mortgage, I will use Austin First Mortgage, I also referred a friend to them recently, he too was very satisifed, and then he referred anotehr, so believe me, it is all good! Great rate, great service, very friendly.
I am totally pleased with Austin First Mortgage!

#11 Consumer Comment
Great experience with Austin First Mortgage
AUTHOR: Kw - (U.S.A.)
SUBMITTED: Friday, January 30, 2009
I got a mortgage through Austin First Mortgage in April 2006. Like many others, I was skeptical of the great rate I was quoted. I actually had another broker tell me that AFM must be a fly-by-night company that was going to take my money and run.
Despite this, I felt like I could trust AFM and they followed through with everthing they said they would. Everything worked smoothly - emails were answered promtly and everything was explained to me clearly.
I can't say enough about AFM - they were great.

#10 Consumer Comment
Good experience with Austin First Mortgage
AUTHOR: Brian - (U.S.A.)
SUBMITTED: Sunday, June 22, 2008
I purchased a home in mid 2007. I was skeptical of AFM at first because they certainly had very competitive rates, FAR better than any local Houston mortgage brokers or banks I contacted, and trust me, I shopped around!! Their rates were even better than "special" physician mortgages for which I qualified.
The process with AFM was very smooth. Emails were answered very quickly. They were able to find us the best options, lenders, and managed to keep fees very low (much less than ANYONE else).
Closing was a breeze. Documents and paperwork were done well in advance and handled easily over email and faxes. Yes, one of my two lenders was late in funding the transfer of funds on the day of closing, but this was in no way related to AFM, who had completed the paperwork weeks in advance. This took one hour to resolve.
I was very pleased with the level of knowledged, strong customer support and response times, and the great rates and low fees AFM offered and delivered. I have recommended AFM to colleagues and friends ever since. My realtor was impressed as was the title company representative; both mentioned we cretainly got a "great deal", and I'm saving each and every month!

#9 Consumer Comment
I am A Satisfied Consumer of Austin First Mortgage
AUTHOR: Randy - (U.S.A.)
SUBMITTED: Sunday, January 06, 2008
I purchased a home in the Austin area in early 2007 and used Austin First Mortgage. I lived in California and did not have the opportunity to visit the AFM office - all dealings were through email and over the phone.
I initially found their rates using an on-line search. All correspondence with AFM were timely, and they actually called me and let me know they had locked in a rate that was 0.125% lower than the original rate I had found.
I have to say that they were very professional and showed integrity in all their interaction and transaction with me. I am a satisfied consumer, have recommended them to others, and would certainly do business with them again.
-Randy

#8 Consumer Comment
We can trust Austin First Mortgage
AUTHOR: Chinh Do - (U.S.A.)
SUBMITTED: Tuesday, November 13, 2007
I recently obtained a mortgage loan through Austin First Mortgage over a week ago, and I would like to share my working experience with them.
As first, I was skeptical because of the following reasons:
- the best possible low rate I could find at that time. I was thinking it must be bait and switch tactic.
- reading this rip-off report
However, we decided to stop by their office to talk to them directly. We talked to Mr. Wu and after he pulled our credit report, he assured us that he could get us the loan with the rate they advertised. We went over the closing cost, and expressed our concern about the actual cost.
Again, Mr Wu explained to us that some costs are definitely the actual cost because they can control those costs. There are some other costs that are charged to borrowers by lenders, closing agent, etc. and they could not control them. The other important factor to us was that we need to close the house in about 10 days and we would like to know if AFM can produce the loan quick enough for closing.
As it turned out, the closing cost changed a little from their good faith estimate because other parties charged and we closed only one day late. However, it was understandable since AFM cannot control the time lender approved our mortage loan. They worked hard to push our application in a record time.
After the closing, we compared the closing costs & term of our mortage and the mortgage of the buyers who bought our house, it is definitely we got a much better mortgage deal.
In my opinion, I think it is worth your time and money to obtain your mortage loan through AFM. Even my bank officer from Bank of American did not think AFM could get me the deal they promise and they offered to provide me the loan if my application with AFM did not go through. Fortunately, I did not have mortgage loan from Bank of American and their loan is about 3/4 percentage point higher.

#7 REBUTTAL Owner of company
Our business is still growing fast than we expect
AUTHOR: James Wu (xiaomin) - (U.S.A.)
SUBMITTED: Sunday, November 04, 2007
Still confused!
question: I am still confused from your response. I see you are up on RESPA regs, but I don't understand why you cannot supply a denial letter. Whenever I get turned down from a wholesale lender I am able to supply my borrowers something showing why they were turned down. You also state you offered to show that but clearly in his complaint he says he has requested it but you will not supply it. Maybe the original poster can jump in on this and let us know what the real story is.
answer: We do suppy a deny letter. We did provide a copy of LP finding. We did provide the copy of credit report we pull from our credit vender. But as our policy that we do not disclo0sure our wholesale lender info.
************
Question: Does it really matter if he got a better or worse deal from someone else? He obviously did not want to do business with you and moved on. I suggest to anyone doing a mortgage to NEVER pay an application fee, it's a waste of money and any broker can find a reason NOT to return it. Most reputable brokers do not need to charge up front money to do a loan.
Answer: We have closed about 480 loans in 2006 and exitimated about 700 loans in 2007. Last month we originated about 100 loans. I do not care a few people do not work with us. My company has no intention to close all loans in Texas, there are many other mortgage companies there. But We are definitly one of the best companies and provide the best rate, best services, we have guaranteed closing cost policy in writing. Actually there a few borrower saw our name in this website and contact us and aubmited loan applications with us.
I do not know who designed the mortgage system. We can only work with it. We can not satisfy every borrower's request if it is not law required. Many people as us disclosure the lender name, whole sale price that by tradition a broker does not disclosure at the time of origination.
***********************
In terms of changing fees, I don't think I ever said that things don't change. I believe I said the opposite that things do change and that's why they are called an estimate. I am sure you follow all RESPA regulations in disclosing and never said you didn't but you seem to like to confuse the issue by quoting RESPA and so forth but none of the questions were answered. Why not show him the LP response saying the loan was denied due to lack of credit scores?
We did send him a copy of LP finding. The borrower does not understand why one score in LP and two score with another vender, credit plus.
He made some serious allegations against you that you did not address, he said you threatened to use his personal info if he did not go with your loan. Were you present when your inexperienced loan officer was talking to him? It's hard to determine what was said when you are only getting one side to the story.
I never treaten, when he complain to BBB. I told him that we may have to disclosure all detail information to BBB that we actually did during arbitration. Due to BBB is not a goverment agency and not a court. Disclose personal information to a private third party is not on our original privacy policy. I consult my attorney that get confirm that the action he complain to BBB is an authrization to us to disclose his personal omfomation to BBB. I just gave him a notice.
To get our customer the best rate /closing cost is our target and we believe that is borrowers best interest.
****************
All I was saying that as a businessman I would think it's easier to refund the application fee then to bet bashed on a public forum. This is read by many people and I am sure any business you lost was a lot more valuable than $450.
Actually when all these published and other borrowers read this, it help us to growth and get our name out.
As a discount broker providing the lowest rate on market. We have to charge application fees $350 that including appraisal deposit, credit report and rate lock fee.
We have meet many borrowers who lock rate with us without application fee and finally did not close with us. $50 fee different may let them go with another broker or lender. That way increase our cost and prevent us providing law rate.
That is not violate amy law. Many borrower like to exchange application fee with lower rate. Our app fee is also 100% refundable, when this borrower can not be approved with the guaranteed closing cost and rate, we count offer with $450 more closing cost. He can deny the count offer that we would refund the application fee. He acceptedhe count offer and deny later. That cause the fee not refund.
We definitly loss money in this case.
Thanks your comment. I may not able to visit this site every day and will reply slow.
Submitted: 11/1/2007 7:40:40 PM
Modified: 11/1/2007 8:02:05 PM

#6 Consumer Suggestion
Maybe they should read the FCRA instead of quoting RESPA.
AUTHOR: Robert - (U.S.A.)
SUBMITTED: Friday, November 02, 2007
""I repeatedly asked Mr. Wu verbally AND in writing to show me the denial from the loan company, he refused, he told me their policy did not allow it. Had he showed me a denial letter, we would not be corresponding today""
This lender should read the Fair Credit Reporting Act. Whenever a lender denies you credit because of adverse information on a credit report that lender must inform you in writing that the credit was denied because of adverse information on a credit report and MUST provide you with a copy (free) of the credit report that contains the adverse information that led to the denial of credit.
You can read the Fair Credit Reporting Act at ftc.gov/os/statutes/fcradoc.pdf
Hope this helps in the future.

#5 Author of original report
Response to Bob's comments
AUTHOR: Austin Loan - (U.S.A.)
SUBMITTED: Thursday, November 01, 2007
Bob, I am trying to move on from this matter, but since you asked for a response, here it goes.
Facts are what they are, and I stated them as they happened, no exagerations.
I did lose the BBB arbitration because I cancelled my loan, because as you aptly put it, I did not want to do business with these people at any price.
That's just a lesson learned on my part. I should have run away from this deal sooner.
If I had been dealt with in an open and business like manner, rather than trying to intimidate me into complying with what they wanted, we probably would have closed the loan there.
I repeatedly asked Mr. Wu verbally AND in writing to show me the denial from the loan company, he refused, he told me their policy did not allow it. Had he showed me a denial letter, we would not be corresponding today.
Live and learn on the application fee, I am sure I will not pay one in the future. I dont have to take your word for reputable brokers not charging application fees, the broker who negotiated my loan did not charge an application fee, how about that!
At the BBB arbitration Mr Wu brought a copy of the lender's records, why did he not simply provide me wih that information when I asked for it and saved both of us a lot of trouble???
The allegations I made about the threats are in writing from Mr. Wu himself, not his "inexperienced" loan officer. He theatened to send my personal financial information to the BBB if I filed a complaint. It's in writing.
By the way he also told me I could not cancel my loan. Is that not a pile of BS.
My later dealings were all with Mr Wu himself, so he should not be blaming what he refers to as his "inexperienced" staff for anything.
We never dreames with our assets and credit record that anyone would have any trouble financing our loan, so we had agreed to forfeit our escrow fee, $5,000, if we could not close the loan in 30 days. This was being used against us, paraphrasing, If we have to change the loan, you will have to repply in your name only and this will delay the loan beyond the 30 days...etc..
Frankly I dont like for people to try to intimidate me when I am the one putting up a lot of money to get this loan.
I would like for all to read my comments and his and decide if they really want to do business with this company.
By the way I also filed a complaint with the State Board, that one is yet to be heard.

#4 Consumer Suggestion
Still confused!
AUTHOR: Bob - (U.S.A.)
SUBMITTED: Thursday, November 01, 2007
I am still confused from your response. I see you are up on RESPA regs, but I don't understand why you cannot supply a denial letter. Whenever I get turned down from a wholesale lender I am able to supply my borrowers something showing why they were turned down. You also state you offered to show that but clearly in his complaint he says he has requested it but you will not supply it. Maybe the original poster can jump in on this and let us know what the real story is.
Does it really matter if he got a better or worse deal from someone else? He obviously did not want to do business with you and moved on. I suggest to anyone doing a mortgage to NEVER pay an application fee, it's a waste of money and any broker can find a reason NOT to return it. Most reputable brokers do not need to charge up front money to do a loan.
In terms of changing fees, I don't think I ever said that things don't change. I believe I said the opposite that things do change and that's why they are called an estimate. I am sure you follow all RESPA regulations in disclosing and never said you didn't but you seem to like to confuse the issue by quoting RESPA and so forth but none of the questions were answered. Why not show him the LP response saying the loan was denied due to lack of credit scores?
He made some serious allegations against you that you did not address, he said you threatened to use his personal info if he did not go with your loan. Were you present when your inexperienced loan officer was talking to him? It's hard to determine what was said when you are only getting one side to the story.
All I was saying that as a businessman I would think it's easier to refund the application fee then to bet bashed on a public forum. This is read by many people and I am sure any business you lost was a lot more valuable than $450.

#3 REBUTTAL Owner of company
Answer your question. We respinbse all complains and questions.
AUTHOR: James Wu (xiaomin) - (U.S.A.)
SUBMITTED: Thursday, October 25, 2007
*I had a few questions for you, first did you not pull credit on both the borrower *and his wife initially when you pre-approved them? If not why wouldn't you tell *him that the rate can change depending on the wife's scores?
answer: When my loan officer pull credit. The wife has two score. It should be approved with most lenders. After we send the loan to a specific lender, the lender use Freddie Mac LP system to do computer underwriting, that system repull credit and find only one score. This is a case I never seen with my years of experience in mortgage business.
It is a general knowledge that closing cost may be change from original good faith estimate. If you read HUD RESPA Q&A: link is here:
http://www.autumnmoon.com/mortgage/appfiles/edu/RESPA_QA.pdf
*************
Next, you should be able to supply a denial letter from your lender to show they turned down the loan. It seems that would have made him happy and solved the problem right there. I have purchased many homes in my life and understand that things change throughout the process, especially in this current market but maybe if you were up front from day one you wouldn't have these problems. Also, why would it cost more money to speed a loan up? He said you wanted more money or you wouldn't be able to get it done in time.
Answer: We do. Actually, after we discuss with the lender, it use manual underwriting and charge 0.125% manual underwriting fee. By RESPA and Regulation X (Truth in lending disclosure), the change makes the APR from 5.665% to 5.684%. The difference is 0.019%, we do not have to re-disclose to the borrower before closing. But my company have a policy that we guarantee the lender/broker closing cost and rate in total sum. Any expected dollar increase on closing require my loan officer to re-disclose and get the borrower agree.
On this case, the lender change ysp by 0.125% that is about $460. My loan officer count offer the borrower $450 fee. This borrower accepted.
That time, the lender suggested two solutions, one is remove the wife from application but keep her name on title. That way we need to re submit the application, so the time may be delay. 2nd suggestion is pay $450 manual underwriting fee and the loan can be closed on time. The borrower accept the 2nd one.
We have over 50 whole sale lenders in contract that we do have many easier lenders can approve this loan in a few days. But that specific lender provide the best rate/cost deal. Even it cost $450 extra, we believe that is still the best deal on market. I believe that the borrower went another lender/broker with a worse deal. I have asked if he can disclose the deal to me or BBB. If his deal is better than our count offer, I am glad to refund his application fee and pay him extra $45 as he requested. He never response.
********
Are you a licensed loan officer or just someone that got into the business to make a quick buck when times were good. I have been a licensed loan officer for over 10 years and must say it's loan officers like yourself that make my job twice as hard because you are only looking to make money instead of looking out for your clients best interest. How many Option ARM loans did you throw old ladies into in the last few years, knowing their payment would double in the next couple years? Get my point? Obviously this guy understood you are in business to make money but maybe next time just be up front with him and if they find a better deal then move on instead of getting blasted on a public forum for cheating someone.
Answer: I am a licensed mortgage broker and the loan officers face this borrower are licensed loan officers. Answer your question that I and my company never originate any option arm loan that I do not feel comfortable myself for that product. I and my loan officers work hard to earn money for their family. But we definitly consider the borrowers benifit first.That is why we work hard to find best rate/closing cost deal and only charge very small fees (compare industrial standard) on every loan. The market is competitive. If we like to stay on this business, we need to provide comnpetitive products. My company originate over 400 loans a year (2006) and keep about 30% volume increase year by year. This is the first BBB complain in our whole life. We already have another complain to Texas Department of Saving and Mortgage Lending. TDSML already have result on that complain as no evidence of violation. That loan was denied due to borrower can not provide income document (we disclosed the loan need full doc and the borrower provide a tax return that way different from what is on application) to support the loan and we do everything folloow the complaince requirement and send deny letter. The borrower's wife still file a complain.
This borrower also file a complain to TDSML, the case is still pending and we believe that we have no violation as well.
I also fight unethic business in our industrial and report unethic market stratige to related agencies.
*******
The only good thing about this tough housing market is that it weeds out the con artists like yourself from my business and actually makes my job easier.
Answer: I do not understand what you say. Before you understand the whole story, it is not professionally to say I and my company are con artists. This industrial is regulated and we have to follow all regulations to do business. A person being sued is not criminal before judge sentence. This case, actually we win the BBB arbitration that is the borrower select. You should understand the story than general public due to you have the knowledge.
I beliee the only way to keep your work easier is to make your products competitive and improve your services.
I find hard to prevent any complain even we try hard. I know a Realtor who got a complain once a time to complain him did not mow grass and clearn the house even the listing contract clearly stated that the Realtor DO NOT plan to do such work.
************
Please respond, I would love to hear your justification on why you couldn't produce a denial letter or couldn't get this done in a timely manner without more $$$$. If he is local why don't you offer to show the credit report to him face to face to show you attempted to pull his wife's scores. It will show right on the report why the bureaus were not able to get a score on her.
Answer: I do provide a deny letter later in a timely manner. the first things we do is provide a count offer. He accepted, after three days he send us a notice that he decide to go another company and ask us do not call him. He ask us to refund application fee and extra $45.
He ask us to provide a lender deny letter that we do not have. As a loan officer, you know the wholesale lender does not talk to borrower directly. The borrower send me a copy of FDIC document stated that a lender must communication with the borrower. The problem neither my company as a borrower and the lender, a wholesale mortgage lender may not regulated by FDIC. Instead, we are regulated by RESPA that a broker can deny a borrower's application. I explained the borrower the lender pull credit report using LP with only one score and we pull credit report with two score (The vender is creditplus). This lender is a Freddie Mac only lender at that time (it accept DU recently). When we ask the lender review our credit report, the lender use manual underwriting and charge 0.125% fee for it.
When I know the borrower accepted the count offer and agree to pay $450 extra fee. I feel the problem is solved. I have quite a few similar cases be solved in such way.
When we know the fee will increase by $1 or more. We communicate to the borrower. Our policy is if the borrower deny to accept the count offer, we agree to refund all application fee. This is our guarantee. There are many un ethicmortgage companies who use a less fee gfe and later charge more at closing. Based on what I learned from title companies, the $200 to $2000 fee difference are seen between original gfe and final HUD.
We provide a guarantee closing cost policy to let borrower no warry over charge at closing. But we can not control if the borrower can not get approved with any reason out off our conrol. Our lenders are DU, LP lenders and reason for deny is easy to underand and explainable.
This case, the LP find only one score and our vender, creditplus find two. The borrower find three by himself. and the lender accept ours with manual UW with 0.125% manual UW fee. Due to the loan officer charge very less fee in original GFE, she like to pass the lender charge to the borrower.
************
By the way, the BBB is worthless. I suggest anyone followup with their local or state real estate agency to check for complaints against a company before moving forward.
Answer: I do not agree. The BBB is the easiest way to find complains history. This complain is the first complain in our business history. As a BBB affiliate we response all customer complain and request in reasonable time and in professional way.
But that is not to say we have to agree un-reasonable request. Based on our agreement (lock-in agreement) if the borrower cancel the loan application, the application fee is not refundable. This borrower accepted our count offer (in writing) and later cancel. He get a worse deal later.
In both BBB and local licese agency (TDSML). My company is among those companies with least complains. The BBB arbitration report give some detail. If you need to know more, I can provide you more detailed information. Due to the borrower put this case on public, we get implied authrization to disclose the detail to you based my attorney.
******
I agree that we still have room to improve our services. The loan officer on this case is not so skilled to handle this un-usually situation and when I be involved that was too late. I even have no chance to invite the borrower vsiting our office due to the borrower deny to comunicate with us.
We are continusly improve our services. I recently add a borrower education page o my web site to provide more links to help borrowers understand the loan application process. Provide borrowers more disclosures to let borrowers know all loan applications are subject lender/broker underwriting and possible deny. We do not deny a loan in close 30 days that RESPA requir, we deny a loan in a few days asap we know. We comtinue to learn different lender policies. But you may know lenders change policy from time to time and it is hard to know all of them at one time.
Thanks your comment and reply.
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#2 Consumer Suggestion
Few Questions
AUTHOR: Bob - (U.S.A.)
SUBMITTED: Wednesday, October 24, 2007
To the loan officer that butchered the rebuttal he sent,
I had a few questions for you, first did you not pull credit on both the borrower and his wife initially when you pre-approved them? If not why wouldn't you tell him that the rate can change depending on the wife's scores?
Next, you should be able to supply a denial letter from your lender to show they turned down the loan. It seems that would have made him happy and solved the problem right there. I have purchased many homes in my life and understand that things change throughout the process, especially in this current market but maybe if you were up front from day one you wouldn't have these problems. Also, why would it cost more money to speed a loan up? He said you wanted more money or you wouldn't be able to get it done in time.
Are you a licensed loan officer or just someone that got into the business to make a quick buck when times were good. I have been a licensed loan officer for over 10 years and must say it's loan officers like yourself that make my job twice as hard because you are only looking to make money instead of looking out for your clients best interest. How many Option ARM loans did you throw old ladies into in the last few years, knowing their payment would double in the next couple years? Get my point? Obviously this guy understood you are in business to make money but maybe next time just be up front with him and if they find a better deal then move on instead of getting blasted on a public forum for cheating someone.
The only good thing about this tough housing market is that it weeds out the con artists like yourself from my business and actually makes my job easier.
Please respond, I would love to hear your justification on why you couldn't produce a denial letter or couldn't get this done in a timely manner without more $$$$. If he is local why don't you offer to show the credit report to him face to face to show you attempted to pull his wife's scores. It will show right on the report why the bureaus were not able to get a score on her.
By the way, the BBB is worthless. I suggest anyone followup with their local or state real estate agency to check for complaints against a company before moving forward.

#1 REBUTTAL Owner of company
If BBB is not trustable, who you can trust. This file has BBB arbitration decision already
AUTHOR: James Wu (xiaomin) - (U.S.A.)
SUBMITTED: Tuesday, October 23, 2007
This borrower does not know the loan process and related laws. He think what ever he want is correct and everybody else are wrong. He file complain to BBB and after get result, he tell BBB is bad. He also file a complain to Texas Saving and Mortgage Lending that issures our licenses. As long as we are still in business, our license is still good. He may say Texas department Saving and mortgage lending is bad as well.
It is a general knowledge that all loan application is subject to underwriting approval. When a borrower has credit problem. The loan can be denied. Our policy is when the loan can not be approved with the rate/closing cost we offer. We agree to 100% refund the money. We give the opportunity when the loan was denied due to credit problem. We gave an count offer and the borrower accepted the count offer. After a few days the borrower cancel the loan and work with another lender/broker that I believe providing worse deal comparing to our count offer. In this situation the application fee is not refund and this is supported by BBB arbitrator.
I have a link of BBB Decision here: autumnmoon.com/temp/BBB_Decision.pdf
In the report, it looks the lender: provident funding's computer get only one credit score. The lender actually use Freddie Mac loan prospect system to pull credit report. Freddie Mac is a congress charted company and national one of the biggest two mortgage 2nd market companies.
Welcome visit our web site www.austinfirstmortgage.com and send me any question or comment.
James Wu of Austin First Mortgage.


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