Meredian Financial Corporation James Assali Cash stolen during morgage refinance Costa Mesa, California

Once again, your qualifications changed meaning were not what you represented in your application.  The increase in rate was clarified for you, you accepted the rate and closed.  Your funds of 1920 which were disclosed and contributed were clear per your disclosures.  The fact of any payments made to your mortgages was reflected in a reduction of payoff as mortgages are collected in the rears...When making Octobers payment you a re effectively making Septembers payment.  Furthermore, Your rate lock of 500 was a credit on your settlement statement as shown as POC but STILL CREDITED TOWARDS YOUR CHARGES, which you even clearly state in your complaint and 498 was charged to you in fee as disclosed and is perfectly legal.  You accepted the terms of the loan as it changed and it is in accordance to guidelines.  Mr Assali assisted you with the process of reissuing your funds in a wire form after a standard waiting period uniform with all banks and Title/escrow companies not to protect you but PROTECT THE TITLE COMPANY FROM ISSUING DOUBLE PAYMENT. If you wish to rescind your loan and forfeit your rate lock and go elsewhere Mrs Thornsjo, we will accept your request to do so.  Finally, as a customer service gesture, a request for $38.00 was submitted to Title to be sent to you.  A check will be sent to your home address if approved.  Thank you.

On 8/13/09, my husband and I "locked-in" a 5% interest rate for mortgage refinancing at a cost of $500 which was to be refunded at closing provided everything went "as planned" and the loan closed.  The disclosure and agreement statement indicates that the maximum liability for the lock-in fee "is the above-stated lock-in fee" which was $500.  The Good Faith Estimate showed this "processing fee" as $595.  The final settlement statement not only showed us as having paid $500 outside of closing, but included an additional charge of $498.  To date, we have not received the $500 back and have paid another $498 to Meredian.


The 30-day lock period was not extended because Meredian was not paying attention.  We ended up having a 5.875% interest rate. The loan was to close by the end of September, but didn't.  we submitted all documentation in a timely manner as requested.  We made the October mortgage payments (1st and 2nd).  On October 20, Meredian took $1920 out of our checking account for interest to be included in the November payment.  The loan closed on 10/26 and we have yet to receive the $1920 back or a reconciliation of how the funds were applied/used.  It has been reported to me that Mr. Assali deposited the money into his personal account.

We received a settlement check in the amount of $9304.65 dated 11/3 and I deposited it on 11/9.  This is 13 days after closing.  It is my understanding that funds are to be disbursed within 72 hours.  On 11/13, the check was returned to our back because Meredian (Russell Howerton) issued a stop payment.  He claimed it was a mistake and sent another check to us which didn't arrive until 11/16 at which time I deposited it.  On 11/24, this second check was again returned to our back due to stop payment.  Each of these events caused a charge of $4 (total $8) for the bank handling fee.  Now it is over one month since our loan closed and we still do not have our money!  The stop payments were not for our protection - what was to be protected?  We were due the money!!

I contacted Mr. Assali and he was not at all helpful.  In fact, he treated me as if I was expecting too much to have our money.  A check couldn't be reissued for 30 days because of a legal stipulation preventing the reissuing of a check as a result of stop payment.  I insisted the money be wired into our account and contacted the woman representing the Title company.  She was aware of similar experiences.

Finally, the money was wired into our account on 11/30 at which time we were charged a $15 wire fee.

To date, Meredian owes us:

$998 lock-in fee
$1920 interest not accounted for at closing and allegedly deposited into a personal account; this money is not to be considered part of the new loan
$23 bank fees due to Meredian's errors

First the $500 was credited back to your closing and reflected on your HUD as per your rate lock agreement.  Second, the loan closed well over the thirty day lock in requirement due to your lack of response when documentation to support your qualification of the loan, which if not faxed within 24 hours of request COULD HAVE RESULTED IN YOUR LOAN BEING CANCELED and RATE LOCK FORFEITED AND AGDDITIONAL LOCK FEES AND LOAN CHARGES.  As a customer service gesture we kept your loan in process and finalized it for you.  Third, the qualifications you represented at the time of application including your loan to value which changed after appraisal caused the rate to change and increase.  We should have canceled your loan then and your rate lock should have been forfeited.  Lastly, your closing check was reissued via wire transfer after a 10 day waiting period because your check didn't arrive to you and for your protection a stop payment was placed.  Furthermore, your contribution to closing was accounted for and agreed to by you at the time of disclosure and closing.  Your settlment statement was balanced and your file was closed properly.  The truth of the fact is that your are being coerced by your former rep whom is obviously disgruntled because he was fired for his malicious acts.  We understand.  Congratulations on the closing of your loan and Happy Holidays!