Nations Choice Mortgage Warning! Revengeful and NOT honorable! Paid $500 for an appraisal. When we withdrew our application, they refused to release the appraisal to another lender. Gilbert Arizona

....and you know it!  I'm one of the people you took advantage off and continue to take advantage of.  InterestDirect Inc, one of your phoney companies continues to money out of my account. 

I'm one of the innocent people that didn't have a 'Steve' or 'the Brooklyn lawyer' to read over the flurry of paper work.  And now I'm stuck with a very deceptive $20,000 fee from your company. 

I'm taking you guys to the highest Government agency who regulates your industry and I will share my story extensively all over the internet.  So people will know your company for what it is. 

Vy

J - from Mesa, Arizona
I'm sure is an employee of Nations Choice Mortgage. He has a comment for almost every complaint about NCM on this website. Every single one of his comments are either absolute nonsense or total lies trying to justify the various scams NCM tries to perpetrate.

Pete - supposedly from Valley View, Michigan
I received my Law Degree from the University of Buffalo. When did you drop out of H.S. and end up working for Nations Choice Con Artists? Couldn't come up with an intelligent rebuttal or more lies?

Chad - Gilbert, Arizona
As the owner of NCM how do you sleep at night knowing you try and cheat people out of their hard earned money? Let's see you rebut some of your lies and inconsistencies.

Chad - (quotes from his rebuttal) "stating that the initial $350 was a non refundable application fee that was to be credited to the appraisal upon successful close of the transaction"

Your loan financing agreement actually states:

"A non refundable application fee of 1% of the loan amount is charged for the initial cost of applying and preparing your loan package to submit for commitment. This fee is applicable to your actual costs and application fee at the time of the settlement of your commitment. Business acknowledges the receipt of $350 of the non refundable application fee. I authorize Nations Choice Mortgage to electronically debit my account # refer to attached copy of check in the amount of $350. Borrower agrees that the full application fee and actual expenses incurred by the licensee in connection with the preparation for this loan are due and payable; however, Business has agreed that a lender flat fee of $1495 is guaranteed upon successful completion of this loan, plus applicable appraisal overage due or you may select your own certified appraiser. The non refundable application fee is not applied to appraisal charges."

These are in really small print by the way. I needed a magnifying glass to copy it verbatim.

"Business acknowledges the receipt of $350 of the non refundable application fee" and "The non refundable application fee is not applied to appraisal charges." Chad don't tell me you don't know what your financing agreement states? You claim it will be credited to the appraisal upon successful close of the transaction. The documentation clearly states it will not be applied to appraisal charges. Hum? Can you say liar???

Chad - (quotes from his rebuttal) "The loan did not close and therefore the non refundable fee did not apply to the appraisal. "

Your financing agreement has no clause or stipulation about the $350 being applied to appraisal charges if the loan is completed. It instead charges the applicant a "flat fee" of $1495. How did you come up with the "flat fee" amount? Mortgage Companies are required by law to disclose all fees.

By law as a mortgage broker you just can't charge a $1495 flat fee because you say you deserve it. You have to itemize exactly what the fees are for.

What I find the most criminal is that you have a 1% application fee hidden in your financing agreement. In NYC the median home price in 2005 was $435,000. You would have the loan applicant pay you $4350 just for applying for the loan. That is the most expensive loan application I have ever heard of. Do you process the loan on gold bullions instead of paper???

In addition to that if the loan is secured through NCM you want an additional $1495 so it would cost a total of $5845 just for the loan??? The escrow and closing fees would probably not even come close to that ludicrous amount and that is supposed to be your biggest cost in buying a home.

You are either the most inefficient Mortgage Company I've ever heard of or the MOST dishonest!

Chad - (quotes from his rebuttal) "Additionally, the contract calls for reimbursement for actual expenses if the company lives up to its end and client does not. A sum which we have not even asked this client to pay."

"Actual expenses" means disclosed itemized fees and not a "flat fee" you are making up to pay for your vacation to CanCun. You didn't ask the client to pay for the bogus sum because you have no legal ground to stand on. You are the one who can actually be sued for FRAUD.

Consumers be warned!!!

"J",

I was in the Mortgage business both as a loan officer, and as a broker.

I can tell you that you have absolutely no idea what you speak of. "Fraud"? How?

When an applicant pays for an appraisal, they own it. That is the law. 2 copise of an appraisal are provided, 1 goes to the underwriter, and the other goes to the customer.

The only catch is that certain lenders have lists of authorized appraisers, so if you go to a different lender, the appraiser who did the original appraisal may not be on the authorized list, and you will have to pay for another appraisal.

The reason for this is to avoid phony or jacked up appraisals. Lenders certify appraisers to keep risk of this down.

Those are the facts.

Where did you get your (so-called) law degree? At Watsamatta U? That's what it sounds like. :)

I'm a lawyer and a friend asked me to review his "Loan Lock in confirmation" from these scam artists. It included a "Loan Financing Agreement" that he is supposed to sign.

Do not sign any documents from this company!!!

Can you say con artists? Basically these jokers are trying to scam unsuspecting loan applicants by offering rates lower than possible and then tricking the applicants by making them sign a loan agreement which commits them to pay an application fee of 1% of the loan.

The applicants are led to believe they are just applying for a loan which normally does not commit the applicant to the lender or broker. These scam artists have a "Loan Financing Agreement" which has the applicant basically committing to this lender.

Very ingenious! Once you sign the "Loan Financing Agreement" they pretty much have you. They can now change the APR and interest rate of the loan and there is nothing you can do since you are now legally commited to use them as the lender and have agreed to pay a 1% application fee. They might not even be able to approve you for the loan but you still owe them the 1% application.

They are depending on the fact that most consumers do not fully read or understand the legal mumbo jumbo in their "Loan Financing Agreement".

In my friend's case luckily he asked me to look over the legal language first before he signed them. He was under the impression that he was just agreeing to a "Good Faith Estimate" and not actually commiting to use these tricksters as the lender. He has bought several properties before and was used to filling out serveral loan applications. He found these guys on Bankrate.com and their listed fees seemed very reasonable.

They basically pull a switch and bait. Don't believe anything they tell you verbally. They just want you to sign that dreaded "Loan Financing Agreement".

My advise is to stay away from any mortgage brokers that charge an application fee. Any legit broker will not charge you to apply for a loan. Also do not sign any legal documents you do not understand regarless of what the rep says the document mean. Lucky for my friend he just didn't sign the agreement. Probably the best rule of thumb is to use a broker or bank that someone you know has already dealt with and highly recommend.

If you have a dsipute with Nations Choice Mortgage I suggest that you file a complaint with the Arizona Attorney General, Todd Goddard and the Attorney General of your home state. You can online search for the info.

They can not change the name that the appraiser releases it in! If they did it would be fraud...so you are complaining because this conpany would not commit fraud?! If the loan officer that you ended up with told you they were cheating you-then you got sold. That is part of the mortgage industry-make the customer stay with you and be sympathic or create anger with any other company. Get over youself.

stating that the initial $350 was a non refundable application fee that was to be credited to the appraisal upon successful close of the transaction.

We are not in the business of ordering and transferring appraisals. We are in the mortgage business. The loan did not close and therefore the non refundable fee did not apply to the appraisal.

Our suggestion to consumers looking at doing business with us or any mortgage company for that matter is to make sure you have negotiated your best price, agree on the terms and if that lender comes thru on the committed terms complete the transaction for them. Having a lender open a file and process it adds an incredible expense to those that do close from those that do not live up to their end of the contract.

NationsChoice prides itself on closing 99% of all applicatins that clients submit. Only 1% of clients pull out for what they deem as a better deal elsewhere. That is why we are able to remain so competitive. Cost controls.

I will not apologize for putting in place policies that lower the overall cost for clients who do end up completing a loan with our company.

I think a consumer that signs a contract agreeing to perform under certain conditions and does not owes every other consumer out there an apology.

Additionally, the contract calls for reimbursement for actual expenses if the company lives up to its end and client does not. A sum which we have not even asked this client to pay.

If you would like this clients name and number please give me a call as I would be happy to pass on their information so they can share their opinion with you. Or you may call me direct and I will be happy to help you with your mortgage needs.