Network Capital Funding Fair Lending or Bait & Switch? Irvine CA

The bait is a rock bottom rate that not every loan applicant will qualify for. The loan process can be fast and easy, or very irritating as not all items required are  itemized on a web portal as some others do, and uploaded to a secure site.

Next is supposed to come a Disclosure of loan terms.  They get them out, but their Disclosures seem to not match all of the terms discussed by phone.  The Phone reps may not be the final loan officers with authority to make a final deal.  When things change or don't match what was expected, borrowers are upset.

Our first deal with NCF closed APRIL 19, 2021.  It cost us @ $4,000 more than we expected, and the rate was over 2.75%.  It made no sense, but we were not in a position to argue, and it was a big improvement over our current loan at the time, so we took it.  Within weeks we began hearing more radio ads, saying rates have dropped, so we called them, and they told us "Sorry - we aren't allowed to do a REFI until your current loan is six months old."   We started looking elsewhere, and didn't have any luck.  A few months passed, and NCF called us with the offer of a "FREE" 0.25% rate reduction as a customer appreciation offer.  This seems to be just more bait.  

We figured why not ask them to take the rate down as far as we can qualify for.  They quoted verbally 2.50% telling us no problem to get this, but it will cost us @ $11,000 in points they would add to our loan balance.  We said OK.  Then they failed to send us the new legal Disclosure.  Next after we followed up providing more financial date, they sent and email saying the appraisal fee is now $1,000, which we have not approved.  We wrote back saying NO way!  We'll pay $400 to $500 max for that.  We paid $500 for an appraisal in July, that NCF says they can't accept.  Now they come back with $650.  We say NO.  

We would think that any professional lender would want to maintain a reputation for fair dealing?