Complaint Review: New Century Mortgage - McKinney Texas
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- Author Confirmed
- New Century Mortgage McKinney, Texas U.S.A.
- Phone: 888-477-0193
- Web:
- Category: Loans
New Century Mortgage Predatory lending practice to first time mortgage customers Ripoff McKinney Texas
*UPDATE EX-employee responds: You should be angry at your mortgage broker
*UPDATE EX-employee responds: You should be angry at your mortgage broker
Show customers why they should trust your business over your competitors...
We were first time mortgagees, and did not even know the difference in fixed and adjustable mortgages when we borrowed from New Century. We asked pertinent questions of the closer, and due to our lack of knowledge, were misled completely.
Our interest went up so sharply, increasing our payments, compounded by the fact that they denied us when we asked for qualification to help save our home by utilizing their in-house help, we were forced to enter into Chapter 13 Bankruptcy. We have just learned they folded earlier this year due to the number of bad loans they granted.
Jody
Cleveland, Texas
U.S.A.
This report was posted on Ripoff Report on 08/13/2007 05:52 PM and is a permanent record located here: https://www.ripoffreport.com/reports/new-century-mortgage/mckinney-texas-75070/new-century-mortgage-predatory-lending-practice-to-first-time-mortgage-customers-ripoff-mc-267230. 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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#2 UPDATE EX-employee responds
You should be angry at your mortgage broker
AUTHOR: Tatertot - (U.S.A.)
SUBMITTED: Monday, August 20, 2007
I worked for New Century for many years before they went out of business. They are a WHOLESALE lender. Which means they do not sell loans direct to the public. A mortgage broker determines the loan and its criteria and sells it to the borrower. The wholesaler just processes the loan they request and lends the money. They do not determine the details of your loan...your broker does. There are many wholesale lenders including reputable companies like Washington Mutual and Wells Fargo. New Century went out of business for many reasons, but if you were screwed over, blame the person who did your paperwork, not the bank. I would contact your mortgage broker.
#1 UPDATE EX-employee responds
You should be angry at your mortgage broker
AUTHOR: Tatertot - (U.S.A.)
SUBMITTED: Monday, August 20, 2007
I worked for New Century for many years before they went out of business. They are a WHOLESALE lender. Which means they do not sell loans direct to the public. A mortgage broker determines the loan and its criteria and sells it to the borrower. The wholesaler just processes the loan they request and lends the money. They do not determine the details of your loan...your broker does. There are many wholesale lenders including reputable companies like Washington Mutual and Wells Fargo. New Century went out of business for many reasons, but if you were screwed over, blame the person who did your paperwork, not the bank. I would contact your mortgage broker.
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