Posted on: 28th Aug, 2009 08:04 pm
Hi,
I had some major issues with my agent, and I was wondering if you could give me some advice on how I should go about resolving it.
Well, I have signed a contract to purchase a house about a month ago. They recommended me a "preferred" lender, so naturally I went with him. He works for wellsfargo, and have caused nothing but headache since. Here's my story:
my agent he explained that they have a new program going on that if i deposit 1% of my loan amount, i can float down for free. I said i would enroll and that he should let me know when he needed the money. he agreed..
After the initial contract signing. We decided to request seller's concession of $15k. seller's agreed and that raised the final sales price from $495k to $510k. I have told our agent of this change, and he said he would process this.
a week passes, i've asked multiple questions he's response got slower and slower.. and then on a second week (3 weeks to closing) he called me to tell me that he went on a personal leave for the rest of the week because of some family emergency. i respected this and didn't request any help, ask any questions.
now. 2 weeks left with the mortgage, he emailed me with an urgent email saying that I needed to send him 1%. so naturally i called him immediately and provided him the credit card number to take the 1%. and during this conversation, the amount of the loan and seller's concession (or lack there of) stood out. so I emailed him to confirm the amount of the loan (explaining line by line stating my original sales price, seller's concession and my 20% down.) so my total loan now had to be $408k. he emailed me back saying that he would confirm again.
and that same day, i asked for a float down from 4.75% ARM to 4.5% ARM. He confirmed the float down, but never confirmed the loan amt etc.
after days. I have sent MULTIPLE emails asking him to confirm the total loan amt etc, and also asking if any other documents were needed by me. He had the commitment letter since the day i first requested the confirmation of numbers, but till the weeks end he told me that no additional documents were needed and had NOT confirmed the total amount.
now. a week left with my closing (closing was today so this week) i get a commitment letter in the mail requesting a horde of documents. I get angry, and I work with the mortgage specialist and get all the documents to them. i've sent the agent multiple emails telling him that the commitment letter is against what he had told me. I also send him an email with a bunch of "final" questions. which also includes him confirming once again that the float down happened to 4.5%.
he leaves me a voicemail stating that it floated down to 4.5% and that EVERYTHING is in order. he also emailed me today, and left me a voicemail saying that he's going away to meet his family, but everything. including the loan amount is in order.
TODAY: I go to closing. realize the loan amount is not 80% of the sales price. and the rate is still 4.75%!!!
I call him, and tell him of his error. he barely admits his error, and later tries to tell me that him and his boss thinks its MY fault because i didn't send my 1% deposit in time! (something about 10 days after contract i needed to give him the 1%) but i explain to his boss that i gave him the money when he asked, and i have email supporting it. they first tell me that the ONLY way to get the 4.5% now is for me to give them 0.25% points. of course i say no. and i argue with them and the manager finally agrees. but by this time its 5:15PM. he tell me that everybody has gone home and that the closing has to wait till Monday.
The manager requested the emails of the agent confirming that the floatdown occurred. which i sent. but i feel this isn't enough! I really want to write a formal complaint and show how he had ruined so much! we had plans to start construction right away, and also move in, but all is messed up because of his lack of professionalism, and responsibility!
Please give me suggestions on what i should do! Thanks.
I had some major issues with my agent, and I was wondering if you could give me some advice on how I should go about resolving it.
Well, I have signed a contract to purchase a house about a month ago. They recommended me a "preferred" lender, so naturally I went with him. He works for wellsfargo, and have caused nothing but headache since. Here's my story:
my agent he explained that they have a new program going on that if i deposit 1% of my loan amount, i can float down for free. I said i would enroll and that he should let me know when he needed the money. he agreed..
After the initial contract signing. We decided to request seller's concession of $15k. seller's agreed and that raised the final sales price from $495k to $510k. I have told our agent of this change, and he said he would process this.
a week passes, i've asked multiple questions he's response got slower and slower.. and then on a second week (3 weeks to closing) he called me to tell me that he went on a personal leave for the rest of the week because of some family emergency. i respected this and didn't request any help, ask any questions.
now. 2 weeks left with the mortgage, he emailed me with an urgent email saying that I needed to send him 1%. so naturally i called him immediately and provided him the credit card number to take the 1%. and during this conversation, the amount of the loan and seller's concession (or lack there of) stood out. so I emailed him to confirm the amount of the loan (explaining line by line stating my original sales price, seller's concession and my 20% down.) so my total loan now had to be $408k. he emailed me back saying that he would confirm again.
and that same day, i asked for a float down from 4.75% ARM to 4.5% ARM. He confirmed the float down, but never confirmed the loan amt etc.
after days. I have sent MULTIPLE emails asking him to confirm the total loan amt etc, and also asking if any other documents were needed by me. He had the commitment letter since the day i first requested the confirmation of numbers, but till the weeks end he told me that no additional documents were needed and had NOT confirmed the total amount.
now. a week left with my closing (closing was today so this week) i get a commitment letter in the mail requesting a horde of documents. I get angry, and I work with the mortgage specialist and get all the documents to them. i've sent the agent multiple emails telling him that the commitment letter is against what he had told me. I also send him an email with a bunch of "final" questions. which also includes him confirming once again that the float down happened to 4.5%.
he leaves me a voicemail stating that it floated down to 4.5% and that EVERYTHING is in order. he also emailed me today, and left me a voicemail saying that he's going away to meet his family, but everything. including the loan amount is in order.
TODAY: I go to closing. realize the loan amount is not 80% of the sales price. and the rate is still 4.75%!!!
I call him, and tell him of his error. he barely admits his error, and later tries to tell me that him and his boss thinks its MY fault because i didn't send my 1% deposit in time! (something about 10 days after contract i needed to give him the 1%) but i explain to his boss that i gave him the money when he asked, and i have email supporting it. they first tell me that the ONLY way to get the 4.5% now is for me to give them 0.25% points. of course i say no. and i argue with them and the manager finally agrees. but by this time its 5:15PM. he tell me that everybody has gone home and that the closing has to wait till Monday.
The manager requested the emails of the agent confirming that the floatdown occurred. which i sent. but i feel this isn't enough! I really want to write a formal complaint and show how he had ruined so much! we had plans to start construction right away, and also move in, but all is messed up because of his lack of professionalism, and responsibility!
Please give me suggestions on what i should do! Thanks.
you already know what you want to do - do it! write your formal complaint letter, send it to his boss or his boss' boss. escalate your complaint as far up the ladder as you feel it ought to go. i don't know what relief they'll provide you, but you have naught to lose by doing so. of course, on monday, you'll have to recheck every document and ensure that you're getting what you signed up for.
Typically, I have not heard of paying points upfront.
Those are typically paid at closing. Can I ask were you working with a broker or a direct lender?
When you sign documents, you are supposed to sign a lock in agreement. That agreement should state the term in years, the rate and the points to be paid for that rate and the loan amount, the apr and the expiration of those terms.
The loan officer is bound by those terms, unless you have asked to change them.
There is no doubt that the loan officer acted un-professional, but the manager, in requesting those emails, seems to be following up with it.
If you take it a step further, you go to the head of the company, and a step further is the mortgage bankers association for the state. I am not sure what more they can do since you did settle at the terms you wanted.
It's upsetting I know, that your first experience was such a hard one. I can only hope that this is a one time incident with the LO, and maybe his circumstances were truly the reason behind everything.
Those are typically paid at closing. Can I ask were you working with a broker or a direct lender?
When you sign documents, you are supposed to sign a lock in agreement. That agreement should state the term in years, the rate and the points to be paid for that rate and the loan amount, the apr and the expiration of those terms.
The loan officer is bound by those terms, unless you have asked to change them.
There is no doubt that the loan officer acted un-professional, but the manager, in requesting those emails, seems to be following up with it.
If you take it a step further, you go to the head of the company, and a step further is the mortgage bankers association for the state. I am not sure what more they can do since you did settle at the terms you wanted.
It's upsetting I know, that your first experience was such a hard one. I can only hope that this is a one time incident with the LO, and maybe his circumstances were truly the reason behind everything.
