Trying to find out California Mortgage Broker License information?
Trying to find out California Mortgage Broker License information?
I have several complaints which may or may not be "legal" complaints. I'm
just comparing this place to other places I've talked to. First a little
background.
I am building a new home in California and the builder has its own mortgage
company (which I am not required to use). A rep from the company called me
to start the process and I told her that I would like to know the rates they
were going to give me before I did anything. I told them up I want to do an
80-10-10 loan on a 30 year fixed.
The rates they quoted (in Sept. 2002) me were 6.75% on the first with 1
point, and 8% on the 2nd with 1 point. Now I know they can charge whatever
they want, but I told them straight up that was ridiculous and I was going
to pass. I can EASILY get 5.75% on the first with 0 points and 6.25% to 6.5%
on the second with 0 points. I told the woman that and she kept bugging me
to just "start the application with us and if you find a better rate, bring
it here and we'll try to match it". I said whatever, I'm not going to close
with you and I'm not going to send you any money. She said fine and that she
will start processing my application anyway at no cost to me.
Now the complaints:
1) She has been calling me back and trying to push her loan down my throat
and even trying to push me into a HIGHER priced loan (a 90-10) which would
put me into jumbo and PMI. Even though I have told them repeatedly I am not
interested.
2) She lies to me and tells me the 90-10 is a better value (which it is for
THEM...) a 90-10 would cost about $700 more per month then an 80-10-10.
3) My "no cost application" is now calling for a $400 appraisal, which she
kindly told me they would transfer to the other place if I close with
someone else. This is another BOLD FACED LIE since most mortgage companies
won't take an appraisal from an outside source.
My main problem with this place and why I would want to file a complaint is
that the rep is straight out lying to me about how the 90-10 would cost me
less and that they would transfer the appraisal and that they are trying to
push higher priced products down my throat.
Are these valid complaints that anyone would care about? Just as a
reference, a different place actually wanted to move me to the cheaper
product instead of trying to move me to the more expensive product. I just
feel this place is very dishonest.