I'd (still) look elsewhere !
Written: May 28 '03 (Updated Jun 26 '03)
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Pros: Did help to resolve 'some' issues with an unscrupulous mortgage lender
Cons: Do not acknowledge or answer complaints very quickly
The Bottom Line: (Updated to 3 Stars) not highly recommended
LendingTree finally did acknowledge ligitimate complaints about (ripoff) lender and helped me recover part of a $600 ripoff.
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| cr_gorge's Full Review: LendingTree |
Look elsewhere ...
by cr_gorge
I tried LendingTree for a mortgage refinance.
I got three bids, all from the same lender,
Freedom Mortgage Corporation.
They seemed to have a reasonable deal, competetive rates and were willing to negotiate points and rate when I found better elsewhere. When the Good Faith Estimate arrived, there were a great number of errors including a point more than negotiated on the phone, my name was not spelled correctly, my social security number was incorrect and other less significant annomolies. When I called them, they said to make the corrections to the paperwork and initial the changes, that they would make all corrections prior to closing.
In order to get the 45 day lock, I was required to put down $600 via my Visa card.
After 10 days without a word, I called them to see where they were in the process. They said they had all the info. they needed and were waiting on the appraisal. 20 days had passed and they were still waiting on the appraisal. 30 days passed and they still said that they had not received the appraisal. I called every day after that and finally I was informed that the paperwork had gone to the underwriter. 40 days had passed and they finally set up a closing 2 days after the 45 day lock. I tried to get them to schedule it within the lock period, but they assured me that they would honor the rate and points agreed to.
1 day prior to closing, they sent me another lending aggrement similiar to the good faith estimate, except there were a number of additional fees added. When I added up the extra fees, it equaled, exactly, one point (1% of the mortgage). They had honored the rate and points, but just raised the fees to make up for the extra point they wanted. Grrrr! 3 hours prior to closing I finally was able to get them on the phone and I confronted them about the additional fees and let them know that I could see that they were (to the dollar) exactly equal to the point. I told them to send an addendum to correct the fees or there would be no signing of papers.
After several calls and waiting, Freedom Mortgage Corp. called me back and said that I no longer had a lock on the rate and that the $600 was being charged to keep the rate at what was agreed. I asked them if it was worth it, that I would report them to the Attorney General's office in New Jersey, the BBB, LendingTree and any consumer protection orginizations as I could find; they just said, "go ahead", it's your loss.
Grrrrr!
Needless to say, I did not sign the papers and then it really donned on me that I had just been ripped off for $600. Grrrrrrrrr!
Anyway, finally getting to the point, I complained to LendingTree via phone, about their (FMC's) unethical business practices and filled out a complaint form on LendingTree's website.
To this day, 5 weeks later, I have received no word from LendingTree other than more of their obnoxious advertising e-mail. They seemed to have no intent of resolving any problems with their lender friends and couldn't care less about any complaints about them.
Bottom Line:
I finally found a local mortgage broker, got a better rate and EXCELLENT service and communication. Wish LendingTree had checked this lender out better and shared information about this lender's practices (scams), it would have saved me the high blood pressure and $600.
I'd look elsewhere (other than LendingTree). And if you see Freedom Mortgage Corporation, run like he!!
Shop locally, there's very likely a great deal right in your neck of the woods.
Don't deal with a mortgage company that requires an up-front fee (many don't), once they have your money, they may not give you any alternative but to accept their terms (even if they change during the process) or forfit your up-front fees.
IMO LendingTree could do a better job of weeding out the bad apples.
Hope this helps others stay clear of unethical mortgage lenders such as Freedom Mortgage Corporation!
Grrrrrr,
cr_gorge
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UPDATE: LendingTree has worked to (somewhat) resolve this situation and managed to get me a copy of my appraisal (althouth not very useful at this point) and a refund of $250 out of the $600 loss. My confidence in LendingTree has now increased but they could still do a better job IMO. Their professional complaint department has done more than I had expected so I will now, therefore, upgrade LendingTree's rating to an Average (three star) rating.
Note: I do not believe, however, that Freedom Mortgage Corporation would have refunded anything at all, had it not been for LendingTree's negotiations.
Recommended:
No
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Epinions.com ID:
cr_gorge
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Location: Carson, WA
Reviews written: 15
Trusted by: 3 members
About Me:
Homeowner and Engineer
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