illegal action of a morgage broker

What is the name of your state? Maryland
Recently, we had very bad experience with a mortgage broker. She runs the mortgage broker company by herself. She claimed that she could give us a best deal. She asked us to come over to her office last Sunday (4/13/03) to do paper work. She promised she locked the 30 yr-fixed loan at 5.5% and asked us to send her a $300.00 check next day. We asked her for confirmation letter from lender, she said she could not get right way and will give us later. We sent her $300.00 check next day, clearly stated on the check it’s the deposit for locking the mortgage rate (We have the copy of the check). She cashed the check on April 16 and did not send us any confirmation letter. We called her on April 17 to ask for the confirmation letter. She said she did not lock the rate for us. We told her if she did not lock the rate for us, she has no right to cash the check. Then she said she did lock the rate for us, but it’s 5.625%, not 5.5%. We asked for confirmation letter, she refused to give us. We told her since she broke the promise, we would like to withdraw the application and asked her refund the deposit because she did not show us the evidence she has locked the rate for us. We told her if she did not refund us the check we will take legal action against her. She stepped back and said she still want to do business with us. She said she will give us 5.5% rate and ask us to increase her processing fee. We agreed to increase $100 processing fee and pay $95 more for appraisal and asked her write GFE and letter to firm she did lock the rate at 5.5% for us. She wrote the letter and new GFE, but still did not give us the confirmation letter from lender. We asked for lender’s confirmation letter. She said she did not print it out, but she confirmed it in her own letter to us, that’s enough. Last night (4/18/03), she suddenly called seller’s agent and told her she dropped our application because we have very bad credit and a lot of debts. She did credit report for us (we have the copy from her). Our credit score is 744, and we do not have any debt. She knows about it. She made all the claims without any true factors. In addition, she has not notified to us about dropping our application. We got the notice from our agent, because sell’s agent called her. We tried to call her to find out what’s going on. She did not pick up the phone and not return our calls. We send her an e-mail and asked her to clear the issue; otherwise we will take legal action against her and her company. She e-mailed us back, said she did called seller’s agent and told her there’re ten reason for her to drop our application. She said seller’ agent advised her that seller’s agent will fax us these ten reasons. We have not received any fax. We don’t know if seller’s agent ever made any promising on it. My agent told us that the seller’s agent felt very strange why this mortgage broker called her. We are thinking to take legal action against her through an attorney. We would like to get any suggestion on it. Thanks!

[HomeGuru]

Originally posted by jpan
What is the name of your state? Maryland
Recently, we had very bad experience with a mortgage broker. She runs the mortgage broker company by herself. She claimed that she could give us a best deal. She asked us to come over to her office last Sunday (4/13/03) to do paper work. She promised she locked the 30 yr-fixed loan at 5.5% and asked us to send her a $300.00 check next day. We asked her for confirmation letter from lender, she said she could not get right way and will give us later. We sent her $300.00 check next day, clearly stated on the check it’s the deposit for locking the mortgage rate (We have the copy of the check). She cashed the check on April 16 and did not send us any confirmation letter. We called her on April 17 to ask for the confirmation letter. She said she did not lock the rate for us. We told her if she did not lock the rate for us, she has no right to cash the check. Then she said she did lock the rate for us, but it’s 5.625%, not 5.5%. We asked for confirmation letter, she refused to give us. We told her since she broke the promise, we would like to withdraw the application and asked her refund the deposit because she did not show us the evidence she has locked the rate for us. We told her if she did not refund us the check we will take legal action against her. She stepped back and said she still want to do business with us. She said she will give us 5.5% rate and ask us to increase her processing fee. We agreed to increase $100 processing fee and pay $95 more for appraisal and asked her write GFE and letter to firm she did lock the rate at 5.5% for us. She wrote the letter and new GFE, but still did not give us the confirmation letter from lender. We asked for lender’s confirmation letter. She said she did not print it out, but she confirmed it in her own letter to us, that’s enough. Last night (4/18/03), she suddenly called seller’s agent and told her she dropped our application because we have very bad credit and a lot of debts. She did credit report for us (we have the copy from her). Our credit score is 744, and we do not have any debt. She knows about it. She made all the claims without any true factors. In addition, she has not notified to us about dropping our application. We got the notice from our agent, because sell’s agent called her. We tried to call her to find out what’s going on. She did not pick up the phone and not return our calls. We send her an e-mail and asked her to clear the issue; otherwise we will take legal action against her and her company. She e-mailed us back, said she did called seller’s agent and told her there’re ten reason for her to drop our application. She said seller’ agent advised her that seller’s agent will fax us these ten reasons. We have not received any fax. We don’t know if seller’s agent ever made any promising on it. My agent told us that the seller’s agent felt very strange why this mortgage broker called her. We are thinking to take legal action against her through an attorney. We would like to get any suggestion on it. Thanks!

**A: immediately get another mortgage broker and file a complaint against the first one that did wrong.

Thanks for the response. We did find another morgage broker to process our loan this afternoon. Where and how should we file complain to this wrong doing broker? Is the best way to take the legal action against her and her company through an attorney?

[Souix]

Originally posted by jpan
Thanks for the response. We did find another morgage broker to process our loan this afternoon. Where and how should we file complain to this wrong doing broker? Is the best way to take the legal action against her and her company through an attorney?

**Seems like there is more crooks in the mortgage business than there ever was before. I wonder if its because of the low rates. Anyway, is the new broker someone you chose or did your agent choose this one. I hope you let your agent guide you to the new broker, we usually know the best ones to use.**

[HomeGuru]

Originally posted by jpan
Thanks for the response. We did find another morgage broker to process our loan this afternoon. Where and how should we file complain to this wrong doing broker? Is the best way to take the legal action against her and her company through an attorney?

**A: contact your state consumer protection office.