bad good faith estimate

[christianlove]

What is the name of your state? Louisiana

My husband and I sat down with a loan officer at a local bank and completed the paper work to refinance two rental properties. Before we left, I had a copy of the good faith estimate. We were quoted a rate of 5.75% with no discount points. I specifically reminded him at the point of the interview when he quoted us the rate that this was for investment property. He said he didn't see any other hits. The following business day he called and stated that he missed a 2% discount fee. We had contacted several lenders but chose him for the rate. We could have gone with one lender with a rate of 5.875% and no discount points, but chose him. Now the rates have gone up and this guy has cost us several thousand dollars. He will not honor the original quote. We have spoke with different people at the bank up to the president, but have received nothing more than an apology. Is there anything else we can do?

 

[HomeGuru]

What is the name of your state? Louisiana

My husband and I sat down with a loan officer at a local bank and completed the paper work to refinance two rental properties. Before we left, I had a copy of the good faith estimate. We were quoted a rate of 5.75% with no discount points. I specifically reminded him at the point of the interview when he quoted us the rate that this was for investment property. He said he didn't see any other hits. The following business day he called and stated that he missed a 2% discount fee. We had contacted several lenders but chose him for the rate. We could have gone with one lender with a rate of 5.875% and no discount points, but chose him. Now the rates have gone up and this guy has cost us several thousand dollars. He will not honor the original quote. We have spoke with different people at the bank up to the president, but have received nothing more than an apology. Is there anything else we can do?

**A: yes, use a mortgage broker and forget these bank idiots.

 

[wanabath]

Be happy that he called you back to let you know of his mistake. Good Faith Estimates are just that estimates, and really do not mean much more than to make a consumer happy.

stay away from banks, I am a broker and have done many loans for bank employees, banks can not touch me when it comes to rates and pricing.

 

[Souix]

I also have had bad luck with banks. I advise people to use mortgage brokers because they can shop for the best rate and terms. A bank only has themselves.

 

[HomeGuru]

The bottomline is the funds. Where are they coming from ie. FNMA, FREDDIE etc vs. private money.