I Need Help Please From A Layer Or Loan Officer!!!

[Amber_lv]

As most of you know i was trying to get my house refinanced well i got the loan and closed on it Wed. The thing is it wasn't the greatest deal but i had to take what i could get. Well in the loan we were supposed to be buying down the rate from a 10 something % to a 9.7% intreast rate it was costing us $2200.00 well i am working with a broker and he helped us last time and said he would not charge us for a loan this time because of that. so when we went to sign the papers at closing i noticed that the $2200.00 was put on there as a broker fee i got really upset I then find out that we are not getting the $1700.00 cash out that we were told we were getting instead i owed $1300.00 so the broker gave me a broker credit of $1300.00 to cover the closing and told me that i would have to pay it back because it was coming out of the $2200.00 for the loan buy down to the lender. I got really mad then and i was fuming so he and the tittle lady got really nervouse which made me really suspicious. Come to find out after talking to 3 other brokers (from different companies) that there really wasn't a buy down at all and that my broker was pocketing that $2200.00 I am so mad right now!!! I don't know what to do because i am not going to pay him back money that was supposed to be mine and he is ripping me off!!!

This is the thing there is a $900.00 diff between the $2200 and the $1300 and i want my $900.00 back! I really need it. I have to wait untill Wed till my loan funds so they can't try to cancel it but should i call the broker's company and demand my money back or just eat the loss? I really need help from a loan officer or a lawyer i am deperate and very angry!! WHAT DO I DO?

BTW i looked at my papers from my last loan with this broker and he was only supposed to charge us 1% for his fee's and i found out he charged us 2.27% and got another 1% on the back end he made over $6000.00 off us last time

[Mitzis Mom]

I'm not a lawyer or so I just want to let you know how sorry I am that you have to go through that! I just HATE people that take advantage of people in tight spots! Oh, and I would contact the Better Business Bureau!!!!

[Amber_lv]

Originally Posted by Mitzis Mom

I'm not a lawyer or so I just want to let you know how sorry I am that you have to go through that! I just HATE people that take advantage of people in tight spots! Oh, and I would contact the Better Business Bureau!!!!

I plan to and also turn him into the state as well. I really am not a nieve person i have just know this guy for almost 3 years now i thought i could trust him. I am just so upset right now i don't know what to do!

Thank you for responding ! I really hate people that do it to!

[jp4m2]

WOW Amber!! I would be spitting nails too!! ...We learned the hard way also to NEVER use a broker....all they do is shop your info around try to find a lender for you... with the internet available to us now we can do that ourselves all from home...We heard this happens A LOT to people at there closings, the old "let's just slip this paper in the pile" trick....they deliberately do this at the closing, they feel you won't walk out or you just wont notice it til it's too late...then if you run it by a lawyer later they always say,"Didn't you read it before you signed it?" ...well sometimes you can't walk out,...and they know it...always have a lawyer with you at closing...I hope you can do something about this...make a big stink girl...Good luck

[Amber_lv]

Originally Posted by jp4m2

WOW Amber!! I would be spitting nails too!! ...We learned the hard way also to NEVER use a broker....all they do is shop your info around try to find a lender for you... with the internet available to us now we can do that ourselves all from home...We heard this happens A LOT to people at there closings, the old "let's just slip this paper in the pile" trick....they deliberately do this at the closing, they feel you won't walk out or you just wont notice it til it's too late...then if you run it by a lawyer later they always say,"Didn't you read it before you signed it?" ...well sometimes you can't walk out,...and they know it...always have a lawyer with you at closing...I hope you can do something about this...make a big stink girl...Good luck

yes The y do that a lot i know but i really trusted this guy agghh it makes me even more angry! I still have the option to back out till tuesday but i really need the loan so i won't i am ok with everything else just not him lying to me about where my money is going! I am just so scared to start a war with this company but i don't really know what my rights are in this situation If our loan wasn't so complicated i would never have done this with a broker but we really had no choice. Geeze is there no one in the world you can trust anymore?? How sad of a world that we live in

[bebeyorkie]

Sorry you're going through this - I experienced same thing through broker. Learned the hard way but I learned.
Sorry can't offer any advice hope you get your money back.

[Tillys_mom]

I'm really sorry that this happened to you. I would be furious as well! I would def. try to get my money back. My husband is the type if we get ripped off just learn a lesson and forget, I'll fight for every penny. I get that from my mom. LOL Def. report him in. That's just terrible. At least if you get his name out there it will maybe prevent it from happening again.

[IluvLucy]

Tell them that you've had time to read the paperwork very closely and had it reviewed by your attorney and that you really believe they made a mistake and need to correct the paperwork to what you agreed to and see what they say.

I hate it when customers come to the company I work for using the services of a broker. Brokers drive us crazy and from what I've seen, they always put the screws to their customers.

[doortego]

If you still have the option to cancel the whole thing you should do so. You don't want to go into a business transaction with someone who has already lied to you.

[candybaby]

So, if I'm reading this right you just need to lower your interest rate, and are paying him $2200 to do it (refi)?? And not getting any cash out.. "Wow", brokers are something else, they always seem to get you when your down.

Just a warning is this refinance going to help you indefinatley or are you going to run into this problem again down the line?

I say this because my inlaws would refinance just to make it a year or so (I call it a quick fix) and in the end they ended up not being able to refinance anymore and lost everything. Is your current loan an adjustable rate? Make sure it is a fixed one this time, prefrably a 30-year fixed. But please do not just grab anything this guy is throwing at you if it is not going to help you in the future it is not worth it, I'v seen it happen MORE then once

I'm so sorry you are going through this, my prayers are going out to you..

[Yorkiekids]

I'm sorry you went through all this. Refinancing is a bear in itself without people playing games. I'd definetly report it to everyone who would listen, including the newspaper.

[Erin]

Wow. I'm not a loan officer, but I worked for some sleazy ones very briefly until I learned how sleazy they were!

The "origination fee" and "broker fee" go right in their pocket. The origination fee is supposedly for originating the loan, as in, cold calling you and finding your business. If you just go to the bank and get a loan, refuse to pay this.

Second, the broker fee is just $$$ in his pocket. Their commission works two ways. The mortgage companies put out rates every day. Say that rate is 6.5%. They get a certain % commission (say 1%) if they charge you 6.5%. If they turn around and lock you into a 7% loan, they get a WHOLE LOT MORE commission. If they give you that 6.5%, they will ask you for a broker fee because they are not getting as much commission from the lender. They can even jack up the interest rate AND charge you a fee, if they are confident you don't know what you're doing. This is all in addition to "points" because you pay points to the lender, not the broker. A lot of this mess can be avoided by going through a bank and not a broker.

If all is done properly, these fees are outlined on something called a Good Faith Estimate. (If you have your original that will be your best bet in fixing this! But I bet he kept the only copy...) A good broker/lender will type this up and have you sign it. A slimeball broker will hand write it and then go back and add things later. Then they will change/increase those numbers and have you sign a new one at closing. You won't be paying much attention because you are signing 40 pieces of paper at closing.

Sometimes things genuinely change. Appraisals may not come back right, or you may owe extra taxes, or whatever. That's why you need a lawyer unless you know exactly what you are doing. It's worth the $150/hr to have someone sit there and look at the paperwork before you sign it.

Your loan won't fund for 3 days because you have what's called a "right of recision" You can tell them not to fund the loan and go get another one with a better broker or bank. Then you can start over and find someone who won't scam you!

[Amber_lv]

Originally Posted by Erin

Wow. I'm not a loan officer, but I worked for some sleazy ones very briefly until I learned how sleazy they were!

The "origination fee" and "broker fee" go right in their pocket. The origination fee is supposedly for originating the loan, as in, cold calling you and finding your business. If you just go to the bank and get a loan, refuse to pay this.

Second, the broker fee is just $$$ in his pocket. Their commission works two ways. The mortgage companies put out rates every day. Say that rate is 6.5%. They get a certain % commission (say 1%) if they charge you 6.5%. If they turn around and lock you into a 7% loan, they get a WHOLE LOT MORE commission. If they give you that 6.5%, they will ask you for a broker fee because they are not getting as much commission from the lender. They can even jack up the interest rate AND charge you a fee, if they are confident you don't know what you're doing. This is all in addition to "points" because you pay points to the lender, not the broker. A lot of this mess can be avoided by going through a bank and not a broker.

If all is done properly, these fees are outlined on something called a Good Faith Estimate. (If you have your original that will be your best bet in fixing this! But I bet he kept the only copy...) A good broker/lender will type this up and have you sign it. A slimeball broker will hand write it and then go back and add things later. Then they will change/increase those numbers and have you sign a new one at closing. You won't be paying much attention because you are signing 40 pieces of paper at closing.

Sometimes things genuinely change. Appraisals may not come back right, or you may owe extra taxes, or whatever. That's why you need a lawyer unless you know exactly what you are doing. It's worth the $150/hr to have someone sit there and look at the paperwork before you sign it.

Your loan won't fund for 3 days because you have what's called a "right of recision" You can tell them not to fund the loan and go get another one with a better broker or bank. Then you can start over and find someone who won't scam you!

the problem is i have to take this loan we are in a bind we are on our way back from hell and we are trying to get on the right track so i can't cancel it. i don't mind the terms of the loan it's just him i don't like right now. he couldn't get any money on the back end because the loan was so tight so he said it was a buy down on the rate and he is saying the $2200 he is going to pay to the lender. which i am almost positive it is going in his pocket. I have done business with him before and i really thought i could trust him.I had gotten some advice from some other brokers before i closed so i knew what to look for the loan isn't bad just him. I really want to get the $900.00 back that is the diff from the 2200 and the 1300 but i don't know how to do it and i don't know how to prove he is lying. aggghhhh i am so frustrated.