Table of Content
- AMENDED - COMPLAINT Filed by PLAINTIFF ACCREDITED HOME LENDERS INC A CALIFORNIA CORPORATION
- *UPDATE Employee: Very interesting
- Start tracking this docket instantly with a Docket Alarm
- Florida State, Orange County, Ninth Circuit Court
- For full print and download access, please subscribe at https://www.trellis.law/.
Accessing docket sheets also incurs a fee if we do not already have the full docket sheet (again, max of $3.00). These fees are only incurred for Federal Courts and Bankruptcies. If we already have the document in our database, you will not be charged anything. However, if we do not, then we must retrieve it from the court and incur their access fee.
I am interested, Steven, to find out why this particular complaint is important to you. I work for the company whose name is being dragged through the mud on this complaint, so I have a vested interest. By the way, the retail outlet regularly runs in to the same customers as brokers using our programs are working with, because people are shopping at multiple resources. I have never lost a loan to a broker using our loan programs, because maybe you can beat a rate, but by the time you add in your broker's fees our deal is better. I'm not knocking the value of broker shops; I am refinancing my house right now and using a broker, because my particular situation makes it difficult for me to qualify for conventional loans, while at the same time my fico scores are solid A-paper. My entire point is that in the situation of the complaint that was made initially, any and all of the fault falls on the broker who put the loan together OR the borrower for not shopping to find the best deal.
AMENDED - COMPLAINT Filed by PLAINTIFF ACCREDITED HOME LENDERS INC A CALIFORNIA CORPORATION
You'll see that 22 years from now 90% of your payment goes to principal and 10% to interest. I have been in this industry for 18 years and have worked for direct lenders and brokers. Just like every other industry there are good and bad people. I just wanted to chime in on this little discussion on Accredited Home/Home Funds Direct.
I am a mortgage broker in RI and I know that almost without exception my terms offered are better than any wholesale lender. B of A is directly across the street from my office and their rate is always .25 to .375 higher than mine. I do business with your company and have many former co-workers that work there. I know that the terms offered by your retail outfit are worse than I get from your wholesale division.
*UPDATE Employee: Very interesting
I can also see from the employee's standpoint where they feel like they are working for an exceptional company and they know that they are doing the best they can with what some of us as consumers bring to the table. This dataset includes 1.45 million business entities (corporations, LLCs, etc.) registered with Louisiana Secretary of State. Each business is registered with business name, principal address, mailing address, owner name, owner address, entity status, type and creation date.
Either Home Funds Direct, Accredited's retail division, or a broker using Accredited's programs put your loan together. Since the initial complaint did not mention Home Funds Direct, it is obvious you went through a broker and have no idea who you were even dealing with. I look at my situation and I know I had a few credit issues but my credit wasn't horrible, my middle score was 620 at the time, it's 680 right now . The loan officer did not offer to lock my rate and she didn't lock my rate, so my rate went from a promise of 7.2% to 8.299% on the 1st mtg and from 10% to 11.02% on the 2nd mtg. I was told that my closing costs could be capped to as close to $5,000 as possible (builder was paying $4,500), that too was a lie. I RECEIVED AN EMAIL, MIND YOU, NOT A PHONE CALL, to advise me that instead of the $500 I was initially told to bring to closing had been changed to $1,900.
Start tracking this docket instantly with a Docket Alarm
And the worst thing yet, was that I didn't find out about the lies until the night before my closing. I am always sorry to hear if someone is paying a high interest rate on their mortgage loan. Unfortunatley, many folks apply for loans when they have not established their credit history well or when they are hoping to improve their credit situation by purchasing a home or refinancing to consolidate debt. How those businesses take care of those complaints is what separates good businesses from the rest.
A program that benefits the consumer, assures them of complete satisfaction and confidence when doing business with a member business. Stay aware of newly filed suits and new developments on your cases, and gather intelligence on winning litigation strategies. Thousands of your peers are saving time and gaining a competitive advantage with Docket Alarm.
Now one of the owners loses their job and attempts to explain this to customer service since being laid off. The rude staff continue to state that they have looked over your paystubs and that you can afford the house. The staff also tells you that if you can't afford the house then sell it. In the meantime, you end up in Pre-Foreclosure status because the staff and company don't really care that you lost your job because they will inform you that you are not looking hard enough.
As I have only just begun to deal with Accredited Home, I really cannot complain. And I honestly do not believe I will have a problem with them as my mortgage is being paid automatically through my Bank of America checking account, so I won't have to deal with them much, if at all. This is the best way to manage and repair your business reputation. Consumers want to see how a business took care of business. Docket Alarm uses PACER to access Federal Court documents.
Interest rates are a product of market conditions, the borrower's credit rating and the loan-to-value ratio on the home. Besides, in January you can refinance at a better rate and make no prepayment penalty. As my friend tells me, loan officer is the only job you can get paid good money for such little education. I kind of see things from both sides, I can understand when you feel like someone has taken advantage of you and you're so pissed off you can barely see.
I can go into more detail if you are really interest and can show you how you could save more money in the future. I left the company in 2004 and went to work for a broker who is approved with 175 lenders nationwide that will give me the chance to REALLY offer my client with the best loan programs and rates avaliable out there. However, our rates don't usually fluctuate on a daily basis as some companies rates do. My suggestion is that if an HFD employee changed terms that much on you, report them to senior management. I have seen two employees fired on the spot for the first offense for doing anything close to that.
By adding my card, I agree to Docket Alarm'spricingand terms of service.
Regardless of your credit situation, you should shop your mortgage with more than one lender to be sure you are getting a competitive rate and overall deal. Accredited Home Lenders is one of the largest loan originators, if you have this rate likely it's because of your credit risk and other market factors not because of any dishonesty, but to be sure, always shop your mortgage. I don't think you were ripped off, you are just a victim of your own circumstances and what the market is willing to give you based on your risk. I currently have a mortgage with this company at the tune of $1200 per month because of the arm being a variable, but this was not explained correctly. Then you see that this is a little too high, so you call to see about getting a loan modification. While this procedure is being determined, they do the modification based on your gross pay instead of your net pay and only drop the payments by $124.00 per month.
*Consumer Comment: Avoid High Interest Rates
A good loan officer leaves room for a lot of things to go wrong and still be able to deliver. When you go rate shopping as most borrowers do, you end up with the biggest liar. When I make a proposal, I tell my customers a higher rate than I think I can actually do, tell them less cash back than I think I can get. In the end, when I deliver better than what I promised I don't get any complaints.
My broker parked me with Accredited with the following explaination...i requested that he find me something that had no PMI requirement, even if the interest rate was a bit higher. I even told him that I could pay more monthly than what the mortgage payment came to. He said no, I would be better off make darn sure that that payment was on time, everytime.
No comments:
Post a Comment