🚀 go-pugleaf

In article <1993Jan21.153918.6836@cbnewsi.cb.att.com> cea@cbnewsi.cb.att.com (charles.e.allison..jr) writes:
>Summary:  Don't get screwed by Sterling National Mortgage of
>Clark, NJ
>
>Here are the details -
>
>In late July we applied to re-finance our mortgage with
>Sterling and gave their agent, Senior Loan Officer Linda
>Valentine, the mortgage application fee.  Appraisal and
>credit approval went fine.  By mid-October we and the Loan
>Officer locked-in to a great interest rate of 6 7/8 (plus
>points) for a fifteen year mortgage.  We were very excited
>about the great rate, especially since the uncertainty about
>the outcome of the Presidential election was causing
>interest rates to rise.  In early November we received our
>written mortgage commitment, but "without a stated interest
>rate."
>
>...
>
>So we attempt to followup the next day to see how she
>resolved the problem.  We left messages 3-7 times daily for
>the next two weeks, but our Loan Officer never contacted us.
>
>In the meantime, we have sent pleas for help to  the State
>Department of the Treasury, the Better Business Bureau, and
>the Asbury Park Press Trouble Shooter.  If you have any
>other ideas, please contact us.  We'll keep the net updated
>on our plight.
>
>				Chuck Allison

Chuck,
   I'm real sorry to hear about your trouble.  While I can't help you,
I can tell you where you went wrong, and what others should watch out for.
You say you locked in mid-October and received a written mortgage
commitment (sans rate) in early November.  I don't know what you
did in mid-October that made you think you locked in your rate, but
anything short of a rate lock-in agreement signed by an officer of
the company just doesn't cut it!  If you have this, bring it to the
state attorney general's office.  If you don't have anything in writing,
then you had no agreement.  Remember, you need the signature of an
officer of the company.
   When we got our mortgage, the loan officer had us fill out the rate
lock-in agreement, and wanted to have it signed later and sent to us
because he didn't think anyone was available at the moment to sign it.
I still think the smartest thing I did during the entire process was
refuse to leave that office until I had signed copies of everything in
my hand.
   After two or three days of unreturned phone messages, it's time for a
personal visit.  It's amazing what a raised voice in their lobby can
accomplish.  Particularly if there are customers present.
   One final comment: the BBB is a good choice.  I'd also recommend
contacting the state attorney general's office.