Yikes....does this person have an office? If so....get to the real broker or manager and have them look over the situation. If you no longer qualify, they might be able to pay points to get your interest rate down to where you can qualify. You need to play hardball now....
If you have an attorney, use him...if not, then start with the mortgage company and then go from there. This is probably incompetance and not malicious...but a reputable mortgage company will stand behind it and do what they can for you.
If I can help in any way, please let me know...I do have some wonderful mortgage referrals for you...you can shoot me an email and I can give them to you.
Now, to clarify what Thom said: If someone works for a major bank or credit union, they are not a lender, but they are a loan officer or loan originator who does not have to be licensed.
If he works for a direct lender or mortgage broker, he needs to have passed at least 2 exams, the SAFE Act test for national loan originators that is admistered by NMLS, The National Mortgage Licensing System is I believe what that stands for. They take the test after taking a 20 hour course. In addition, they must pass a state test also admistered by NMLS, which is often more difficult. The percent need to pass either test is 75%. In addition, the person must be fingerprinted, and have a background check through the FBI. Some states require taking a course, some do not. So far, I have passed the national, NY and NJ, and was lucky enough to pass each the first time. The NY test is impossible, and most fail at least once. The NJ test was easy in comparison.
Do you know what your credit scores were when he started? This must be sent to you in a disclosure, so if that was not done, you can put in a complaint with the banking deartment. There is no reason why things should have progressed as you describe. The only reason for it could possibly be that will dropping interest rates, this person who doesn't seem to be too honest to begin with, keeps flipping your loan to make more money.
sorry you are going thru this. I can see why you are so angry at this person. I would feel the same way. Unforutnately, the blame falls on us, for not doing our research better. We have to be very careful now adays who we do business with. There are allot of people out there pretending to be someone they are not, hello look where we live, California. My MO is when someone does such thing, I immediately sit back take a deep breath and take action on the situatioin that needs attention on. such as take your energy and do what has to be done to take care of your situation at present moment. I would not waste my time on why he did this, how could he have done that, etc. All you will be doing is wasting energy. Do not let him take over your power. So contact your attorney that you currently have, let him know what has happend. Call the DRE report him and also speak with his Broker. Take control of the situation and don't waste another time on that guy. We all learn from our mistakes, and sometimes we go thru situations for a reason.
Best of luck to you.
I am sorry to hear of this situation. Is this "lender" an employee of a large National Lender? If so, I think your true complaint would be directed to them. Also, why did he pull your credit so many times? Was he shopping your loan to several sources trying to place it? There is no reason for any professional to give you excuse-after-excuse especially if they cannot deliver. They need to stand up and tell you the truth.
That said, get together with your attorney and file a complaint with the company this person works for. A Loan Officer does not need to have a DRE Broker's license unless they are acting as a Direct Loan Broker and not as an employee of another company. For example, 99.9% of the lenders employed by Bank of America, Wells Fargo, CitiBank, Chase, etc. are NOT licensed becasue they are employees of those companies and not acting as a loan Broker.
On the other hand, if this guy is acting as a Direct Lender / Loan Broker, contact the DRE and the Attiorney General's office. He cannot even pull your credit let alone try to make the loan. I would contact the 3 Credit Bureaus and place an "Alert" on your file so they have to conatct you before your cerdit report can be pulled. If this guy is dishonest, he has your complete credit info !
Best of luck,
Broker / Owner & Certified HAFA Specialist
Thom Colby Properties
Newport Beach, CA
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