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First Ohio Banc & Lending Inc. / Bad lending practices.

1 Independence, OH, United States Review updated:
Contact information:

Terrible experience with this mortage broker. Many locations have already closed, cannot even get a callback now. Rate was higher and my house apparently didn't even appraise for what they told me. Looks like they have some lawsuits pending as well... www.firstohiobancclassaction.com

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Comments

  • Ju
      18th of Jun, 2009
    0 Votes

    I am in the middle of having a nightmare experience. What happened to you

  • Ti
      16th of Oct, 2009
    0 Votes

    I did a loan with them there rate was better than any other company plus there closing costs were less. I refered them to a friend and they got great service.

  • Al
      16th of Jan, 2010
    0 Votes

    Check there rating on the Better Business Bureau website. They got an F. They have had 38 complaints over the last 3 years. I had a bad experience too. I am planning on being complaint #39.

  • Le
      10th of Feb, 2010
    +1 Votes

    I am an actual lender for another company. I recently had a run in with them concerning a very simple process from one lender to another. They are the most hateful, rude and unprofessional people I have ever dealt with. I will be complaint 40.

  • Sm
      24th of Mar, 2010
    0 Votes

    They do not train their employees and since the market has dried up and they cannot sell the teaser loans which is all they could ever sell they cannot get any business. The owner does mailings across the country to the same people all the time. I worked for this patathic company and beleive me they are all clueless!!! The owner has no idea how to run a company and to see him he looks like a drug user. NEVER USE THIS COMPANY TO GET A LOAN AND IF YOU GET A MAILER FROM THEM TOSS IT!!! GO TO YOUR LOCAL BANK TO GET A LOAN YOU WILL GET THE BEST RATE FROM THEM.

  • On
      5th of Apr, 2010
    0 Votes

    I too called the BBB - unfortunately too late:

    I started my process with First Ohio Banc and Lending Inc. about 3 weeks ago when they called me on the phone and informed me that they could refinance my home at a 4.25% rate for 15 years. After a lengthy phone conversation and their commitment to refund the appraisal fee of $600.00 should the appraisal not come in high enough - I agreed to pay for an appraisal. My appraisal came back at $380, 000.00 and I was only refinancing $358, 000.00 so they prepared the docs.

    A few days later I got a call from the "General Manager" stating that their "Underwriter went on a website and decided that the appraisal I received from a Washington State Certified Appraiser, was too high and that they could not give me the loan they had promised. The best they could do is to lower their fee $1900.00 and keep me at the same 5.00% rate I was currently at."

    Basically they wanted me to give them almost $18, 000.00 in fees and closing costs to get the same rate I was already paying so, I contacted an Underwriter for Harborstone Credit Union and a Senior Loan Officer for Timberland Bank and both told me that "something is terribly wrong with that...and for an Underwriter to use a website to over ride a "Hands-on" appraisal is unheard of." I've contacted First Ohio Banc and Lending several times and requested my $600.00 back. The last time I called I was told that I was harassing them and they hung up on me.

    I am a 100% Disabled Veteran and didn't have this money to just give away so I was VERY careful to keep records of all our phone calls, emails, texts and faxes. I can tell you in complete honesty that they changed the deal and when I refused to accept it, they knowingly took my money without batting an eye.

    PS - They told me they were NOT a Broker - I think they lied.

  • Il
      13th of Apr, 2010
    0 Votes

    To all previous posters,
    Much thanks for your insight. I was contacted by First Ohio and promised a 4% re-fi rate under the guise it is related to the 2009 Economic Stimulus Act. I am already in the process of a re-fi with my lender at a 5.75% rate. Since I am aware NOBODY can offer a 4% fixed/conventional 30 year rate I was skeptical from the beginning and began by Googling "First Ohio Banc".
    My Advice to those who want to re-fi, but cannot through regular channels:
    Several weeks ago the Feds released Rev3 of their Making Homes Affordable act/plan/etc. It allows those of us who cannot re-fi due to the reduced value of our home values, and with closing costs much lower than regular channels. I was told to qualify your FICO score must be 720 or greater, LTV=95%-125% [loan to value ratio -- meaning you can be "underwater" by as much as 125% of your principle balance and still qualify]. My closing costs are a mere $1000, which is less than my morgtage payment. And since a I will skip one payment (possibly even two), this will cost me nothing in the end. In my case it is only lowering my payment by $76/mo., but is worth is since the "break even" point is immediate.
    thanks again, and good luck to all.
    Bob

  • Lo
      3rd of Oct, 2010
    0 Votes

    There's a lot of corporate espionage among these guys, because as I am about to close a refinance with my bank, only to lower my interest rate, I am inundated by internet and mail offers.
    First Ohio Lending is one of them and it offered the lowest APR of 3.65 plus what caught my attention is that they represented themselves as HUD Approved and further said my loan would come under a HUD sponsored program that would save me thousands.
    Can they say this if it's not true?
    Any recent experiences out there?

  • Ce
      12th of Oct, 2010
    0 Votes

    I got an offer today at an interest rate of 3.25% (apr: 3.65%)... same HUD nonsense on the mailer. I have just (in the last week) spoken to 4 other lenders and each and every one told me they can't help me refi because the value of our house had dropped so dramatically. We owe $210K and the value is now down to about $220K... still above water, but just barely. Of course our FICO is only about 700, so maybe we just don't qualify for whatever deal was mentioned above if you have a 720 score? Our loan is not owned by Fannie or Freddie (apparently if it was, they could finance well over 100% value). They also said they could do an FHA loan, but then we'd owe mortgage insurance because of the low value. Since the point was to lower our payments (not to cash anything out) and our interest rate is currently 5.75%... the 4% with PMI would be a break even on payments...and with closing costs, I guess a little into the negative. Not worth bothering. Darn... until I found this website, I thought First Ohio might have been a real option for us (they said they could loan up to $$240, 101.00 at the 3.65 APR (and no mention of PMI).

    *Sigh* I guess if it seems too good to be true...it IS.

    Thanks to everyone for caring enough to post this info. Forewarned is forearmed.
    (I did wonder why we were getting an offer from Ohio when we live in Oregon... which is why I Googled them.)

  • Ct
      5th of Apr, 2011
    0 Votes

    Thank goodness for Google and the internet. And thank you to all that have previously posted. It seems First Ohio Banc is still sending out notices to unsuspecting consumers, and it is only because I found this that I was able to confirm what I thought: it's too good to be true.

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