I initiated a loan refinance in early March 2009 with Land Home Financial. Mr. /name removed/, the loan agent, indicated the refinance would close by June 2009. In Mid June 2009, I’m told (after repeated attempts to contact Mr. /name removed/ as to the status of our loan), that the loan was rejected and thereby canceled because our home was listed for sale. Our house was not for sale. It was not on the MLS, there was no formal sales agreement with a Real Estate agent, etc. This was just a convenient excuse since our loan somehow expired and the rate lock expired due to Mr. /name removed/ complete incompetence in handling our loan.
In the 4 months, I dealt with Mr. /name removed/, he was rarely forthcoming with any kind of information relevant to the loan. If I wanted to know what was going on, I had to ask – usually several times. In these type of time based transactions such as a loan refinance, timing is very important. Communication is key and Mr. /name removed/ didn’t exercise good professional judgment, nor did he make any effort to keep appraised as to the loan status.
I was never told it if the loan was locked, the rate at which it was locked and when the lock would expire. I was never told if the loan went to Loan Subordination. I was initially sent a good faith estimate, but very little much after that.
This type of lousy communication seems to be a company trait. After initially contacting me when I indicated that I was going to file a complaint, his boss seemed generally interested in resolving the situation, but never followed up or responded to inquires and emails. She, like Mr. /name removed/, went silent.
Silence implies guilt or wrong-doing. Something was done very wrong and we “cheated” out of a good loan rate due (conforming, 3o year fixed, 4.5%, 0 points) due to the long period time Mr. /name removed/ essentially ignored our loan. These types of shady loan practices should not be permitted.