Mortgage refinanceDishonest broker cost our mortgage refinance

1 Review updated:

Copy of our complaint on BBB for our 30yr fixed mortgage refinance. This company does not live up to their BBB rating:
Complaint Description - Posted 6/30/2009 2:23:16 PM

5/7/09 Mortgage rate locked at 4.75% without point or escrow for $410k. 5/8/09 Lender waived $695 processing fee to match another broker's offer. 5/13/09 3rd party appraisal promised to call 5/14/09 Direct Mortgage (3rd party handles the appraisal due to new federal government procedure according to lender) repeatedly charging customer's credit card and caused credit card lock down. Appraisal loft handles the appraisal for Direct mortgage. Harbor Appraisal got order from Appraisal loft and made appoinment with the client. Appraisal alliance got order from Appraisal loft as well. Appraisal loft claims the order with Harbor Appraisal is cancelled, the latter knows nothing about it. 5/15/09 Lender was very apologetic. VP ensured customers that he would personally see to the matter and this is not the way they do business. 5/20/09 Home appraisal done by Appraisal appliance. 6/1/09 Lender confirmed the appraisal, waiting for report. 6/2/09 Appraisal loft contacted customer, claiming they can't locate the appraiser, thus setting up yet another appraisal by a different company on 6/3. 6/2/09 Lender apologizes for the home appraisal mess, confirming waiving the appraisal fee and promising report by 6/5 and the file will be closed asap. 6/8/09 Lender confirms receiving appraisal report. Lender also confirms relocking the 4.75% so customer has no worries and will push through paperwork same day. 6/17/09 Customer inquired, lender now says rate expired

Complaint Summary

United Pacific Mortgage failed to closely follow up with the 3rd party appraisal company, and failed to push through paperwork to wrap up the finance.See Top 10 Worst Companies in Lake Forest, CAResolution Sought
Pacific Mortgage needs to honor the contract instead of blaming 3rd party company or federal government. They had everything they needed on 6/8/09 to wrap up the deal. They claimed they reclocked the rate on 6/8/09 and will wrap up that day, only to be silent for the next week, then claimed locked rate expiration upon inquiry. This is highly disappointing practice. This costs us thousands of dollars.
Company's Response
Company's Initial Response - Posted 07/07/2009
On 5/7/2009 we locked the interest rate and ordered the appraisal for our customer. Per current guidelines all appraisal orders must go thru a third party. Once we order the appraisal we are not even permitted to contact the assigned appraiser. All contact and tracking of the appraisal is done by the third party. We received the appraisal on 6/8/2009 at which time the rate lock had expired. We are in constant communication with our customer to provide maximum benefit for there refinance. All costs were covered by the appraisal company.
Initial Response Summary
We take pride in our effort to provide quality service to our customers but the appraisal process with the current guidelines is something we are unable to control.
Consumer's Rebuttal - Posted 07/08/2009
I have email record from Dan Peterson on 6/8/09 stating he has relocked the 4.75% fixed rate, obtained the appraisal report and would be wrapping up all paperwork by the end of that day. This is where dishonesty started. We did not hear back for over a week. Put aside the federal new regulation on home appraisal, what happened to the relocked rate and the wrapping up paperwork on 6/8/09? We were told "there was nothing to worry about" on 6/8/09 which you now claimed the rate expired. Where is the pride or quality in such dishonesty and unprofessionalism?

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  • Th
      Aug 26, 2009

    I disagree with this lady. The new HVCC appraisal law makes it so that mortgage companies do not have any control over the appraiser and infact they are not allowed to choose what appraiser they use anymore like they use to. Mortgage brokers these days work very hard to get customers home loans and should not take the heat for mistakes that happen with appraisers. If you do not like the new HVCC laws take it up with your mayor and stop bashing hard working mortgage brokers.

    0 Votes
  • Dt
      Aug 27, 2009

    How come when someone is upset they slander people with there negative experiences? you never here of the thousnads of satisfied clients companies have. Ill tell you what if your a company who doesnt have a disatisfied client your probably not even doing loans! the issues the industry has is created at levels way above brokers and LO's who are just trying to make a living like the rest of America! stop being negative and try to create a workable solution and not a negative position on things that people cant control.

    0 Votes
  • Br
      Oct 16, 2009

    I am so sorry to hear about your situation. I work for a very ethical Broker here in South Pasadena CA, if you ever need anything just call the office @ [protected] and I can promise you anything you are told we will deliver on. We are in the business of referals and to hurt one client would mean we are going out of business. I have always been told never sell a loan or prodct you wouldnot sell to your mom or grandmother. Let us know if we can help and ask for Bret. The number is [protected] Thanks and hope all is well.

    0 Votes
  •   Nov 30, 2009

    They are many companies that are legitimate and can help homeowners stop foreclosure and keep their homes.

    Mortgage Assistance Group is one of those companies that holds an "A" rating with the BBB and has help over 500 homeowners keep their homes.

    They give a discount to the homeowners who have been scammed and treat each client with respect and dignity.

    You can reach them at [protected] and at

    Thanks and good luck,

    Randy D.

    P.S. If you know someowner they can help, They will pay a $100 referral!

    0 Votes
  • Ch
      Jan 07, 2011

    As for the first 2 comments, it shows the atttidue of some mortgage agents. Congratulations on your professianlism. I am facing a somewhat similar situation where the mortgage broker disclosed a very low rate. I have completed all documents, received a apprisal report and was told the loan had been approved. Now they are saying they cannot meet the disclsoed rate and are waiting for the market to come in line. It has been 2 1/2 months and I am still waiting. Yes there are good brokers out there, but many are like used car salesmen...beware!

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  • Te
      Feb 22, 2011

    well... if I had known all this was going to happen... guess what all ?? There is no one in charge at United Pacific Mortgage, #1 Orchard Dr. #210 Lake Forest, California ... I got an appraisal through them.. all was fine til the day before I was to sign and then the classic bait an switch.. went from the (GFE) to an additional $3200 in fees on top of the 3900 est before... and a higher interest rate too and also conventional to a FHA... IF that is not fraud I don't know what is and to boot "it's ok get the loan and do the repairs to your house they we'll get you house re-appraised and the under writer will knock off like 100.00 off your monthly" BTW I called to complain an they can not find their BOSS nor what his name is NOR call me back .. so now I am out 415 bucks for an appraisal that was told when they get it ... they will send it to me... but they already did that an redid the terms to the GFE and sent me an insult of a contract to sign.. an after talking to 2 of my banks (local)... from what they say. both "bait an switch fraud!".. They WILL NOT accept that i will have to pay again... yes!! like that last comment BEWARE!!!

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