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.
