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Under the flat-rate plan, we pass these fees on to your account without markup. I am always glad to hear that folks with less-than-perfect credit can purchase a home with little money down and take advantage of such an excellent investment. Show customers why they should trust your business over your competitors... PACER charges $0.10 per page with a 30 page (or $3.00) cap for all documents, except transcripts which have no cap. For example, a five page document is $0.50 and a 50 page document is $3.00.
I am interested, Steven, to find out why this particular complaint is important to you. I work for the company whose name is being dragged through the mud on this complaint, so I have a vested interest. By the way, the retail outlet regularly runs in to the same customers as brokers using our programs are working with, because people are shopping at multiple resources. I have never lost a loan to a broker using our loan programs, because maybe you can beat a rate, but by the time you add in your broker's fees our deal is better. I'm not knocking the value of broker shops; I am refinancing my house right now and using a broker, because my particular situation makes it difficult for me to qualify for conventional loans, while at the same time my fico scores are solid A-paper. My entire point is that in the situation of the complaint that was made initially, any and all of the fault falls on the broker who put the loan together OR the borrower for not shopping to find the best deal.
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I would happily provide you with that contact information if you need it. The good point that you bring up is that until the underwriter signs off on the loan, and the notary is sitting in front of you with the loan docs, it's all talk. Even a loan lock is not a commitment to give you a loan at any given rate. Many loan officers/companies even put in writing a better offer than they can deliver on. You need to go with your gut, find a loan officer broker you feel you can trust, and bottom line if the deal changes and you're not happy DON'T SIGN. Many things change your rate and term form when a proposal is made to when the loan signs... Appraised value, title issues or leins that need to be paid, payoff amounts, all of which we are estimating when we make a proposal.
Regardless of your credit situation, you should shop your mortgage with more than one lender to be sure you are getting a competitive rate and overall deal. Accredited Home Lenders is one of the largest loan originators, if you have this rate likely it's because of your credit risk and other market factors not because of any dishonesty, but to be sure, always shop your mortgage. I don't think you were ripped off, you are just a victim of your own circumstances and what the market is willing to give you based on your risk. I currently have a mortgage with this company at the tune of $1200 per month because of the arm being a variable, but this was not explained correctly. Then you see that this is a little too high, so you call to see about getting a loan modification. While this procedure is being determined, they do the modification based on your gross pay instead of your net pay and only drop the payments by $124.00 per month.
How to Avoid High Interest Rates
My broker parked me with Accredited with the following explaination...i requested that he find me something that had no PMI requirement, even if the interest rate was a bit higher. I even told him that I could pay more monthly than what the mortgage payment came to. He said no, I would be better off make darn sure that that payment was on time, everytime.
Now one of the owners loses their job and attempts to explain this to customer service since being laid off. The rude staff continue to state that they have looked over your paystubs and that you can afford the house. The staff also tells you that if you can't afford the house then sell it. In the meantime, you end up in Pre-Foreclosure status because the staff and company don't really care that you lost your job because they will inform you that you are not looking hard enough.
*Consumer Comment: Avoid High Interest Rates
In response to your complaint, whatever broker you went through made his money by charging you more on rate and points than what Accredited would charge you if you used their retail outlet and got the loan directly. Accredited is not responsible for how much brokers charge on top, and bottom line you were responsible for not making sure you were getting the best deal. I have seen a lot of people complain about Accredited Home Lenders and thought I would chime in with my opinion.
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If you are not down graded enough, because you are in pre-foreclosure, they send a company out by the name of CBCInnovis to pull into your driveway, take pictures of the hours and peep through your windows to see if the house is still occupied. And if you pull into the driveway and find them there, they will quickly try to pull out and do major property damage to your car. Or if you come out to protect your property, you will also be in the wrong according to Accredited. Of course the loss mitigation staff will deny that they had anything to do with this because it supposedly comes from an attornies office in Pa although the notice of intent to foreclose comes from Dallas, TX.
Certain state courts, mostly in California, charge for access to some documents. When accessing for-pay state courts, you will always be given an option to accept or decline the payment. On March 9, 2007 a real property mortgage foreclosure case was filed byAccredited Home Lenders Inc, againstMarco Island Civic Association Inc,Mortgage Electronic Registration,Stone, Warren et al. in the jurisdiction of Collier County.
I also was totally aware that Accredited would sell the servicing to this mortgage almost immediatly and sure enough they did. It is very difficult to provide low rates if the borrower does not bring good credit and often a large down payment to a purchase loan. Many banks can not even offer 100% financing on a purchase as Accredited did in this instance.
A good loan officer leaves room for a lot of things to go wrong and still be able to deliver. When you go rate shopping as most borrowers do, you end up with the biggest liar. When I make a proposal, I tell my customers a higher rate than I think I can actually do, tell them less cash back than I think I can get. In the end, when I deliver better than what I promised I don't get any complaints.
And the worst thing yet, was that I didn't find out about the lies until the night before my closing. I am always sorry to hear if someone is paying a high interest rate on their mortgage loan. Unfortunatley, many folks apply for loans when they have not established their credit history well or when they are hoping to improve their credit situation by purchasing a home or refinancing to consolidate debt. How those businesses take care of those complaints is what separates good businesses from the rest.
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