What is the name of your state? Missouri
We applied to refinance our home 01/04/05. On the 11th of Jan. the loan rep. said in an email that we had the loan 100%, all we had to do was have another appraisal done and as long as it came in for the same amount as the previous one, we were fine. We paid for the appraisal and it came in the same. He said we would be closing in the next week or so, then he started dodging my calls. The loan company is located in New York if it makes a difference. I was calling and emailing and faxing to try to get him to call me and ended up with five other extensions to call and talk to other people in the company. Everytime I got in touch with him he would tell me that we would be closing with in a couple of days and not to worry and he would be getting back with me. Finally five weeks into the deal, I was able to get in touch with a manager who informed me that they were not licensed to even do loans in my state and had "shopped" our loan to two of their other companies. I told him that they did not have our permission to do so and that the only reason we had gone to them to do our loan was because they were the bank and that the loan rep had not informed us that they were not licensed to do our loan and we had not received any paperwork from them other then the good faith estimate that he had emailed to me. The manager told me that we authorized them to "shop" our application when we signed the application. I said we never signed an application with them and that we only gave voice permission over the phone for our credit to be pulled. We have ended up having to go with the original lender now to refinance our loan and because of this company our credit scores have dropped 12 points and have caused us to have to take a higher interest rate than we would have had to take. Is there any legal recourse for what this company has done since they were so dishonest or are we just stuck with turning them in to the BBB and the AG in the state they do business in? If you need any other info, let me know, I may not have been clear on some stuff as I needed to be.
Thanks to anyone who can offer any advice and not be rude or sarcastic in your comments to me. I admit I am not the smartest person in the world and have been treated less than congenial before on these boards and am only posting this question to try to see if we should seek legal representation or not.
We applied to refinance our home 01/04/05. On the 11th of Jan. the loan rep. said in an email that we had the loan 100%, all we had to do was have another appraisal done and as long as it came in for the same amount as the previous one, we were fine. We paid for the appraisal and it came in the same. He said we would be closing in the next week or so, then he started dodging my calls. The loan company is located in New York if it makes a difference. I was calling and emailing and faxing to try to get him to call me and ended up with five other extensions to call and talk to other people in the company. Everytime I got in touch with him he would tell me that we would be closing with in a couple of days and not to worry and he would be getting back with me. Finally five weeks into the deal, I was able to get in touch with a manager who informed me that they were not licensed to even do loans in my state and had "shopped" our loan to two of their other companies. I told him that they did not have our permission to do so and that the only reason we had gone to them to do our loan was because they were the bank and that the loan rep had not informed us that they were not licensed to do our loan and we had not received any paperwork from them other then the good faith estimate that he had emailed to me. The manager told me that we authorized them to "shop" our application when we signed the application. I said we never signed an application with them and that we only gave voice permission over the phone for our credit to be pulled. We have ended up having to go with the original lender now to refinance our loan and because of this company our credit scores have dropped 12 points and have caused us to have to take a higher interest rate than we would have had to take. Is there any legal recourse for what this company has done since they were so dishonest or are we just stuck with turning them in to the BBB and the AG in the state they do business in? If you need any other info, let me know, I may not have been clear on some stuff as I needed to be.
Thanks to anyone who can offer any advice and not be rude or sarcastic in your comments to me. I admit I am not the smartest person in the world and have been treated less than congenial before on these boards and am only posting this question to try to see if we should seek legal representation or not.