CASTLE POINT MORTGAGE RIPOFF JACKED UP FEES ON CLOSING STATED FANNIE MAE REQUIRED IT ELKRIDGE Maryland
The above mortgage company, in my opinion misrepresented and unstated the good faith estimate in the following manner:
1. Their originating fees went up three tenth of a point thus increasing their fee $951.00
a. There reason was due to Fannie Mae, requiring them to raise the point spread.
2. There calculation on doc stamps were grossly misstated
3. Insurance cost was also exaggerated. See attached copies.
4. They stated my appraisal came in at 328K, then they stated 315K, this in turn raised my LTV and a higher rate was being charged.
My final request was that they refund my appraisal fee, because of there last minute disclosures, I understand that I am suppose to have the HUD at least 24 hours before closing, we I received it two hours before closing.
Anthony
FT LAUDERDALE, Florida
U.S.A.
3 Updates & Rebuttals
Joe
Platteville,Wisconsin,
U.S.A.
no to novastar - Origination is simply another word for POINTS....
#4Consumer Comment
Tue, May 03, 2005
Origination fees are entirely controlled by the lender. Origination is simply another word for POINTS....just called something different-same exact effect...which is why they are called prepaids on the HUD you sign at closing and which is why they are deductible.
NO...I dont' work for Novastar...nor would I work for them or any broker. You need to also look to see if you are working with a direct lender or a broker. Brokers will fill your head with lolipop dreams, and then go shopping to see if they can fill them...and usually NO is the answer...which is why they come back with more fees to buy the rate down or to make more money in place of what they would have gotten from the higher rate.
You can buy your rate down if you don't like it..but it's not worth doing if you're only going to be in it a short time. When I quote a rate and fees...it doesn't change. When a broker makes a quote...you can bet your bottom dollar things will be different...and likely in a major way. Why? They don't lend their own money and are quoting you GENERIC or totally false information that usually is "par" or best case with impeccable credit. Then they also usually pull your credit again the day you close...and if it dropped...heaven help you.
No...I don't work for Ameriquest, NovaStar, Countrywide, Ocwen or any of the major players out there...nor would I ever consider it. But when you run across me, my quote may be higher...but it won't change becuase I told you the truth up front. I may lose some loans that way to scammers, but I can sleep better at night and won't get the feds shutting my doors because I baited and switched you.
When you get fees switched...if you weren't re-disclosed within 24 hours of closing...run like hell...becuase they are legally required to do so. Bet they won't.
Anthony
FT LAUDERDALE,Florida,
U.S.A.
Honesty, it wasn't the interest rate that was raised it was their originating fees and there gross miscalculations on Ins, stamps, AKA (INCOMPETENCE) & so forth
#4Author of original report
Tue, May 03, 2005
To the person that stated I told you so,
Yes it is true that something that is to good to be true never is but, in this case; it wasn't the interest rate that was raised it was their originating fees and there gross miscalculations on Ins, stamps, AKA (INCOMPETENCE) & so forth and so, on with their Fannie Mae claim. I
unfortunately only lost time, the new company is paying for the appraisal and I am closing this week. The one thing I won't be losing any sleep over or time, is doing business with a person like you. Did ga think of that. Sour grapes never closed a deal. By the Way, you should say who you really are. (Novastar) possibly?
Joe
Platteville,Wisconsin,
U.S.A.
Not unusual So they jacked up the fees
#4Consumer Suggestion
Mon, May 02, 2005
So they jacked up the fees....now will you listen to someone when they tell you that there is no such thing as a good rate for sub-par credit?
Too many of you people out there believe these fantasies of great rates and low fees....then you get baited and switched like this.
Go with a person who tells you something reasonable first, and quit listening to your cheapskate self thinking that no cost or low cost loans exist everywhere. Unless you have A+ 800FICO credit, you'll pay fees and not get the rate only 2% of people get.
It costs money to borrow money and you were too stupid and thought it was free, didn'cha.