Complaint Review: Centex Home Equity

I have been working with Carol Harris at Centex Home Equity in Everett, WA for approximately a one-month-period on a home equity loan. The only documents I received from Centex's office was an authorization to pull my credit and a purpose for "cash out" on my loan. I signed and faxed these documents back as requested.
I have had to request a good faith estimate and truth-in-lending documents on several occasions. I was never given these documents, nor did I execute these documents.

My home was appraised on December 30, 2004. I wrote a check to the appraiser as instructed by Centex. Ms. Harris received my appraisal the next morning; however, she has ignored my multiple requests for a copy of my appraisal report.

My loan was supposed to close on January 4, 2005; however, I had still not received anything in writing from this company and did not know my loan amount or closing costs. I contacted the manager of Centex Home Equity, John Sharp. Mr. Sharp apologized to me and said I would be receiving a good faith estimate. I was given the run-around and endured several telephone calls from the Centex Office re: new issues with my loan and new items underwriting discovered.

On January 6, 2005 I DEMANDED a copy of a good faith estimate from the Centex Office and informed them they were in violation of federal law. Ms. Harris quickly faxed a copy of a gfe to my office; however, it was not for the correct amount and did not indicate certain closing costs. She stated she could not give me an accurate gfe because underwriting had the file and had to "approve it". I pointed out to her that the purpose of underwriting is simply to write a loan that I am already approved of. I was again given the run-around by the Centex Office and my closing date changed multiple times.

Finally, the manager of the Centex Office contacted me requesting I ask the attorney I work for to write a letter stating he contributed to my IRA and it was income. I knew this could not be legal, so I spoke to the attorney. He advised me I am legally required by federal law to receive, and sign, a good faith estimate and truth-in-lending documents. I am also entitled to MY appraisal report - for all I know an appraisal report was never written or Centex is misquoting the appraised value of my home.

I believe I was advised the mortgage broker is allowed 3 days by federal law to provide these documents after I sign an authorization? In any event, the Centex Home Equity office in Everett, WA is in non-compliance with federal law. Unbelievably, I asked them to withdraw my loan and told them I would not be signing any documents with them. However, I still received another phone call from Ms. Harris this morning requesting I sign documents and telling me my attorney gave me bad advise! I have filed a formal complaint with the State of Washington re: Centex Home Equity's unethical practices and would strongly recommend that you avoid this predatory lender.

Tammy
Liberty Lake, Washington
U.S.A.