Lendia.com - Sharron Nemeth - Deb Pacillo ripoff, misguiding, bait and switch, lack of knowledge Worcester Massachusetts
Sharron Nemeth is a lending specialist at Lendia.com. I choose to refinance with here because she gave me some numbers over the phone that were the best I heard.
Through the process, I found that she had a very small grasp on her duties as a lending specialist. She sent me a Good Faith Estimate (GFE) with number much lower that any competitors. Through the accounting dept at my work I found that there was no Escrow taxes on her GFE.
When I questioned her about it she said that the GFE from a competitor, that I had faxed over, did not include escrow as well. She was wrong, the accounting dartment showed me where the escrow was located on the GFE. She either lied to get my business or she was unable to read a GFE, a standard form.
I had to do much leg work to get this loan to go through, much more then my previous loans. After about 2 months (with some mistakes on my part) we made it to the closing. The original loan was an interest only loan. At the closing I was told that the loan I was signing was a Principle and Interest that raised my payment about $200.00 a month. Financially I had to refinance my house so I had to sign the papers.
The payoff checks came in the main today (7/20/05). We were expect 3 to 4 checks made out to credit card companies, 1 check for $4.00 from one of the loan and another check for approximately $11,000.00 made out to me to pay off the rest of our credit cards and student loans.
We received all of them except the $11,000.00 check and no one seems to know why the check was not sent. . That was the last straw. I am in possession of a letter from Lendia.com that states that they will refinance my loan in 2 years with no points and no closing costs. I would rather pay 5 to 7 thousand dollars to deal with someone who knows what they are doing and does not lie.
Scott
Keene, New Hampshire
U.S.A.
5 Updates & Rebuttals
Steve
Corona,California,
U.S.A.
Somewhat correct? Ed, I am not ridiculing anyone here.
#6Consumer Suggestion
Fri, July 22, 2005
Your quote: ..."so your "get three estimates" example is not relevant to someone who has had a history of poor judgement with their credit. Its not a fault, but more of a "I dont have time for this"
The point I am trying to make is that a homeowner NEEDS to make time for this transaction. This is their HOME we are talking about here.
I absolutely agree that lenders have a responsibility to help the homeowners into a better financial position by doing this refinance. We need to be ethical, honest, knowledgable, and very accurate when we structure loans. If I can not provide some tangible benefit to the borrower, we don't do the loan.
However, borrowers who have historically made poor financial choices, generally will continue to make them. I am not the "stupid financial decision police" so therefore I am not going to ridicule a borrower that wants to payoff the 15% car note on his brand new $40,000 truck by rolling it into his mortgage. We'll take his LTV right up to the maximum I can with his 610 FICO scores. Ya see what I am saying here Ed?
I stand by my original statement. Borrowers have a duty to not put themselves into a position of being screwed. They MUST question, do the math, check references.
Ed
Schaumburg,Illinois,
U.S.A.
the lender has its own responsibility to do whats best for the consumer.
#6Consumer Comment
Fri, July 22, 2005
Steve is somewhat correct. There is a responsibility to "protect yourself" when it comes to service and the whole "buyer beware" addage. However, the lender has its own responsibility to do whats best for the consumer. Those with credit issues, typically, trust those who sound compentant, and feel they are trustworthy, so your "get three estimates" example is not relevant to someone who has had a history of poor judgement with their credit. Its not a fault, but more of a "I dont have time for this". People have challanges and expect others to treat them as they would treat others. I am a lender, but to ridicule somone who wants convienience and honesty, is somewhat degrading.
Thanks,
Steve
Corona,California,
U.S.A.
If sounds too good to be true...
#6Consumer Suggestion
Thu, July 21, 2005
it probably is.
I've been in the mortgage business for close to 10 years now as a loan officer, wholesale mortgage AE, and back in the retail end again. I talk with about 15-20 homeowners on a daily basis who are looking to refinance their home loans.
During all this time, I have seen some almost universal truths. People who have lousy credit, FICO scores less than 600,high credit card balances and mortgages almost to the value of their homes got in that position for a reason...poor decision making over and over and over and over again.
For example, if your car needed brakes, you might go get a couple of bids from the major auto shops in the area. All the mechanics say basically the same repair is needed, the same cost of $250.00 approximately.
Then there is this one guy who really didn't sound too capable or knowledgable about the brake job, but he was going to charge you $100.00. Would you go to this guy to save $150.00?
Why then do homeowners hand over their SINGLE LARGEST AND MOST IMPORTANT FINANCIAL TRANSACTION to someone who is WAY WAY lest expensive than everyone else, and has demonstrated a poor understanding of their loan products?
Unfortunately, by the time you end up here you have all ready been screwed.
Do your homework on the companies, interview the sales rep about his/her experience, tell the rep that you expect communication IN WRITING, and that the loan better be exactly what you have agreed to all along the way. Sometimes loans will change for valid reasons during the course of being approved, house appraised, etc. That is fine.
Never be in a position of being forced to sign the loan documents. Be in a position financially to get up and walk away or change companies as soon as you feel something bad is going on.
YOU control the transaction, not the sales rep or lender. After all...it is YOUR house and YOUR mortgage.
Steve
Corona,California,
U.S.A.
If sounds too good to be true...
#6Consumer Suggestion
Thu, July 21, 2005
it probably is.
I've been in the mortgage business for close to 10 years now as a loan officer, wholesale mortgage AE, and back in the retail end again. I talk with about 15-20 homeowners on a daily basis who are looking to refinance their home loans.
During all this time, I have seen some almost universal truths. People who have lousy credit, FICO scores less than 600,high credit card balances and mortgages almost to the value of their homes got in that position for a reason...poor decision making over and over and over and over again.
For example, if your car needed brakes, you might go get a couple of bids from the major auto shops in the area. All the mechanics say basically the same repair is needed, the same cost of $250.00 approximately.
Then there is this one guy who really didn't sound too capable or knowledgable about the brake job, but he was going to charge you $100.00. Would you go to this guy to save $150.00?
Why then do homeowners hand over their SINGLE LARGEST AND MOST IMPORTANT FINANCIAL TRANSACTION to someone who is WAY WAY lest expensive than everyone else, and has demonstrated a poor understanding of their loan products?
Unfortunately, by the time you end up here you have all ready been screwed.
Do your homework on the companies, interview the sales rep about his/her experience, tell the rep that you expect communication IN WRITING, and that the loan better be exactly what you have agreed to all along the way. Sometimes loans will change for valid reasons during the course of being approved, house appraised, etc. That is fine.
Never be in a position of being forced to sign the loan documents. Be in a position financially to get up and walk away or change companies as soon as you feel something bad is going on.
YOU control the transaction, not the sales rep or lender. After all...it is YOUR house and YOUR mortgage.
Steve
Corona,California,
U.S.A.
If sounds too good to be true...
#6Consumer Suggestion
Thu, July 21, 2005
it probably is.
I've been in the mortgage business for close to 10 years now as a loan officer, wholesale mortgage AE, and back in the retail end again. I talk with about 15-20 homeowners on a daily basis who are looking to refinance their home loans.
During all this time, I have seen some almost universal truths. People who have lousy credit, FICO scores less than 600,high credit card balances and mortgages almost to the value of their homes got in that position for a reason...poor decision making over and over and over and over again.
For example, if your car needed brakes, you might go get a couple of bids from the major auto shops in the area. All the mechanics say basically the same repair is needed, the same cost of $250.00 approximately.
Then there is this one guy who really didn't sound too capable or knowledgable about the brake job, but he was going to charge you $100.00. Would you go to this guy to save $150.00?
Why then do homeowners hand over their SINGLE LARGEST AND MOST IMPORTANT FINANCIAL TRANSACTION to someone who is WAY WAY lest expensive than everyone else, and has demonstrated a poor understanding of their loan products?
Unfortunately, by the time you end up here you have all ready been screwed.
Do your homework on the companies, interview the sales rep about his/her experience, tell the rep that you expect communication IN WRITING, and that the loan better be exactly what you have agreed to all along the way. Sometimes loans will change for valid reasons during the course of being approved, house appraised, etc. That is fine.
Never be in a position of being forced to sign the loan documents. Be in a position financially to get up and walk away or change companies as soon as you feel something bad is going on.
YOU control the transaction, not the sales rep or lender. After all...it is YOUR house and YOUR mortgage.