Complaint Review: Mortgage Lenders Of America

I am a disability-retired veteran existing on a fixed-income federal civil service disability retirement pension over the course of the past fourteen consecutive years running.  It has become my belief that MORTGAGE LENDERS OF AMERICA operate under the corporate philosophy, doctrine, and attendant actual practices of appearing to adhere to non-discriminatory lending practices, while behind-the-scenes and beneath the facade, in all actuality they may indeed embrace an elitist hidden agenda of exercising certain selective decisions in their own interests which do indeed become suspect and therefore tantamount to "nod-and-wink", "hush-hush" back-room practices which smack of fostering age discrimination and possibly discrimination against certain types of veterans and perhaps the disabled as well.  In light of the aforementioned belief, I hereby reserve the right to promote, advance, and/or promulgate said belief and attendant notions within the public domain at large, and more specifically within all manner of media from this day forward.

With reference to multiple facts at hand, I contend that MORTGAGE LENDERS OF AMERICA (MLOA) unfairly and unjustly put-me-through-the-ringer in terms of overall abuse, and made me expend all kinds of unnecessary time, effort, hope, prayer, energy, emotion, and money in applying for and matriculating through the refinancing process before suddenly just pulling-the-rug-out-from-under-me at the very last minute of the eleventh-hour by summarily denying my REFI loan and sending me a Loan Withdrawal Letter to that effect. In said letter, the MLOA made it appear as though I had initiated the denial and witdrawal process, but that was not at all true .... not the case in any way, shape, manner, or form.  It was in-fact MLOA which initiated the loan denial and issuance of the attendant Withdrawal Letter.

Personal devastation ensued as the tragic result of the aforementioned draconian action so cruelly perpetrated by the lender and when I lodged inquiry as to the rationale for their extreme and unexpected decision, their explanation was brief, cold, impersonal, and generally inadequate for the most part, with the exception of their advising me that the appraisal report came back stating that the entire roof of my dwelling was faulty and would require replacement. This is not true.  There was some moss on some areas on the roof, but the roof itself had already been replaced seven (7) years prior to the appraisal inspection and said roof was still in good condition with formidable integrity at the time of appraisal inspection.  The roof has not leaked even once over the course of the past seven-years and I reside in the Pacific Northwest region where rain and snow is prevalent and all too commonplace -- and the new roof has withstood the mean-season forces of Mother Nature's inclement weather assaults for all this time running.

When I challenged the appraisal report submitted by Olson Appraisals, the lender failed to follow-up on my assertions and contention regarding the questionable report, but instead informed me that their minds were made-up and their hands-were-tied, so they could not reverse the REFI denial action and thus elected to let-it-stand.

The MLOA loan officer I had been working with throughout the long involved REFI process advised me that since only a partial appraisal report had been submitted by Olson Appraisals, I should receive a refund of a portion of the $400 fee that I had already paid up-front.  This refund never materialized and when I inquired about it, all lines of communication were shut-down on me and MLOA has remained entirely incommunicado regarding the issue to this very day.

It has since become my belief that the business practices of the MLOA organization have indeed become suspect and their mission statement and guiding principles regarding fiduciary integrity and customer relations is nebulous and lacking -- thus reflecting poor credit upon the institition -- in my humble opinion.  I have needlessly suffered at the hands of the MLOA organization.  They got-my-hopes-up, encouraged me, and then suddenly slammed-the-proverbial door-in-my-face at the last possible minute.  Just when I thought the long process was finally over and I was expecting REFI loan approval, everything went all-to-hell-in-a-bucket and the emotional roller-coaster ride ended abruptly with a surprise unexpected denial .... and that was it ...... oh man, did I feel savagely raped and left-for-dead !!!!

Due to all the aforementioned ugliness, I must confess that I cannot recommend MORTGAGE LENDERS OF AMERICA to anyone seeking a REFI.  Thanks to MLOA, I have now missed the last best golden opportunity to obtain a REFI under the present historic low interest rate levels -- levels which have not been seen for many past decades.  I've just gotta say that I could really benefit greatly -- in my fixed-income retirement condition -- if I were to have become able to have had my monthly mortgage payment substantially reduced as the result of effecting a successful REFI loan.  I feel so foolish and decieved, depressed, despondent, defeated, and disgusted by all that has transpired during my painful relationship with MORTGAGE LENDERS OF AMERICA.