- Report: #175060
Complaint Review: Centex Home Equity Company - Lewisville Texas
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Centex Home Equity Company
397 State 121 Bypass Lewisville, Texas, U.S.A.
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Centex Home Equity Company Former Loan Officer Speaks Out I hate that people got treated the way they did, evil corporation out to ruin everyone. Things to do to protect yourself Lewisville Texas
I only need to read a few ripoff reports about Centex Home Equity to know the damage that the Lewisville (call center) has done. I worked at this call center as a loan officer for more than a year and I hate that people got treated the way they did. There is quite a bit of pressure from management to produce loans, loans, and more loans for Centex's bottom line. There are some good people that work for this lender, but most are in it for as much money as they can take from people. Centex Home Equity has a used car lot atmosphere and terms like "knocking a borrower's head off" is used a bunch. That referring to pulling a fast one on a customer for the sake of commission and getting the loan.
Centex is not an evil corporation out to ruin everyone. However, I would be careful when dealing with their (usually) inexperienced loan officers. They tend to want their employees to say just about anything to get a loan, as long as it does not get them in trouble. The biggest thing not to "get sold on" is the 2/28 ARM loan or any adjustable rate mortgage that they offer. The loan officer usually promises that Centex will "re-write" your loan in 1 year at no cost to you. People find themselves faced with having to refinance within a 2-3 year period at the same (great) expense in fees it took to either establish a loan or refinance in the first place.
For a long time I was sold on the system of having people get a lower interest rate and then refinance in 2 years. Like many loan officers at Centex (or similar lenders), I thought what I was selling was a benefit to people. I was wrong. I had a friend in the company get transferred to a divison of Centex Home Equity that only refinanced Centex loans. One day I asked her about the rates and fees that the return borrowers were treated too. She told me that it was along the same lines as the high fees we were charging to do the loan the first time.
I stopped working for Centex soon after and try to tell people about lenders like this one. Centex is not the only lender one would need to worry about.
Things to do to protect yourself:
1. Get an experienced loan officer or broker
2. Always get 3-4 rates to compare
(this would kill Centex's chance of getting anyones loan)
3. Get a lender that will lower the points and fees or walk to the next one (there are thousands to choose from)
4. Never let Centex (or any lender) get control on the phone. This is a loan you have to pay for, so be a customer, not a borrower. Take control and you get what you want.
5. Don't go with Centex Home Equity
Former Employee
Lewisville, Texas
U.S.A.
Centex is not an evil corporation out to ruin everyone. However, I would be careful when dealing with their (usually) inexperienced loan officers. They tend to want their employees to say just about anything to get a loan, as long as it does not get them in trouble. The biggest thing not to "get sold on" is the 2/28 ARM loan or any adjustable rate mortgage that they offer. The loan officer usually promises that Centex will "re-write" your loan in 1 year at no cost to you. People find themselves faced with having to refinance within a 2-3 year period at the same (great) expense in fees it took to either establish a loan or refinance in the first place.
For a long time I was sold on the system of having people get a lower interest rate and then refinance in 2 years. Like many loan officers at Centex (or similar lenders), I thought what I was selling was a benefit to people. I was wrong. I had a friend in the company get transferred to a divison of Centex Home Equity that only refinanced Centex loans. One day I asked her about the rates and fees that the return borrowers were treated too. She told me that it was along the same lines as the high fees we were charging to do the loan the first time.
I stopped working for Centex soon after and try to tell people about lenders like this one. Centex is not the only lender one would need to worry about.
Things to do to protect yourself:
1. Get an experienced loan officer or broker
2. Always get 3-4 rates to compare
(this would kill Centex's chance of getting anyones loan)
3. Get a lender that will lower the points and fees or walk to the next one (there are thousands to choose from)
4. Never let Centex (or any lender) get control on the phone. This is a loan you have to pay for, so be a customer, not a borrower. Take control and you get what you want.
5. Don't go with Centex Home Equity
Former Employee
Lewisville, Texas
U.S.A.
2 Updates & Rebuttals
Frank
Dallas,Texas,
U.S.A.
Ex Employee
#2UPDATE EX-employee responds
Wed, November 01, 2006
Yes, I use to work as a Sr. Loan Officer for Centex Home Equity. They are a prime example of a predatory lender. This is a practice of convincing borrowers to agree to unfair and abusive loan terms. Although predatory industries in general are more likely to target racial minorities, women, and the elderly,[citation needed] victims of predatory lending are represented across all demographics. Predatory lending normally occurs on loans backed by some kind of collateral, such as a car or house, so that if the borrower defaults on payment, the lender can profit by selling the repossessed or foreclosed property. There are many lending practices which have been called abusive and labeled with the term "predatory lending." There is a great deal of dispute between lenders and consumer groups as to what exactly constitutes "unfair" or "predatory" practices, but the following are sometimes cited. Also they hire loan officers with no mortgage experince to teach them there way the "predatory lending way"
Kyle
Chandler,Arizona,
U.S.A.
Customer Advocate or Disgruntled Employee???
#3UPDATE EX-employee responds
Thu, September 07, 2006
As I read this complaint, I must admit that I have to chuckle out loud. I too was an employee of CHEC for almost 8 yrs. I was in upper management in a retail branch as well as a direct sales site. While I will admit that there are mistakes being made on a daily basis by loan officers everywhere, there are just as many being made by the customers. The customer is not always forthright in sharing information regarding their personal situation. Humans make mistakes. My chuckle does not pertain to the complaints that are listed on this site, but pertain to those former employees that list them. These are the same employees that charged these alledged outrageous fees and rates. How come these employees never share the income that they personally received from these outrageous rates and fees? Were these people successful and decided to quit once they realized that the rates and fees were high? I would guess that they were not successful and are now disgruntled, so they make malicious comments on sites like this. CHEC is a respectable company that is audited regularly and is in total compliance with the lending laws. Potential employees never ask about rates and fees when they interview, they just ask about earning potential. The job is difficult, so when you can't be successful, you get fired (I'm sorry, "Quit")and bad mouth your former employer. Maybe the person that really prospered from your resignation was CHEC. Don't be bitter, move on and get over it. Big Dog
