Complaint Review: COSTCO (MORTGAGE SERVICE) - Nationwide

In response to these inappropriate accusations I’d like to touch some points and laws in regards to mortgage lending in Oregon and the US in general.  When a borrower makes application and locks a loan as a resident of the state of Oregon, one of the forms you ARE REQUIRED to sign and send back is the “Oregon Interest Rate Lock/Float Agreement”.  On this document it states the lock expiration date, and that if your loan does not close before this date then it may be subject to change. 

Short explanation, when you START your loan, you are aware of the date on which it must close on or before, or your original terms may not be honored.  I can only say it is very important for borrowers in all states to submit their supporting documentation immediately upon application, and any further conditional items immediately after the loan is underwritten to prevent circumstances like this from happening.  If you do not provide your supporting documentation in a timely manner than you run the risk of expiring your rate lock.  If you have a complicated file such as self employment then this is even more important. 

When a lender locks in your interest rate on a mortgage application, the money is hedged in the market.  If that rate lock expires then borrowers are subject to extension or relock fees and potentially worse interest rates depending on the market conditions. Furthermore since the passing of the Dodd Frank Bill, loan officers are not compensated based on the rates and fees tied to mortgages.  We are paid the same on a 3% loan with no closing costs, as we would be on a 7% loan with $5000 in costs, thus the “bait and switch” theme is not factual and there is no benefit for this type of activity.   If any lender or loan officer were to actually engage in dishonest or predatory lending behavior then their license to work in the mortgage business would be immediately revoked. 

These activities are monitored and investigated by state and national oversight.  I guess in this day and age it's just easier to get online and disparage people with a bunch of frivilous name calling and non-factually based arguments.  JG Wentworth (formerly WestStar Mortgage) is a great organization and we offer amazing rates, terms and service.  I have worked for many banks and lenders in my career, and not a single lender has cared more about the customer experience than we do here.  These inflammatory and outrageous accusations are not factually based, and are highly inappropriate.  Expect to receive first class professional financial services when working with myself and JG Wentworth.   Respectfully Ty Nuottila NMLS 584531

In response to these inappropriate accusations I’d like to touch some points and laws in regards to mortgage lending in Oregon and the US in general.  When a borrower makes application and locks a loan as a resident of the state of Oregon, one of the forms you ARE REQUIRED to sign and send back is the “Oregon Interest Rate Lock/Float Agreement”.  On this document it states the lock expiration date, and that if your loan does not close before this date then it may be subject to change. 

Short explanation, when you START your loan, you are aware of the date on which it must close on or before, or your original terms may not be honored.  I can only say it is very important for borrowers in all states to submit their supporting documentation immediately upon application, and any further conditional items immediately after the loan is underwritten to prevent circumstances like this from happening.  If you do not provide your supporting documentation in a timely manner than you run the risk of expiring your rate lock.  If you have a complicated file such as self employment then this is even more important. 

When a lender locks in your interest rate on a mortgage application, the money is hedged in the market.  If that rate lock expires then borrowers are subject to extension or relock fees and potentially worse interest rates depending on the market conditions. Furthermore since the passing of the Dodd Frank Bill, loan officers are not compensated based on the rates and fees tied to mortgages.  We are paid the same on a 3% loan with no closing costs, as we would be on a 7% loan with $5000 in costs, thus the “bait and switch” theme is not factual and there is no benefit for this type of activity.   If any lender or loan officer were to actually engage in dishonest or predatory lending behavior then their license to work in the mortgage business would be immediately revoked. 

These activities are monitored and investigated by state and national oversight.  I guess in this day and age it's just easier to get online and disparage people with a bunch of frivilous name calling and non-factually based arguments.  JG Wentworth (formerly WestStar Mortgage) is a great organization and we offer amazing rates, terms and service.  I have worked for many banks and lenders in my career, and not a single lender has cared more about the customer experience than we do here.  These inflammatory and outrageous accusations are not factually based, and are highly inappropriate.  Expect to receive first class professional financial services when working with myself and JG Wentworth.   Respectfully Ty Nuottila NMLS 584531