- Report: #93278
Complaint Review: ETrade Financial Mortgage - Irvine California
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ETrade Financial Mortgage
Irvine, California, U.S.A.
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ETrade Financial Mortgage Deceptive Lending Practices, Bait and Switch Tactics, Predatory Lending ripoff Irvine California
Etrade Mortgage is a deceptive and dishonest company. They pre-approved us for a mortgage then when we went to lock in our rate the Loan Consultant Ryan Jones quickly back tracked and would not lock in the rate we were quoted and jacked our rate up to 1% due to so called market conditions, and some credit issues.
I have all kinds of documentation from him telling me we were pre-approved by the underwriting staff at the bank and that nothing would change cause the looked over my credit and were able to offer me the rates that were quoted (that were not the best to begin with but the best I was offered under the conditions).
Then when I told him I put an offer in on a house and wanted to lock all of a sudden I did not qualify for the mortgage programs him and his boss Jerry Barbisan approved me for? He said they changed the underwriting requirements and that my credit score was not high enough since i was pre-approved and their so called Guaranteed closing costs went up $1000.00 on me.
I have not closed the loan yet but to say the least the are a predatory lender. I never get the same answer twice and they are very bad with getting back in touch with you as a customer. I think they pre-approved me (which is better then pre-qualify) I think they did the pre-approval knowing they would not give me the rates they approves me for just so they could use the bait and switch one they knew i locked in a property. Do not deal with them...They will ruin your hopes and dreams.
anonymous
USA
U.S.A.
I have all kinds of documentation from him telling me we were pre-approved by the underwriting staff at the bank and that nothing would change cause the looked over my credit and were able to offer me the rates that were quoted (that were not the best to begin with but the best I was offered under the conditions).
Then when I told him I put an offer in on a house and wanted to lock all of a sudden I did not qualify for the mortgage programs him and his boss Jerry Barbisan approved me for? He said they changed the underwriting requirements and that my credit score was not high enough since i was pre-approved and their so called Guaranteed closing costs went up $1000.00 on me.
I have not closed the loan yet but to say the least the are a predatory lender. I never get the same answer twice and they are very bad with getting back in touch with you as a customer. I think they pre-approved me (which is better then pre-qualify) I think they did the pre-approval knowing they would not give me the rates they approves me for just so they could use the bait and switch one they knew i locked in a property. Do not deal with them...They will ruin your hopes and dreams.
anonymous
USA
U.S.A.
2 Updates & Rebuttals
Steveo
Jacksonville,Florida,
U.S.A.
Etrade Mortgage Still Clueless
#2Author of original report
Mon, February 27, 2006
Mr. Ryan Jones, Your constant stream of propaganda and excuses are ridiculous. All of your rebuttal points do not apply to this case. It was not even 30 day since the credit report had been pulled the first time! You pulled the bait and switch. You give fake Pre-Approvals under terms you have no intention of granting. Then you want to try and blame the consumer. Once again that is exactly why a board like the ripoffreport.com exists. Because of people like you that try and treat everyone like they are an idiot, and do not know what they are talking about. Unfortunately what goes around comes around. Preying on people is not excatly a trait of the strong. I suppose that is just propaganda though. Just like a car salesmen.
Ryan
Irvine,California,
U.S.A.
Dear Mr. Anonymous
#3REBUTTAL Individual responds
Thu, January 06, 2005
Thank you for your recent contribution to the rip off report. I'm sure you're not using your real name because you don't want me to call you and explain further why I could not approve your loan when you were ready to lock in your rate. Good news for you. I'll explain it here so you do not make the same mistake again. When you apply for a mortgage, each bank is going to do a credit check. This credit check is only valid for 60 days. If you find a home and re-apply to a bank after the 60 day time frame, we have to run a new credit report. If someone's credit score drops by 30 points in 60 days, a bank is going to wonder what went wrong. This is the exact situation that happened to you. I'm also wondering why you're still waiting to close your loan. Did you have to go through a mortgage broker that cannot close on time? If you think our closing costs chage, wait until you get your closing statement from him.Whatever the reason is, rates go up and down. Closing costs fluctuate with margins on each rate. Don't assume you know how the market works just by applying for a mortgage. Check out our Department of Real Estate ratings. You'll find that not only do we excel in customer service, but we have the best rates and we always guarantee our closing costs. Check out the website if you don't believe me. If you need further clarification, call me. But do me a favor, don't hide behind your alias.
