- Report: #125043
Complaint Review: Home Loan Center - Irvine California
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Home Loan Center
163 Technology Dr., Irvine CA 92618 Irvine, 92618 California, U.S.A.
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800-756-0789
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Home Loan Center approved us but then Filed our Loan Incorrectly! Pulled additional credit report UNauthorized by us! Admit they wronged us, but DENY US! Rip-off! Irvine California
On Nov 3rd 2004, we contacted Homeloancenter.com to refinance our current mortgage. After spending nearly 2 hrs on the phone with them ensuring they were the right company for us, we authorized a credit pull and discussed the loan we wanted. We were informed based on our credit report that this loan would go thru without a hitch. To put it in their words "this loan would be as easy to put thru as shooting fish in a bucket". Our credit was perfect for the loan we wanted. We were then pressured to give them $600 on the spot from our credit card. We did. We were told our loan would have no problem being closed by Nov 30th, 2004.
An appraisal was done on our home on Nov 16th and between our 1st and 2nd mortgage we still had more than 31k in equity over and above what we owed.
On Nov 30th, Home Loan Center contacts us and says they just pulled our credit again and this time are denying us. When asked why, they informed me that our score had dropped some 15 points since their last pull. When asked why they pulled our credit again, i was told that they filed our loan incorrectly and therefore needed to pull our credit again. I questioned this asking why they would need to do so when they had already pulled both my husbands and my credit already on Nov 3rd. I further advised them that I did not AUTHORIZE an additional credit pull, nor would I have. I was then given a response of dumbfoundedness and a bunch of him-hawing around. I then advised them that I believed it was illegal for them to do this without my authorization and was told that they didnt know if I was correct or not!
I further offered up something to them that I had just learned from my credit card statement and that was that the credit card that I used to pay their $600 fee through my balance over by $50 and I questioned them if this could be the problem with my credit score. They said flatly "NO, that is doubtful". Well, some 8 days later into their investigation on this credit score issue, and after repeated phone calls by us to them we were told that "We were correct and that it was the issue of going $50 over on our credit card that pulled our score down". Honestly, I am more inclined to believe that it was their two inquiries (one of which wasnt authorized) that lowered our credit score.
And furthermore, we were almost denied our $600 refund despite the fact that they denied us. In fact, we are still waiting for it and just yesterday, Dec 29th, was told by their Chief Loan Officer, Keith Thomas that HomeLoanCenter is aware that they wronged us and they are also aware that we dont yet have our $600 money and they are investigating our case fully to see what happened so that it doesnt happen again to someone else.
To which I can only reply... Thats all fine and good, but WE WERE WRONGED, HomeLoanCenter admits it and yet they were still unwilling to rectify the situation for us! They have cost us the ability to go elsewhere for who knows how long, since now our credit score is lowered and now there are their 2 inquiries on our credit report for a mortgage loan and most importantly they have cost us a whole lot of money. The refinance of our mortgage would have saved us $2800 month that could have gone into savings for us. And furthermore, the stress that we have had to endure from this company all throughout the holidays since its now been nearly 2 months is unbelievable and ridiculous. We could have gone anywhere else and this loan would have gone thru and now we are stuck with nothing! They have even admitted this same last statement to us. We could have gone ANYWHERE ELSE and it would have gone thru no problem.
I have spoken to more than 5 people at their company about our very negative experience and only get apologies and admittal of wrongdoing, but nothing more.
Do we have any recourse? Can someone assist us! Thank you.
Todd & debra
Arlington, Washington
U.S.A.
An appraisal was done on our home on Nov 16th and between our 1st and 2nd mortgage we still had more than 31k in equity over and above what we owed.
On Nov 30th, Home Loan Center contacts us and says they just pulled our credit again and this time are denying us. When asked why, they informed me that our score had dropped some 15 points since their last pull. When asked why they pulled our credit again, i was told that they filed our loan incorrectly and therefore needed to pull our credit again. I questioned this asking why they would need to do so when they had already pulled both my husbands and my credit already on Nov 3rd. I further advised them that I did not AUTHORIZE an additional credit pull, nor would I have. I was then given a response of dumbfoundedness and a bunch of him-hawing around. I then advised them that I believed it was illegal for them to do this without my authorization and was told that they didnt know if I was correct or not!
I further offered up something to them that I had just learned from my credit card statement and that was that the credit card that I used to pay their $600 fee through my balance over by $50 and I questioned them if this could be the problem with my credit score. They said flatly "NO, that is doubtful". Well, some 8 days later into their investigation on this credit score issue, and after repeated phone calls by us to them we were told that "We were correct and that it was the issue of going $50 over on our credit card that pulled our score down". Honestly, I am more inclined to believe that it was their two inquiries (one of which wasnt authorized) that lowered our credit score.
And furthermore, we were almost denied our $600 refund despite the fact that they denied us. In fact, we are still waiting for it and just yesterday, Dec 29th, was told by their Chief Loan Officer, Keith Thomas that HomeLoanCenter is aware that they wronged us and they are also aware that we dont yet have our $600 money and they are investigating our case fully to see what happened so that it doesnt happen again to someone else.
To which I can only reply... Thats all fine and good, but WE WERE WRONGED, HomeLoanCenter admits it and yet they were still unwilling to rectify the situation for us! They have cost us the ability to go elsewhere for who knows how long, since now our credit score is lowered and now there are their 2 inquiries on our credit report for a mortgage loan and most importantly they have cost us a whole lot of money. The refinance of our mortgage would have saved us $2800 month that could have gone into savings for us. And furthermore, the stress that we have had to endure from this company all throughout the holidays since its now been nearly 2 months is unbelievable and ridiculous. We could have gone anywhere else and this loan would have gone thru and now we are stuck with nothing! They have even admitted this same last statement to us. We could have gone ANYWHERE ELSE and it would have gone thru no problem.
I have spoken to more than 5 people at their company about our very negative experience and only get apologies and admittal of wrongdoing, but nothing more.
Do we have any recourse? Can someone assist us! Thank you.
Todd & debra
Arlington, Washington
U.S.A.
2 Updates & Rebuttals
Gary
Turner,Maine,
U.S.A.
Not much you can do unfortunately.
#2Consumer Comment
Fri, December 31, 2004
I am a mortgage broker and unfortunately once you apply for a loan, and depending on your state, you may have to sign a credit authorization or verbal autorization may be enough, but once that happens, they can pull your credit 100 times if they wish. The above post about the number of inquiries in 30 days is correct also, so I don't know what would have impacted your score, but if you have good gredit as you say, 15 points shouldn't of made a difference unless it was below 620 and brought you from conventional financing to sub-prime, but they should of been disclosed that to you.
Carrie
Milwaukee,Wisconsin,
U.S.A.
I don't know that you will have any recourse about this
#3Consumer Comment
Fri, December 31, 2004
but I do think, based on what I know about credit scores, that the two pulls of your credit would barely have affected your score and that going over your credit limit would be the likely cause. The scoring system considers all pulls of a credit report within a 30 day period for either a home or auto loan to be "one" pull, so the 2nd one would hae done nothing to your score, but the ratio of credit balances to credit limits makes up a large portion (maybe 30%?), so going over a limit can cause a big hit. Also, it is likely that somewhere in your mortgage application there is wording that says they may pull your credit or perform any other investigation as needed prior to closing so it probably isn't illegal.... I realize this doesn't help now, but maybe you can benefit from it in the future.
