- Report: #49144
Complaint Review: Savings 1st Mortgage - Owings Mills Maryland
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Author Not Confirmed
Why?
Savings 1st Mortgage
Owings Mills Md 21117 Owings Mills, 21117 Maryland, U.S.A.
Phone:
800-261-4004
Web:
N/A
Categories:
Business Rating:
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Tell us has your experience with this business or person been good?
Savings First Mortgage Savings 1st Mortgage dishonest ripoff tricked and lied to us Owings Mills Maryland
*UPDATE Employee: Are you really a customer?
*Consumer Comment: I was almost a customer
*UPDATE Employee: Obviously we have a customer here that is not happy, and that will happen from time to time
*REBUTTAL Individual responds: Very Satisfied
*UPDATE EX-employee responds: Legal Business??? If you are such a reputable and trust-worthy
*UPDATE EX-employee responds: Legal Business??? If you are such a reputable and trust-worthy
*UPDATE EX-employee responds: Legal Business??? If you are such a reputable and trust-worthy
This company uses the US mail to solicit mortgage savings over current loan when refinancing. They Offer loans through well known lenders. Since I live in Virgina, and they are 100 miles away in Maryland, they offer a no extra charge in your home settlement service. Sounded convenient.
Good Faith Estimate show high Fees, almost $2000.00 for title work, additional Broker Fees; $1000.00, AND 2 points on the loan. Fees on a $190,000 loan were well over $8,000!! I negotiated over the phone lower fees saving almost $1500. Closing costs should have been about $6300.
However just before closing they review the HUD statement over the phone, confirm what was agreed upon, but fail to fax me a copy. We verbally agree on all costs.
The ripoff takes places as they schedule the closing near the end of the month, at night, in your home, then show up with incorrect paperwork. The person who travels to your house claims no knowledge of any of the loan details as he is just the "settlement agent".
The paperwork they brought to my house included almost $10,000.00 in closing costs, double charges for title work by calling the title examination by 2 different names, inflated charges from the Good Faith estimate and HUD statement, including boosting the charges of everything from the appraisal and title work to some never seen before charges not mentioned on either Document. Every charge I negotiated a discount on was at the orginal high price.
Once I told them the paperwork was all wrong, they get the manager on the phone. He makes up nonesense reasons why this is all wrong and says not to wory he will refund me the difference later. He insists I must sign that night as the 21st of the month is too late to get the loan closing rescheduled and the paper work in as it must be in 5 days before the end of the month. I told him I need it in writing and he agrees and says his settlement agent is a Notary. I write up a note, but the agent will only scribble his name and says he has no notary seal with him.
At this point I call my brother, an attorney, who states mortgage Docs have a statement saying any agreements made outside the loan Doc's are null and void. He advises that the agent cut me a check on the spot for the over charges, or reschedule with correct Docs.
The manager threatens me with having to pay an additional full months interest charges up front if I insist on correct paper work and a reschedule. He insists I must either sign now, walk away from the loan all entirely, or pay an extra months interest. I did not walk, I RAN!!
Of course Monday moring they called and had no trouble in offering me next day closing. I told them to email the HUD and this time they had lowered only SOME of the charges, still over charged for title work and more, and a newly added a $780 "commitment fee"!
I found a lender the next business day who charged 40% less in closing costs, and was honest and open about everything.
I shudder to think what kind of customer service and problems I would have if I had signed!!! Not mention the promised refund money I would still be writing about......
A
Virginia
U.S.A.
Good Faith Estimate show high Fees, almost $2000.00 for title work, additional Broker Fees; $1000.00, AND 2 points on the loan. Fees on a $190,000 loan were well over $8,000!! I negotiated over the phone lower fees saving almost $1500. Closing costs should have been about $6300.
However just before closing they review the HUD statement over the phone, confirm what was agreed upon, but fail to fax me a copy. We verbally agree on all costs.
The ripoff takes places as they schedule the closing near the end of the month, at night, in your home, then show up with incorrect paperwork. The person who travels to your house claims no knowledge of any of the loan details as he is just the "settlement agent".
The paperwork they brought to my house included almost $10,000.00 in closing costs, double charges for title work by calling the title examination by 2 different names, inflated charges from the Good Faith estimate and HUD statement, including boosting the charges of everything from the appraisal and title work to some never seen before charges not mentioned on either Document. Every charge I negotiated a discount on was at the orginal high price.
Once I told them the paperwork was all wrong, they get the manager on the phone. He makes up nonesense reasons why this is all wrong and says not to wory he will refund me the difference later. He insists I must sign that night as the 21st of the month is too late to get the loan closing rescheduled and the paper work in as it must be in 5 days before the end of the month. I told him I need it in writing and he agrees and says his settlement agent is a Notary. I write up a note, but the agent will only scribble his name and says he has no notary seal with him.
At this point I call my brother, an attorney, who states mortgage Docs have a statement saying any agreements made outside the loan Doc's are null and void. He advises that the agent cut me a check on the spot for the over charges, or reschedule with correct Docs.
The manager threatens me with having to pay an additional full months interest charges up front if I insist on correct paper work and a reschedule. He insists I must either sign now, walk away from the loan all entirely, or pay an extra months interest. I did not walk, I RAN!!
Of course Monday moring they called and had no trouble in offering me next day closing. I told them to email the HUD and this time they had lowered only SOME of the charges, still over charged for title work and more, and a newly added a $780 "commitment fee"!
I found a lender the next business day who charged 40% less in closing costs, and was honest and open about everything.
I shudder to think what kind of customer service and problems I would have if I had signed!!! Not mention the promised refund money I would still be writing about......
A
Virginia
U.S.A.
7 Updates & Rebuttals
Tom
Owings Mills,Maryland,
U.S.A.
Legal Business??? If you are such a reputable and trust-worthy
#2UPDATE EX-employee responds
Mon, May 02, 2005
If you are such a reputable and trust-worthy, how do you end up with 50 of your ex-employees suing Harry and the rest of the company for millions of dollars due to lack of pay???
Tom
Owings Mills,Maryland,
U.S.A.
Legal Business??? If you are such a reputable and trust-worthy
#3UPDATE EX-employee responds
Mon, May 02, 2005
If you are such a reputable and trust-worthy, how do you end up with 50 of your ex-employees suing Harry and the rest of the company for millions of dollars due to lack of pay???
Tom
Owings Mills,Maryland,
U.S.A.
Legal Business??? If you are such a reputable and trust-worthy
#4UPDATE EX-employee responds
Mon, May 02, 2005
If you are such a reputable and trust-worthy, how do you end up with 50 of your ex-employees suing Harry and the rest of the company for millions of dollars due to lack of pay???
Kelly
Bear,Delaware,
U.S.A.
Very Satisfied
#5REBUTTAL Individual responds
Thu, July 29, 2004
I am a current and past customer of Savings 1st Mortgage. I have settled two loans with Savings 1st and I am currently settling on my new home loan. I have used the same loan officer each time and have been 110% satisfied. In fact, I have referred my brother and two co-workers. Each of them have thanked me for the referral. In the 1st two instances I received a Good Faith Estimate from two other banks and Savings 1st was $400 lower on the 1st time and abou $50 more the second time. But Savings 1st allowed me to refinance and purchase my homes without leaving my home. I was given several contact numbers to reach my loan office (Steve H.) and each time he answered my call, questions or called me within an hour. My current real estate agent (who has been in business for 17 years said that given the pleasant expiernce with the Loan Officer that she may be working with him in the future. I think that the above complaint was isolated and if you are looking for a good expiernce you should look no further then Savings 1st. A+++
Brian
Owings Mills,Maryland,
U.S.A.
Obviously we have a customer here that is not happy, and that will happen from time to time
#6UPDATE Employee
Wed, June 09, 2004
I can say only this. We have been in business since 1999, and have closed many, many, many loans. We have not only strived to give the best product, but we also have strived to give the best service. Obviously we have a customer here that is not happy, and that will happen from time to time. We do however only ask that if something was not done to meet your standards that you call the manager. We do care about our customers. We look out for them, and we have many referrals from our customers. If you would still like to talk about your problem, please call me directly. Brian Oates 410-654-8800 Thanks
Lucky
Northern Va,Virginia,
U.S.A.
I was almost a customer
#7Consumer Comment
Fri, June 04, 2004
I feel lucky that I never became a customer! And why would I give my name? As a mortgage broker you have ALL my personal information and could do much damage to my credit and identity integrety in several ways. Furthermore, if you are concerned about your loan agents, perhaps you should allow phone calls to reach Savings First's owner as I tried to do. The owner would either have been glad to know what his people were up to... or have commended them on a job well done! And who cares if you are licensed? Unless you are a bank, you are not federally regulated and customers have little recourse against your type of fraud. I am just so happy I never incured the damages Savings First attempted stick me with...
Harry
Owings Mills,Maryland,
U.S.A.
Are you really a customer?
#8UPDATE Employee
Thu, June 03, 2004
It's really nice that we live in a country where everyone has their own freedom of speech. I actually support this. However, shouldn't someone be required to identify themselves if they are going to make any type of allegations about any company? I think that they should. For those of you that read this supposed complaint, please call the Banking Commissioners office in your state you live in to confirm that Savings 1st Mortgage is in good standing with the state licensing authorities (we are licensed in Maryland, Virginia, Pennsylvania, and Delaware). What you will find is that Savings 1st Mortgage is in GOOD STANDING with each state it does business in, and if we were not, then how would we maintain a Lender's License? We hope that this article that was publised by someone that refuses to identify themselves does not stop you from doing business withour company, as we value ALL of our CUSTOMERS ! ! ! Thanks You for listening.
