- Report: #105525
Complaint Review: Sterling Home Mortgage Corporation - Lendingtree.com - South Barrington Illinois
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Sterling Home Mortgage Corporation - Lendingtree.com
33 W. Higgins Road - Suite 2040 South Barrington, 60010 Illinois, U.S.A.
Phone:
847-836-9200
Web:
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Lendingtree.com - Sterling Home Mortgage Corporation mortagage scam, refinance ripoff, loan ripoff
I applied at Lendingtree.com for a refinance quote and I got a response from 5 places. One of them with the best rate was Sterling Home Mortgage Corporation. It all sounded all good to be true because they were there to assist me start the process. I looked carefully and notied that there was a $295 Non-Refundable Application Fee.
I asked their loan officer Jim Musial and he found every excuse on the book to justify the $295 Non-Refundable Application Fee. He said it was for the appraisal. I told him I had an appraisal and then he would not respond. This guy was very heavy on his e-mails "God Bless America" and "Sir God Bless America and your family" but he needed $295 charged on a credit card. Then he said he might be able to absorb $295 later and be part of the closing. I all sounded like a scam... Then I called in and asked to talk to a new loan officer.
I talked to Dale Pierceand at first he was nice and when I asked him in detail about the $295 Non-Refundable Application Fee he started to become uncomfortable. I asked what if they don't approve me? He explanation was that I will get a refund for around $180. Prior to that the other loan officer told me that it was for an appraisal. I asked Dale Pierce why wouldn't they give me all my money back? He responded that they had to run Credit Reports from all 3 reporing agencies and that was $50. I said ok! But $50 - $295 = $245 and I own my Credit Reports. He said OH NO!!! There are other fees. He did not want to say what the other fees where and he said he would not give me anything in writing and he would not lock me in before the $295 Non-Refundable fee is paid off.
Prior to that the other loan officer Jim Musial insisted that the $295 was Non-Refundable and he contradicted himself several times because later he said that if it was their fault the loan did not go through then the $295 was refundable. I asked him additional explanations and I asked him for something in writing which he refused. He kept playing he patriotic tune and his mind games "God Bless America but I need $295 on a Credt Card and then I will lock you in or you can go elsewhere and pay a lot more..." I asked both loan officers how many people see every month and how many of them thy close and I did not get an answer. When I asked them why do they offer a no obligation quotes when they require people to pay $295 even before they can qualify for a loan they said that they do it for protection.
I could not figure out what kind of "protection" it sounded to me more like "manipulation" that they make money from consumers either way and once you pay then $295 they play you they way they desire. I made one more call and I talked to an other loan officer and their response was different from the other two laon officers. Talking to 3 people I got 3 different answers the last one made my case even stronger because he said that "Yes they make money from consumers on the Non Refundable fees" He aslo said that the appraisal is the homeowners responsibility and this statement adds an other hole to the practices because their first loan officer I talk to told me that the $295 if for an appraisal. Finally I go a new call to let me be aware that and threaten me that if I reported them they will take legal action. Be aware of their service and don't fall victims of their scam.
Ian
55435, Minnesota
U.S.A.
I asked their loan officer Jim Musial and he found every excuse on the book to justify the $295 Non-Refundable Application Fee. He said it was for the appraisal. I told him I had an appraisal and then he would not respond. This guy was very heavy on his e-mails "God Bless America" and "Sir God Bless America and your family" but he needed $295 charged on a credit card. Then he said he might be able to absorb $295 later and be part of the closing. I all sounded like a scam... Then I called in and asked to talk to a new loan officer.
I talked to Dale Pierceand at first he was nice and when I asked him in detail about the $295 Non-Refundable Application Fee he started to become uncomfortable. I asked what if they don't approve me? He explanation was that I will get a refund for around $180. Prior to that the other loan officer told me that it was for an appraisal. I asked Dale Pierce why wouldn't they give me all my money back? He responded that they had to run Credit Reports from all 3 reporing agencies and that was $50. I said ok! But $50 - $295 = $245 and I own my Credit Reports. He said OH NO!!! There are other fees. He did not want to say what the other fees where and he said he would not give me anything in writing and he would not lock me in before the $295 Non-Refundable fee is paid off.
Prior to that the other loan officer Jim Musial insisted that the $295 was Non-Refundable and he contradicted himself several times because later he said that if it was their fault the loan did not go through then the $295 was refundable. I asked him additional explanations and I asked him for something in writing which he refused. He kept playing he patriotic tune and his mind games "God Bless America but I need $295 on a Credt Card and then I will lock you in or you can go elsewhere and pay a lot more..." I asked both loan officers how many people see every month and how many of them thy close and I did not get an answer. When I asked them why do they offer a no obligation quotes when they require people to pay $295 even before they can qualify for a loan they said that they do it for protection.
I could not figure out what kind of "protection" it sounded to me more like "manipulation" that they make money from consumers either way and once you pay then $295 they play you they way they desire. I made one more call and I talked to an other loan officer and their response was different from the other two laon officers. Talking to 3 people I got 3 different answers the last one made my case even stronger because he said that "Yes they make money from consumers on the Non Refundable fees" He aslo said that the appraisal is the homeowners responsibility and this statement adds an other hole to the practices because their first loan officer I talk to told me that the $295 if for an appraisal. Finally I go a new call to let me be aware that and threaten me that if I reported them they will take legal action. Be aware of their service and don't fall victims of their scam.
Ian
55435, Minnesota
U.S.A.
5 Updates & Rebuttals
Ryan
Chicago,Illinois,
U.S.A.
Sterling Home Mortgage
#2Consumer Comment
Sat, July 23, 2005
Regarding Sterling Home Mortgage. I just had to put in my two cents about my experience. I am the consumer who printed a copy of the original Rip Off Report and gave it to Mike (Sales Manager) when I was in their office. I, as a very picky and suspicious consumer, questioned everything that I could about their fees and processes regarding my refinance. I even sat their and read the entire contract word for word before I even considered signing anything. The $295 non-refundable fee is very fair as it does cover the tri-merge credit report AND the appraiser to come out and evaluate the property. The consumer cannot use their "own" consumer credit report disclosure and/or their appraisal of their property. Each refinance would require the bank or mortgage broker to do their own due diligence to cover themselves and not make a bad investment. Sterling Home Mortgage should not even need be even listed on "Rip Off Report" as they run a very reputable and honest business. I worked with Don Dostal on my refinance (5%, 15 year fixed). He, Mike the Sales Manager and Don Prell (owner) spent HOURS with me to make sure I was comfortable and understood the fees and processes. By the way, my refi, including the $295 fee, cost me a total of $1,700 (not including taxes, prepaid interest, etc) with Sterling. Every other broker/bank wanted between 35% - 290% more. Yes, 290%!!! My experience showed me that Sterling does not add in "buffer" fees or completely jack up their prices just to charge the customer more. Everyone else wanted to GOUGE me; Sterling was extremely fair and thoroughly EARNED my business with their professionalism. As a result, if I ever hear of anyone wanting to obtain a new home loan, refinance, etc, I would strongly encourage them to go to Don Dostal and Sterling to replicate the experience. Kudos to Sterling Home Mortgage for being one of the few in this business to treat the consumer in a honest, fair and professional manner! God Bless America!
Ryan
Chicago,Illinois,
U.S.A.
Sterling Home Mortgage
#3Consumer Comment
Sat, July 23, 2005
Regarding Sterling Home Mortgage. I just had to put in my two cents about my experience. I am the consumer who printed a copy of the original Rip Off Report and gave it to Mike (Sales Manager) when I was in their office. I, as a very picky and suspicious consumer, questioned everything that I could about their fees and processes regarding my refinance. I even sat their and read the entire contract word for word before I even considered signing anything. The $295 non-refundable fee is very fair as it does cover the tri-merge credit report AND the appraiser to come out and evaluate the property. The consumer cannot use their "own" consumer credit report disclosure and/or their appraisal of their property. Each refinance would require the bank or mortgage broker to do their own due diligence to cover themselves and not make a bad investment. Sterling Home Mortgage should not even need be even listed on "Rip Off Report" as they run a very reputable and honest business. I worked with Don Dostal on my refinance (5%, 15 year fixed). He, Mike the Sales Manager and Don Prell (owner) spent HOURS with me to make sure I was comfortable and understood the fees and processes. By the way, my refi, including the $295 fee, cost me a total of $1,700 (not including taxes, prepaid interest, etc) with Sterling. Every other broker/bank wanted between 35% - 290% more. Yes, 290%!!! My experience showed me that Sterling does not add in "buffer" fees or completely jack up their prices just to charge the customer more. Everyone else wanted to GOUGE me; Sterling was extremely fair and thoroughly EARNED my business with their professionalism. As a result, if I ever hear of anyone wanting to obtain a new home loan, refinance, etc, I would strongly encourage them to go to Don Dostal and Sterling to replicate the experience. Kudos to Sterling Home Mortgage for being one of the few in this business to treat the consumer in a honest, fair and professional manner! God Bless America!
Ryan
Chicago,Illinois,
U.S.A.
Sterling Home Mortgage
#4Consumer Comment
Sat, July 23, 2005
Regarding Sterling Home Mortgage. I just had to put in my two cents about my experience. I am the consumer who printed a copy of the original Rip Off Report and gave it to Mike (Sales Manager) when I was in their office. I, as a very picky and suspicious consumer, questioned everything that I could about their fees and processes regarding my refinance. I even sat their and read the entire contract word for word before I even considered signing anything. The $295 non-refundable fee is very fair as it does cover the tri-merge credit report AND the appraiser to come out and evaluate the property. The consumer cannot use their "own" consumer credit report disclosure and/or their appraisal of their property. Each refinance would require the bank or mortgage broker to do their own due diligence to cover themselves and not make a bad investment. Sterling Home Mortgage should not even need be even listed on "Rip Off Report" as they run a very reputable and honest business. I worked with Don Dostal on my refinance (5%, 15 year fixed). He, Mike the Sales Manager and Don Prell (owner) spent HOURS with me to make sure I was comfortable and understood the fees and processes. By the way, my refi, including the $295 fee, cost me a total of $1,700 (not including taxes, prepaid interest, etc) with Sterling. Every other broker/bank wanted between 35% - 290% more. Yes, 290%!!! My experience showed me that Sterling does not add in "buffer" fees or completely jack up their prices just to charge the customer more. Everyone else wanted to GOUGE me; Sterling was extremely fair and thoroughly EARNED my business with their professionalism. As a result, if I ever hear of anyone wanting to obtain a new home loan, refinance, etc, I would strongly encourage them to go to Don Dostal and Sterling to replicate the experience. Kudos to Sterling Home Mortgage for being one of the few in this business to treat the consumer in a honest, fair and professional manner! God Bless America!
Ryan
Chicago,Illinois,
U.S.A.
Sterling Home Mortgage
#5Consumer Comment
Sat, July 23, 2005
Regarding Sterling Home Mortgage. I just had to put in my two cents about my experience. I am the consumer who printed a copy of the original Rip Off Report and gave it to Mike (Sales Manager) when I was in their office. I, as a very picky and suspicious consumer, questioned everything that I could about their fees and processes regarding my refinance. I even sat their and read the entire contract word for word before I even considered signing anything. The $295 non-refundable fee is very fair as it does cover the tri-merge credit report AND the appraiser to come out and evaluate the property. The consumer cannot use their "own" consumer credit report disclosure and/or their appraisal of their property. Each refinance would require the bank or mortgage broker to do their own due diligence to cover themselves and not make a bad investment. Sterling Home Mortgage should not even need be even listed on "Rip Off Report" as they run a very reputable and honest business. I worked with Don Dostal on my refinance (5%, 15 year fixed). He, Mike the Sales Manager and Don Prell (owner) spent HOURS with me to make sure I was comfortable and understood the fees and processes. By the way, my refi, including the $295 fee, cost me a total of $1,700 (not including taxes, prepaid interest, etc) with Sterling. Every other broker/bank wanted between 35% - 290% more. Yes, 290%!!! My experience showed me that Sterling does not add in "buffer" fees or completely jack up their prices just to charge the customer more. Everyone else wanted to GOUGE me; Sterling was extremely fair and thoroughly EARNED my business with their professionalism. As a result, if I ever hear of anyone wanting to obtain a new home loan, refinance, etc, I would strongly encourage them to go to Don Dostal and Sterling to replicate the experience. Kudos to Sterling Home Mortgage for being one of the few in this business to treat the consumer in a honest, fair and professional manner! God Bless America!
Mike
South Barrington,Illinois,
U.S.A.
Completely Irrational
#6UPDATE Employee
Wed, March 23, 2005
It is true that Ian had gone through Lending Tree to get a rate quote for his refinance. This is where I have a very different interpretation of the story. One of my loan officers, Jim Musial did contact Ian to discuss his refinance. Upon discussing rate & fee's Jim did procede to let him know there was a $295 application fee which covered the appraisal & credit check. Ian refused to understand why we needed to collect this fee upfront. Ian then proceded to tell Jim this was illegal and he was not going to pay it. In the the next couple of days Ian decided to contact a few more loan officers in my office to see if he could get one of them to waive the $295 application fee. When all of them told him the same response, he became very irrate and began to send out e-mails with volgur comments and using foul language. This is the point where I became involved. I am the Sales Manager here at Sterling Home Mortgage, and decided to give Ian a call myself. When I called Ian, he answered the phone and was very pleasant at first. I told him I didn't appreciate the e-mails he was sending to my loan officers, and he should stop immediately. He then told me he would be going out on the interenet and telling people how we are trying to rip him off. I responded by telling him to please do what ever he thought was nessesary. I would like to know from Ian, if we did not collect an application fee from him, and rates droped considerably, would he have given us the $295 if he decided to go with another lender at a lower rate?? I think not!!
