Steve
Corona,#2Consumer Suggestion
Sun, September 18, 2005
I am a mortgage broker in California and I use World Savings for Option ARM products 2-3 times a month. While it is true they require us to use appraisers on their approved list, that issue is not at the heart of this matter. Here is specifically why I HIGHLY DOUBT the accuracy of your complaint. The "Option ARM" or "Flex Pay" type of loan product is a loan that pays a TON of rebate (profit, ie commission) to the person(lender,broker) that originated your loan. I guarantee you that if that loan could have been done, the loan officer would have gotten it done. There are some other issues in the mix here that keep this loan from going. You need to ask your loan officer SPECIFICALLY why you can not get this loan. Ask these questions: Can you use the appraisal value, or do you have to use the purchase price as the value because the house has less than 1 year of "seasoning"? Is the "loan to value" too high for this loan product? IF it is over 80% LTV, can I borrow up to 95% LTV and what would the mortgage insurance be? If we fully document our income, what is our debt to income ratio? There are other options here, but your credit (FICO) scores may limit some of these options. What are your FICO scores? If you can fully document income and your reserves are adequate, a 620 mid score can qualify you. If you have to "state" your income, I believe a 680 score is minimum. Here is why I guarantee you that that you are not telling "the truth, the whole truth, and nothing but the truth". A $500K World Savings Option ARM with the 1.99% start rate would pay me (the loan officer) a "rebate" or "gross commission" of 2.875%. Do the math and that comes to $14,375.00. After I pay my processing and documents costs of about $1,500.00, this loan puts $12,875 in my pocket. There is NO WAY that a loan officer, broker, owner, manager would have declined your loan based on racism. That is pure hogwash. Trust me, I don't give a hoot what color you are, it that loan is "doable", it gets done for that kind of commission. THAT is why I can guarantee you there are some other issues here in the mix.
Michele
Clifton,#3UPDATE Employee
Sun, September 18, 2005
Please Please PLEASE cut it OUT with your RACISM comments!!!!!!! I cant even take your complaint seriously and I am a BLACK WOMAN who works for this company! So your telling me that they didnt give you the loan because your black? Oh My God, what has society come too? If you want, I can also send you your $20 that you were cheated out of, which they did because you are black. The racial card doesnt work in this company. Everyones money is just as green as the next persons money. Whether you are white, BLACK, asian, or indian. By the way, I did your loan. You may want to recap what you said in this report, because basically, you made this whole thing up because you didnt have your way. And not ONCE did a conversation ever come up about shady business going on over here. Get over yourself already. MP world savings