People whom I worked with: Janet Martin – Loan Consultant (NMLS 224901 ) Amanda Webber – Loan processor (NMLS 1791) Suzanne MacGrath Vice President, Pulte Mortgage In a highly unethical and perhaps illegal move, Pulte Mortgage increased my ‘locked in’ interest rate 1 day prior to the closing after telling me that my credit score had gone down during the closing process. I was told that that the interest rates are ‘locked’ based on credit scores and so if the credit scores fluctuate, then the rates would also change. Interestingly, the rates could only go up (if your score dipped) but will not come down if your score increased during process. It is a one way street where in the end, the borrower is destined to lose. The timeline of events: I was informed by my loan processor at 1:00 PM Friday that we were all set for closing on Monday 10:00 AM. However my sales consultant (note – no one from Pulte Mortgage) called me at 3:45 PM to tell me that he was informed that my closing would need to move by 3 days as there was some issue with the paper work. After numerous frantic calls to the mortgage company where no one would pick my call, I received a call at 4:30 PM ( less than 1 day prior to closing) to inform me that my interest rates were being increased as my credit score had decreased. I kept on asking them what about the ‘rate lock’ but no satisfactory answer came through ever. My mood quickly shifted from being ‘excited for the new home’ to ‘scrambling’ to push out all my furniture deliveries and purchases for the next week. I incurred considerable financial losses due to this chaotic situation that they put me through. There was a lot of anxiety and a feeling of breach of trust. Upon complaining, I was told – “we are sorry that you had to feel this”. Really?? I wish I could tell all the movers how ‘sorry’ I was to push out the deliveries and not pay them the penalty fees. I wish I could tell my previous rental place ‘sorry but I cannot move today but please do not make me homeless.’ The very crux of their justification was – your credit score changes, we change the loan terms! The ‘rate lock’ doesn’t mean a thing to them. The very brashness of their explanation leaves you wondering why you even chose to work with them. So you have only 2 options – Either stay away from them OR live in constant fear that they will change your interest rate on the last day before your close and you would have no other options or lender to work with. How can you trust such a firm that can go back after a rate lock that too 1 day before your close leaving you with no options but to close at the higher rate? How can you ever be sure that they would not do this with you? Upon enquiring with the consumerfinance.gov website, it was clear that to me that the lender CANNOT change the locked in interest rate unless the lock in expires. So here you go—their act was clearly illegal! Here is the link to the article from the consumer affairs government’s website: consumerfinance.gov/askcfpb/184/what-if-my-lender-quoted-me-one-rate-at-application-but-raised-it-at-closing.html When you buy a place, you are not just investing your money but also putting in a lot of your emotions, time and effort. Do not sacrifice your emotions for a few dollars that Pulte can save for you by their incentives (if at all)! Just stay away.
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