Mortgage Capital Associates, Los Angeles, CA - When I attempted to lock the rate I was told I could NOT have that rate but a higher rate

Mortgage Capital Associates, Los Angeles, CA - When I attempted to lock the rate I was told I could NOT have that rate but a higher rate

November 12, 2005 - Business Reply - From: Email User

To Whom It May Concern: This letter shall serve as our response to Mrs. Peggy Halverson’s complaint in regards to her refinance transaction with Mortgage Capital Associates, Inc, (MCA). Even though we are saddened and disappointed by Mrs. Halverson’s experience with MCA, we cannot, however, agree with her rather one-sided account of events that transpired. First of all, there was a rate increase due to worsening market condition on the day Mrs. Halverson requested her rate lock. The pre-approval letter and in it, the rate offer, were e-mailed to the Halverson the day before. We always carefully remind our borrowers that rates are subject to change until locked in on our pre-approval letter and we even provide borrowers our hours of operation so there is no misunderstanding. Mrs. Halverson stated in her complaint that she has been “watching the rates for many months” which further proves our point that she simply missed out on the desired rate by sitting on the fence too long. Nevertheless, we eventually made special accommodation honoring the rate that was advertised the day before by substituting a cancelled lock. Despite what Mrs. Halverson would like everyone to believe, her “scoffing” was really not the contributing factor to our decision. In addition, Mrs. Halverson would lead you to believe that there was no communication between her and our firm and that we completely mishandled her file because of our repeated requests for supporting documents. What Mrs. Halverson failed to mention is that she delayed the process by providing incorrect social security number for her husband and overstated her income on the original loan application (exhibit available upon request). Our loan officer, processor, and underwriter went the extra mile trying to get the borrowers approved through Fannie Mae instead of turning down the loan based on borrower’s initial representation. Additional income documentation was requested as part our effort to approve the Halverson’s loan, not as a tactic to “burn time” like Mrs. Halverson so unfairly claimed. Finally, Mr. and Mrs. Halverson signed and acknowledged a copy of our rate lock policy at the very beginning of loan process (exhibit available). Our rate lock policy clearly states that we are not to be held responsible over delay caused by the borrowers and that borrowers will be relocked at the prevailing market rate upon the rate lock expiration. As a matter of fact, the Halverson still did not provide all the documents needed to satisfy conditions listed on the loan approval. Therefore, the prevailing rate was offered to Halverson when it became apparent that the process was not going to be completed in 30 days. We simply had no intention of deceiving Mrs. Halverson or engaging in “bait and switch” practice as Mrs. Halverson so vehemently stated in her complaint. MCA has been in the mortgage business as a nationwide direct lender for over 20 years with a solid reputation and this achievement certainly is not the result from years of illegal lending practice. We are also a proud member of the California Better Business Bureau for many years and our rating should speak for itself. If further proof of our reputation is needed, please contact Fannie Mae and you will be told that we are one of its approved lenders. We sincerely hope this letter shall provide some clarify and insight into Mrs. Halverson’s complaint and it will demonstrate that we conducted ourselves in a professional manner through the entire process. Please do not hesitate to contact us should you have any questions. Sincerely, Evan Tsai

Sales Manager

Mortgage Capital Associates, Inc.

Http://www.mtgcapapply.com

Tel: (310) 477-6877

Fax: (310) 873-0158

Live Chat Available =>

November 14, 2005 - Consumer Follow-up Message - From: //

To Anyone Reading This Bogus Reply,

This answer from Mortgage Capital Associates is a complete fabrication. Everything happened exactly the way I stated in my original complaint. I have received numerous responses from people across the country who have had similar experiences with them. In their reply they say they can provide an example of how we overstated our income. This is not only untrue - but I ask you - would you like your lender to threaten to release your loan information over the internet in a thinly veiled attempt to discredit anyone who complains against them? I have forwarded a copy of the letter written by Mortgage Capital Associates to the Department of Justice for investigation. My intent in writing the complaint was to keep anyone else from going through what I did. There are plenty of reputable companies out there who do not try to take advantage of there client but who value there business. FIND ONE OF THEM! Read their response carefully! Use their own words to let you know whether or not these people have the integrity necessary to handle the financing the the biggest asset you own.

Sincerely,

Mrs. Halverson

April 7, 2004:

Mortgage Capital Associates

Mortgage Capital Associates,11150 West Olympic Blvd., Los Angeles, CA 90064 (800) 974-4434 x 268 I applied to refinance my home loan after watching the rates on their web site for many months. After completing an on-line application I received an e-mail with pre-approval. The e-mail confirmed the rate I had applied for and directed me to call to lock in that rate. When I attempted to lock the rate I was told I could NOT have that rate but a higher rate. After I scoffed and told them to forget it they called back and said they had made a “mistake” and I could have the rate. Against my gut feeling I locked. After supplying all requested documentation, repeated attempts to reach my “Loan Officer” by phone were ignored. His voice mail said he could not return phone calls but would only respond to e-mails. After leaving several e-mails repeating my phone messages still no response. Finally he calls after two weeks and says he needs additional documentation on income. I express my frustration at the total lack of customer service and reiterate my requests. He acts as if he has no idea what I am talking about. I remind him that I had requested the Truth in Lending Statement be sent to me in four separate requests. I also had requested to know the amount of the Appraisal – he didn’t know. We send the additional documents out immediately then again, nothing. Another week goes by without being able to reach him when finally, he calls. Again, he says he needs different documents. This is into the third week of a 30 day lock. We supply the documents. With only 5 days remaining in our lock I try ALL day to reach him by phone. I have him paged – he never answers. I tell the receptionist that I urgently need to speak to him, please have him call. I ask if there is anyone else I can speak with. She says no e-mail is the only option. I send an e-mail saying that I have been trying to reach him by phone all day and I am totally frustrated, I ask that he PLEASE call me. Awhile later I receive an e-mail stating that if I have questions I should e-mail them to him! When I try to e-mail him it is returned. They have blocked my address so that I cannot send mail, it is returned to me. At this point, it becomes clear. They have NO intention of closing this loan at that rate, they NEVER did!!!! I stop payment on the Appraisal check of $325.00 and leave a message canceling the “loan”. This is a classic example of bait-&-switch!!!! They have people call in after seeing a great rate then they refuse to honor that rate if you scoff like I did, they say they made a mistake and offer the initial rate. Then they systematically do NOTHING but BURN TIME so that they can charge a higher rate after the lock is up!!! We have excellent credit and have refinanced before with NO problems with a reputable lender. They approved us quickly and were in constant touch with updates to make the transaction process smooth. So we know how a loan SHOULD go!!! Save yourself the headache, DO NOT do business with these people!!!!! Sincerely, Mrs. Halverson

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