Priceline Mortgage Scam

Priceline Mortgage Scam

October 6, 2005

Complaints.com Re: Priceline Mortgage Folks: We have just experienced a very deceptive practice by Priceline Mortgage. In frustration, we googled this site and found many similar stories! We began the process with Priceline Mortgage on June 26. I promptly (overnight) responsed to all their requests for information/documentation (as stated by others on this site). I continued to follow-up with my rep on when the process would be done. It was a refinancing of an existing loan with a fixed rate of 5.75 and a discount of -0.670 for closing points to ensure an "GUARANTEED CLOSING COSTS of $3,140.00 On August 19, I learn that the Sr. Loan Officer I was working with was leaving the company but my case would be handled by someone else. On September 27th they finally set up a closing date but no one could give me exact figures for closing....it was coming in the mail. Received the package in the mail Thursday night after work hours for a Friday closing.....figures were all wrong and could not reach my representative until Monday (she was out of the office). Called Priceline Mortgage anyway and was told that I had to wait to speak to my rep. We signed the closing papers with the Notice of Right to Cancel by midnight October 4th. Called my rep all day Monday, October 3rd and left urgent messages, she did not return my call. Starting call again on October 4th, finally at 1:30 p.m. I called and asked for someone else, was told again that I had to speak to my rep. They thought they put me on hold and I overheard their conversation....."Michelle, why aren't you calling this woman back? She says she has been calling you for a couple of days." What did you do this account? Man, it is screwed up!" He then came back on the line and told me someone would call me back shortly. 4:30 p.m. my rep called me back to talk about my loan. It seems that we went past the time limit for the offer they had GUARANTEED me and now they had the right to charge me for points for every time extension they had to do to my account. Meanwhile it is 5:00 p.m. on October 4th and I only have until midnight to cancel the loans in progress! My closing costs doubled although Priceline Mortgage tells me it was no fault of mine and no fault of Priceline Mortgage...it just happened!.....However, I am the one being penalized. My rep told me that the Float/Lock Letter explained that they have the right to change the terms of my loan.....What it doesn't tell you is that the loan would be delayed 3 months in processing and that they would charge closing percentage points for every time extension they made to my loan (although no fault of mine). Consumers should be given the option of wanting to accept these penalty points.....Every time they extended the processing time, I was NEVER informed that it would have an affect on my loan terms - it was not even discussed that I was formally extending my loan time......it was just that the paperwork wasn't ready yet. When I mentioned that I did not and could not pay over $6,000 in closing costs, they offered to up my loan amount to accommodate another $6,000. After four months and this fiasco (they had the paperwork set up to pay my closing costs instead of paying off the loan!!) I have decided it is well worth walking away from the $350 non-refundable fee! Of course, like others on this site, we have now lost a window of low interest rates that were available back in JUNE! Laura S Click this link to e-mail the message author: Email User