The Lending Tree, mortgage broker - description of experience

# 9 for February 27, 2002

Complaints.com received the following consumer message on February 26, 2002:

From: Cyrus Khalatbari [Email User]

The Lending Tree, mortgage broker - description of experience

Here you Go, Just this past December I was introduced to the Lending Tree, a small mortgage broking firm headed by Alex Haditaghi, supposedly the CEO!

Lending Tree operates from an office located at 330 Hwy 7 East, Unit 201. I want to share my frustrating an unprofessional experience with them. DO NOT deal with them, as your Mortgage transaction will take over 3 months, vs. the normal 1 to 2 weeks! Not only they do not return your calls promptly, also they do not have the experience necessary to handle your mortgage needs. I am usually a fair and logical person, however I gave Alex many opportunities to perform this simple task of transferring my mortgage from one bank to another to obtain a better interest rate as he promised. Summery of my unfortunate experience with Lending Tree. 1) After my initial meeting with him in mid December, and review of my current Mortgage status, Alex confirmed that all papers will be ready within 1 week for me to sign, and that my Mortgage with the new rate will be transferred to the new bank within 2 weeks. 2) After 2 weeks, this transfer did not happened because he simply did not file the correct transfer papers needed, (Confirmed by my current bank) meaning an additional and vital paper was missed, authorizing my approval of the transfer from my current bank, which caused 3 more weeks delay. 3) One month later I contacted the new bank to follow-up the underwriters. The new bank indicated that Alex had NOT provided all necessary documentation needed to start the new Mortgage to pay my current bank. In summery, I personally had to escalate this matter with the Vice President of the new bank. After a detailed investigation by the Vice President we understood that Lending Tree failed to provide all documentation vital to initiate the transfer. It is 3 months later, and I finally had to take charge and process everything myself. This is a expensive and time consuming experience for me to share with you, to advice you to think twice before dealing with The Lending Tree. There are many other brokers with the same deals, and better services. Please note that I am NOT the only one who has had this unprofessional and upsetting experience with them! In the end when you call to complain why..., you receive unprofessional and careless respond blaming the banks and not taking responsibility for their wrong doings!

Comment On This

Alex Haditaghi is not someone to be trusted, he is now with MortgageBrokers.com Our organisation has provided services to his organisation and he has not paid any of what he signed off on, a total of $23,520.00 If you are looking for a mortgage go to someone who is honest and trustworthy. Not this dodgy dealer