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I applied for a mortgage with Poli Mortgage over the phone on Tuesday XX/XX/2020. I spoke with XXXX XXXX who took my information and gave me a quote. He gave me a very low rate and fees that sounded too good to be true. I asked for a loan estimate to which he replied that he is busy and would provide it if I moved forward and locked in a rate at a cost of {$490.00}. If I changed my mind and decided to cancel the application, I would lose the {$490.00}. If I complete the loan process, then the {$490.00} would be applied towards the appraisal and the credit report fee. I told him I would think about it. I spoke with him again later that day and again asked for the loan estimate so that I could better compare one lender to another. He gave me the same response and frustratingly told me that he gave me everything I needed over the phone. In speaking with other lenders, they informed me of the 3 day rule that he would have to provide me the loan estimate within 3 days of a live application. I had provided him with everything including an address of the home I was buying so this would qualify. Therefore, I called him back the next day and again asked for the standard loan estimate that everyone uses. He replied " I've told you everything, what else do you need to know? '' I insisted and he replied that he would try. Later that day, I get an email of an XXXX worksheet ( with someone else 's name on it ), not a legitimate loan estimate. It states on the worksheet : " ****Please note Loan Estimate will be issued provided you decide to move forward. '' The next morning ( Thu XX/XX/XXXX ), I decided to speak to a different agent, XXXX. My thinking was that maybe XXXX was an outlier of the company and this is not how they typically operate. I didn't hear from XXXX so I sent him an email. I also called the owner, XXXX XXXX, that morning. I left a voicemail stating I have a concern and I asked him to return my call. In the afternoon, an agent named XXXX called me and stated that his manager XXXX had received an email from me about feeling dissatisfied. I thought this was unusual because I never emailed XXXX nor do I know of her. I asked XXXX for my loan estimate and he told me the same thing that XXXX said about putting down the deposit first. I told him about the 3 day rule and he stated " it doesn't apply to this company ''. I said it's a federal rule so of course it applies. I said I shouldn't have to pay to see my loan estimate. He tried to reconcile this by saying he won't charge me but he would like to take down my credit card number. I refused, stating I shouldn't have to do that either. He ignored me and proceeded to ask me about the home price, loan amount, etc. I went along with it for a little while until I asked why he was asking me all of this information that's already on my application. He stated he didn't log in so he did and then he tried to entice me by offering me a low rate. He totally dismissed my concern by trying to move on to other things so I said " you are not listening to me and that I would like to speak with the owner ''. He said " feel free '' and we hung up. I had already left a message for the owner ( XXXX ) that morning so I decided to wait patiently. I have yet to hear from him.
I then emailed XXXX to let him know that I do not feel comfortable proceeding as he kept dodging my request for a loan estimate. He replied " This is the standard worksheet we use here after having phone conversations like the ones we had for 2 days about rates, costs, escrows, points, lender credits, rate lock expiration, procedures and cash to close etc.. After customers agree to submit ; we take a deposit and that is what generates another detailed loan estimate within 3 business days. '' I find it interesting that he said " another '' detailed loan estimate when he never gave me a loan estimate to begin with. He simply provided a worksheet like you would for someone who is looking but doesn't have a home yet.
I feel this company has very shady lending practices. My initial reason for suspicion was that they quoted me a total lender fee of {$690.00} and then gave me a lender credit of {$890.00}. The reason he gave me the credit was because I was locking within 45 days at a rate of 2.875 %. Essentially, there are no lender fees at all ; just third party costs. In addition, their attorney fee is {$500.00} ( usually it's {$750.00} ) and the title search fee was free ( usually it's {$250.00} ). I told him that sounds too good to be true and how are they making money and he said " it's their secret ''. I wasn't going to take their word for it which is why I had been insisting on the loan estimate. The fact that they refuse to provide and has not provided it within the 3 day timeframe is simply illegal.
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