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Who do you complain to about mortgage lenders?

IE questionable and barely legal business practices? I am sure there's some organization but not sure which/what!

Any advice appreciated!!!

*background - my hubby and I are ready to buy, we have a nice down payment, good stable incomes, etc. Sadly our credit suuuuuuuucks but his folks stepped in to co-sign and their scores are both in the 800 range. We stupidly called the 1st lender place in the yellow pages and asked for the smiling lady in the photo ad. We got stopped cold by the receptionist who was COLD, RUDE, SCARY. We were told the lady wouldn't speak with us until our info was on her desk. So we gave all the details. A week later an open manilla envelope arrived, destroyed and all marked up by the post office since it was open, etc... also delayed from wrong address. Info inside (open) had both our full SSN's and a *fraud alert* since they'd used an incorrect address. Many other issues, too, just is just the basics.

Answer Question
 
hibbingmom

Asked by hibbingmom at 6:22 PM on Apr. 12, 2013 in Home & Garden

Level 35 (71,876 Credits)
Answers (5)
  • I'd start with the Better Business Bureau (BBB).
    Rosehawk

    Answer by Rosehawk at 7:24 PM on Apr. 12, 2013

  • Call the Police they will route you to the DA's office. My question is, why not use a regular Bank? Use your Parents or your bank.
    ILovemyPaulie

    Answer by ILovemyPaulie at 8:18 PM on Apr. 12, 2013

  • paulie: our regular bank is wellsfargo and I've banked there since I was 15. the manager at my branch offered some friendly advice to not bother, fargo wont look at you without a halfway decent score. EVEN WITH a co signer they still want a 650+ :(
    hibbingmom

    Comment by hibbingmom (original poster) at 9:30 AM on Apr. 13, 2013

  • Check the ad again. The agency which licensed the lender MUST be listed on the ad. THAT is who you go to. In CA, it can be the department of Real Estate or the Department of Corporations.

    Be warned, those private brokers are dealing with banks themselves but they are adding an additional layer of cost for you. If a bank won't help you, then it's not time for the loan right now.
    gdiamante

    Answer by gdiamante at 7:37 PM on Apr. 13, 2013

  • You might need to work on the credit score so you can use a regular bank and get a conventional loan. Stinks but in that time you can save more money which is always a good thing.
    Anonymous

    Answer by Anonymous at 10:19 AM on May. 16, 2013

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