I only need to read a few usacomplaints.com about Centex Home Equity to know the damage that the Lewisville (call center) has done. I worked at this call center as a loan officer for more than a year and I hate that people got treated the way they did. There is quite a bit of pressure from management to produce loans, loans, and more loans for Centex's bottom line. There are some good people that work for this lender, but most are in it for as much money as they can take from people. Centex Home Equity has a used car lot atmosphere and terms like "knocking a borrower's head off" is used a bunch. That referring to pulling a fast one on a customer for the sake of commission and getting the loan.
Centex is not an evil corporation out to ruin everyone. However, I would be careful when dealing with their (usually) inexperienced loan officers. They tend to want their employees to say just about anything to get a loan, as long as it does not get them in trouble. The biggest thing not to "get sold on" is the 2/28 ARM loan or any adjustable rate mortgage that they offer. The loan officer usually promises that Centex will "re-write" your loan in 1 year at no cost to you. People find themselves faced with having to refinance within a 2-3 year period at the same (great) expense in fees it took to either establish a loan or refinance in the first place.
For a long time I was sold on the system of having people get a lower interest rate and then refinance in 2 years. Like many loan officers at Centex (or similar lenders), I thought what I was selling was a benefit to people. I was wrong. I had a friend in the company get transferred to a divison of Centex Home Equity that only refinanced Centex loans. One day I asked her about the rates and fees that the return borrowers were treated too. She told me that it was along the same lines as the high fees we were charging to do the loan the first time.
I stopped working for Centex soon after and try to tell people about lenders like this one. Centex is not the only lender one would need to worry about.
Things to do to protect yourself:
1. Get an experienced loan officer or broker
2. Always get 3-4 rates to compare
(this would kill Centex's chance of getting anyones loan)
3. Get a lender that will lower the points and fees or walk to the next one (there are thousands to choose from)
4. Never let Centex (or any lender) get control on the phone. This is a loan you have to pay for, so be a customer, not a borrower. Take control and you get what you want.
5. Don't go with Centex Home Equity
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