I applied for a mortgage for 95% of the cost of my new home with several internet lenders. All gave me the same interest rate, but the banker with Lending Tree - Home Loan Center told me there would be no mortgage insurance (PMI) because Lending Tree - Home Loan Center does such a high volume they are able to get special deals from the banks they deal with. He sent me a Good Faith Estimate and Disclosures showing "0.00" for PMI.
I only discovered at the closing that the mortgage had the same PMI as all of the other offers did - amounting to about $1700/year in non-tax-deductable dollars. I contacted Home Loan Center's "customer excellence" department regarding all of this, and not only did they provide no assistance, but they sent me a copy of another Good Faith Estimate dated the same as the one I had received, only this one had the PMI included. I think the banker sent me one GFE with no PMI, and sent the other with the PMI to the processor.
When I asked for an explanation of the 2 discrepant GFE's the "customer excellence" people told me they were finished with me and that they would not communicate with me further. They have referred me to the "Compliance Department." That's the latest as of today. I think this constitutes a violation of the Federal Truth in Lending Act and I am going to do whatever I have to in order to get revenge. Caveat emptor.
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