I had started a refinance process with Nations Choice Mortgage in late- November. Their Senior Loan Officer worked with me taking my $350 for an appraisal, completing the loan documents, providing a Good faith Estimate (GFE) with the terms and loan rate clearly stated, and subsequently telling me my loan had been approved. Right up to the point of signing, I had every indication that the terms I had been quoted and agreed upon were to be the final terms. At the point just before (a day or so) in signing the refinance, the loan officer then told me that some of the terms had changed, this was in January. Note that any delays incurred to this date were solely due to the mortgage company, loan officer on vacation during the holidays, and I had met every obligation presented to me in a timely manner. These new terms were presented to me by stating I would accept a 0.50% origination fee (additional $2,525.00) or the loan could not be processed at the rate originally agreed upon. I stated this was a clear misrepresentation and a bait-n-switch by changing the terms at the very end, when I had committed to this loan.
Then came the Branch Manager for Nations Choice Mortgage to save the day. He was understanding and willing to make this work, then when we agreed on a GFE that met my needs, he quickly came back changing the terms of the loan (changing the payoff amount and loan amount). His excuse was that he was unaware of a cash-out restriction, even though he was processing my loan as a cash out the entire time. He also suggested and provided me a document in writing stating that the 2.5% loan origination fee (at $12,580) could be refunded directly back to me by Nations Choice Mortgage thereby accomodating my "cash-back" need. This was a new provision of the GFE when he started working with me. He even provided me a letter on their stationary signed (dated 1/17/07) to that fact, and guaranteed that payment to occur immediately after signing. Other lenders stated that this was a questionable business practice and might violate RESPA standards. I rejected his newly changed terms for two reasons, first it did not meet my refinance goal, and secondly because too much of my loan was based on a good faith effort on their part, and to date Nations Choice Mortgage has not proven that reliability to me.
There's got to be some recourse for the misrepresentation, deceipt, questionable business ethics and lost opportunity I experienced at the hands of Nations Choice Mortgage? Well, you'd think so, but here I am still in search for a refinance with rates much higher and a sour experience with a lender. Can you trust anyone again?
Note that Nations Choice Mortgage is owned by Chad Fisher who is listed as the owner of Fisher Financial Group Incorporated through the Arizona Secretary of State's Office. Therefore, it is accurate to assume that Nations Choice Mortgage is affiliated with the Fisher Financial Group Inc.
The harm done to me has been the loss of opportunity when rates were at a very competitive level in late November, and the time they wasted resulting in no loan product and a loss of time and $350. There is a financial impact as the cash buy-out would have erased debt that I am still incurring interest on and the competitive rate I could have secured is no longer available without significant cost to myself. When dealing with Nations Choice Mortgage and/or Fisher Financial Group Inc. All I can say is BUYER BEWARE! I truly wish I would have read the other report (s) on this site reflecting Nations Choice Mortgage as they would have provided an insight into their questionable business practices and un-reliable service history.
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