On 12/16/02 I telephoned our current lender, World Savings & Loan, concerning refinancing our present mortgage with them. Their representative, Jacquelyn Cabrera, quoted me a rate for a 15 year - no point loan of 5.55% with a charge of $1,000 with $35 charged to my credit card but included in the total charge. World had a slightly higher rate than several other local banks but the total expense would be less with a current lender, or so I thought.
During Christmas week World's paperwork arrived. They had charged my credit card with $335, vice $35, and provided a cost estimate of some $3,273. There were so many ridiculous charges (many repeats of information they already had or that other lenders acquire for minimal charges by internet) listed on their estimate that I would have laughed had I not considered it a serious matter. I made several phone calls concerning the same and different persons, Ms. Cabrera was on leave, told me that the cost was just an estimate and not to worry about it. But the language of some paperwork sent for us to sign also allowed World to up the loan rate depending on processing time.
I spent some twelve (12) hours completing World's paperwork but informing them that I only wanted to proceed if they honored their original quote to me. My response letter and paperwork was sent to Ms. Cabrera with a copy of the letter to Russell W. Kettell, President/CFO/Treasurer of Golden West Financial on December 30th.
On 1/3/03 a James Newson of World called me to discuss the matter. He stated I had "missunderstood" the $335 part of the quote and that World's charges were $1,000 but there would be charges "by others." I cancelled the application. I make this report a week later having not even heard an apology from World or Golden.
PS: I have a PhD in the real estate realm, am a RE broker in several states and hold other real estate certifications. I do not make these type errors. I charge World with making quotes they would not honor in order to increase current income.
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