Complaint / Review
Priceline Mortgage
Ripoff: lack of follow up causes intentional delays that extend closing date to charge consumers excessive fees consumer fraud ripoff

Priceline Mortgage portrays an attractive offer to consumers (low rate guarantee, low closing costs), then drops the ball.

When I initially inquired about loan rates I immidately got follow-up calls with detailed information about the great rates and total costs.

I was excited to find that they could drop my interest rate to 5.5% with $2624.50 closing costs. I signed on and they immidately charged my credit card $250. From then on I rearly heard back and had to follow up to see how they were slowly progressing.

Knowing that I was on a time line I tried to get the name and phone# of the appraisal company in hopes of expediting the process and was told that they could not release that information and I would have to wait until the company called me, finally the appraisal took place on 3/28/03. After this I did not hear anything unless I initated the contact.

I was told that the delays were due to the appraisal that had not yet come in, yet no one followed up on rushing the appraisal, nor allowed me to make the calls. Two weeks I again contacted them to get an update.

I finally got a call on 4/15/03 and was told that the appraisal had come in lower than anticipated and that I would now have to pay points totaling $4,575 on top of the inital cost of $2,624.50 and that if we did not close soon then there would be an additional $300 a week that would be charged until the loan closed, concivably within two weeks ($600), but all of these charges could be rolled int the loan, I felt like I was dealing with a used car salesman.

After asking several questions I was finally informed that the 45 day closing period had passed the day before, yet no one had informed me and now I am forced to incurr all of these additonal costs due to the lack of follow-up on the company's behalf and their desire to keep me out of the loop in following up.

So in the end I either accept their additional mark up prices or lose my $250. What a rip off, I have never worked with a company that had such low regard for the consumer, obviously they are happier taking people's $250 than helping to ensure that the total loan is funded, of course unless the optimal intention is to force the loan to go pass the deadline so that they can charge all of the additional fees, could this be...