AimLoan.com charged me $300 for 30 day loan lock, then waited until lock was expired and "extended" to begin processing. I have a high credit score and plenty of cash on hand, and was seeking a refinance at a very good rate. I was supposedly pre-approved, but then as rates went up dramatically during the lock period, AimLoan tried everything to avoid honoring the lock.
First, they said that if I wanted to keep my equity line in place, they'd have to charge me a $250 subordination fee and would have to charge me additional points. The equity line was fully disclosed on my application and there was no mention of additional charges or additional points until the loan lock was already past the 30 days. I said I'd just pay off and close the equity line. At first they wanted to nevertheless charge me additional points as this was supposedly a "cash out". I had to argue with them that me paying off and closing an equity line prior to the closing was hardly a "cash out" and they eventually relented and put me back into their process for a couple of days.
Next, they said that they couldn't verify some small amount interest and dividend income in prior years. I never claimed interest and dividend income in prior years, but instead claimed minor interest and dividend income as a result of a large capital gain last year.
Finally, they said that they weren't going to use the valuation from the appraisal they arranged and charged me for.instead they were going to use an "independent" valuation from their "internal review" which they refused to share with me. This new valuation, trotted out at the eleventh hour, was 20% lower than the valuation from the appraisal they had already arranged! They said I could have the loan, but now required more points yet again.
It quickly became clear to me that they had no intention of honoring the lock and were determined to raise the points to be paid. The person I dealt with never once returned my calls and even claimed their phones were down. I wish I had never wasted my time with this outfit. Claiming a valuation which they set on their own and for which they refuse to provide any back up documentation or explanation is fraud.
Matt - Chicago, IL
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