Option One Mortgage, Predatory Lender? Ivine California
Your best option is to not use Option One. Why? Option One should be investigated for predatory lending practices.
Example One:
Electronic Snafu caused electronic draft problem. I called Option One after getting a message a day before the draft was to take place. Asked Option One to try the draft the day after. Customer rep said "No problem if a draft doesn't initially go through we wait for a while and then try two more times." I asked them to call back if there was a problem.
I checked with my bank the following week. Option One had tried to draft the day that the bank had warned of issues surrounding electronic drafts. Option One tried three times in eight minutes (all unsuccessful). Since there was only one day until the payment would be late I called Option One and asked if I could pay by credit card (they had accepted this for fees at the beginning of my loan) they mentioned that they would only accept Western Union and it couldn't be an electronic transfer (even though that's how they do their bank drafts.)
I drove for two hours and took the day off of work to pay them by the method they instructed and still got a late charge (which I was assured would be removed but two years later is still on record as being owed to them.) Later I received a letter mentioning that I needed to pay within 5 days or would get a late charge. The letter itself was dated the 10th, the postmark was dated for the 14th (they waited to send the notice a day before the money was due)
Example two:
I am trying to refinance and get away from these clowns. Guess what, they lost the request for the payoff notice twice. Just so they could screw up the close on the loan and invalidate the paperwork that my bank wrote up.
Example three:
Their customer service department hangs up on you when you ask them a difficult question or ask to talk to their legal department.
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