During a week in which the mortgage rates were rising, Mr. Fletcher—the Vice President of First Integrity Bank in Tampa, Florida—provided a good faith estimate for a 30-year Jumbo loan at 5.95%. Over the course of several days, he strung us out to believe that he would be able to deliver this rate with no problems, and despite his higher fees, it would have made financial sense for us.
Over the course of the application, he frequently sent applications and rate sheets with typographical errors that would have cost me significant amounts of money had I not meticulously pored over them.
He promised us that this rate was not only available, but secured in a pool that would be drawn upon once our application was complete. He assured us that as a bank, his institution worked at a higher standard than that of a mortgage broker's. Meanwhile, other lenders' rates were rising.
On the day that I was to mail him a signed package that he was to email to me, he was not available until the very end of the day. Finally, he called me at 5:00 in the afternoon and told me that the low rates may not be available. He advised me to lock into a sure rate a 0.38% higher, and to quickly compile the package and send it to him. His 'sure' rate was higher than other lenders', and his high fees would remain the same as well.
I would have had one hour to read and sign all of the documents, and quickly get it over to FedEx for a rate that I suddenly realized did not exist. I told him that I would rather not bother to lock into his higher rate, and that he should send me the package for the lower rate anyway and that I would get it to him.
At that point, all correspondence from him stopped. He was no longer available by telephone, and he never sent me a package to sign. Fortunately, I was able to lock a reasonable rate with somebody else. Frankly, I don't even think that First Integrity is a bank at all.
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