I was looking to do a loan with World Savings and Loan. This company is completely prejudice. There is no other way to look at this. I had a black loan officer who works for them, and also stated that there were alot of shady doings going on at this business, but I guess she has bills to pay as she is still there.
I had an appraisal done by their own people (which they told me they only use their appraisers) after which my appraisal came in high as expected. Well they weren't to please when they realized that they had to commit to my loan, so they stated that my debt ratio was off. LIARS! My husbands salary was $120k and mine was $80K, with no other debt. What the... So they declined our loan and stated we should try back in 3 months, well we did and this time they had another appraisal done, which they made us pay for stating that it was a different loan package.
This time they told us the appraisal came in under what we needed. Let's say $123K less than the current market value of our home. Our home is newly built 3500 square feet, every upgrade imaginable and lots of others. The selling price to build it at that time without any additions was $570K, they appraised our home for $480! When we told them about the previous appraisal they had just done three months back, they stated that the company they used they were no longer using their services. They had me speak with a district appraisal manager, and the manager of the loan servicing dept.
Both who gave me the run around until I started to scream RACISM. Then I was told that they would refund me my appraisal deposits. Which they did, but they were short $20. Now I had to find another company at the last minute, which was a total nightmare and I ended up with another LOSING Broker. Also, the broker stated that several loans that she has brought in for over $500K for minority home owners, excuses were given and these loans were denied. I submitted my information to the New Jersey Banking and Insurance Division, who then passed it on to another office.
Which of course, I have not heard from as of yet. I did receive my appraisal fees minus $20, but I am upset because the loan I was promised was at a rate of 1.9%. My oldest daughter is going to college and I really needed a lower interest rate. Please don't ever fill out the information that states, what is your ethnic background. It is definately used against you!!!
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