Bank of Colorado Mortgage Division - Johnstown

Complaint: 10431356I am rejecting this response because:"Pursuant to their response, I proceeded with preparing a quote which includes knowing the balance of the original loan and the credit score."This information was NEVER disclosed. If it had been, we would not have agreed to a "quote". The process should have been disclosed before proceeding. A quote is an estimation of cost. That is not what we received. This "quote" also ended up being an application for refinance, not just an inquiry about the loan balance and credit score. (copy attached, minus personal info) If any of my information, including SS#, is being used I need to know. I now have an inquiry on my credit that I did not know about until after the fact. We believe this to be a form of predatory lending and needs to be dealt with accordingly. (Predatory lending is any lending practice that imposes unfair or abusive loan terms on a borrower. It is also any practice that convinces a borrower to accept unfair terms through deceptive, coercive, exploitative or unscrupulous actions for a loan that a borrower doesn't need, doesn't want or can't afford.) We did NOT want to apply for a refinance. We were NEVER told that a "quote" included applying for a refinance, or even a credit check. Why would we want to pay thousands of dollars at another closing just one year into our loan for roughly $100 a month savings? We feel tricked into applying for something we never intended to apply for. Our privacy was violated in the use of personal information without our knowledge. (Some of the info in the application was also incorrect.) We asked the loan officer TWICE for a copy of whatever application was filled out, with no response both times. We had to contact the main mortgage department before one was finally sent. The loan officer never acknowledged any wrongdoing, only a reason as to why the loan was denied. We explained that we were not upset because the "loan" was denied, but that personal information was used inappropriately. And yes, the loan is only in one name, but both names were on the original loan application on file and both are on the deed. There needs to be much more transparency when using clients' information. A client should never feel tricked or in the dark. A client should know when and if their personal information is being used, for any reason. Pulling up an old file is NOT an acceptable way of getting a client's personal information, especially without them knowing. A SS# is not something to just throw around. Who else has access to my info now? Saying "sure" in an email to a quote offer is not approval for a full loan application. This whole experience from the beginning has felt very misleading, which led us to closing our accounts with BOC. (Also had problems when trying to close, but that's another issue.) We are so tired of the excuses and deceit, which is all we seem to get from this lender. Definite lack of professionalism. Policy NEEDS to be changed if predatory lending is a regular practice at BOC. Our original loan was also handled in this manner. We had several issues, such as no good faith estimate until pre-approval a month after applying (the itemized fee worksheet received then even says "this is not a good faith estimate"), over payment for the appraisal (asked if we would be refunded the difference and never got an answer), several other questions not answered or in a confusing way, closing costs more than doubled by closing, important information was not relayed in a timely manner (we had to call days later to find out), the type of loan changed without us knowing, among others. After a month with no progress, we started working with another lender and were then magically pre-approved with BOC. (FYI the other lender sat down with us in person and explained every step of the lending process. He was amazing!) If they had pre-approved us first, we would have switched. Unfortunately we were on a very tight schedule to get moved and took the first pre-approval we got. HUGE mistake on our part. We never did meet our loan officer in person until closing. We were even asked to bring in some personal paperwork, and ended up having to leave it with another employee in the lobby. Our realtor also had to contact the loan officer to get a different fee worksheet that made sense. Easily the most frustrating experience we've ever had as a client/customer. If this is an example of an average loan experience with BOC, we would definitely not recommend their services.  
Regards,
[redacted] & [redacted]

To Whom It May Concern: This letter is in response to [redacted] and/or [redacted] Revdex.com complaint regarding their loan with Bank of Colorado, dated 1-22-15 (per the complaint). Approximately one year ago I completed a mortgage loan for [redacted]. The loan with...

Bank of Colorado is under [redacted]'s name. [redacted] is not part of the mortgage loan, nor does her name appear on their loan documents. On January 20th, 2015 I contacted the [redacted], via email (the only email address I have is listed to [redacted]), to inform them that the FHA Mortgage Insurance Premium was changing, effective January 26, 2015 and asked if they would be interested in having a quote since the rate change would be a cost savings for them. The response I received on January 20th, 2015 at 5:11PM was "Sure." Pursuant to their response, I proceeded with preparing a quote which includes knowing the balance of the original loan and the credit score. I pulled up the documents from the original loan which gave me the SSN and other pertinent information to enter into the computer for the quote. A signature on the application is not required for this process. A signature is only required once the application is submitted for upfront pre-disclosure approval. Protocol for this process is to verify whether or not the applicant ([redacted]) is eligible for the loan and the rate reduction. On January 22nd, 2015 I sent an email to the address I have on file stating the quote would not apply to them and the loan would be denied due to the credit score. In response, I received an email from [redacted]'s email address which stated they were not aware they were applying for a new loan or that the• credit score would be checked. I responded, saying the balance of the loan had to be verified before I could proceed with a quote, which I was instructed to do based on the response of "sure." (Email from January 20th, 2015) Furthermore, I disclosed a copy of the application (which doesn't require a signature) on an email dated February 4th, 2015 with an explanation as to why the quote, and ultimately, the loan, would not proceed based on the credit score. Should any additional information be required, please let me know.