Bankers Funding Group, Inc

Review: We worked with a broker at this firm, Bankers Funding Group, to refinance our home mortgage, filing all papers, and paying some fees (e.g., for an appraisal). We then locked in a refinance rate of 2.5% for a new 15-year mortgage with no points (several months ago when rates were very low), with that locked in rate confirmed by the broker in writing in an email. They then failed to go through with the refinancing when mortgage rates went up soon after the lock in. The firm later admitted that the broker had acted wrongly and said they would make things right, offering a refinance of 2.75% -- but they then withdrew the offer of that rate when mortgage rates continued to go up.Desired Settlement: Bankers Funding Group should honor their promise and the contract they entered into to provide us a with a new mortgage at the 2.5% rate for 15 years, with no points, and for the same basic fees as originally estimated. They could do that, even though current market rates are higher, by buying down the currently available rates (e.g., paying the finance company to give us a lower than market rate). Alternatively, they should reimburse all fees we have paid them, plus interest, as well as compensate us for the damages from not being able to secure the mortgage that they promised us, which are substantial.

Consumer

Response:

I received notice that the firm has not responded to the Revdex.com attempts to contact the firm and resolve this matter. This email is just to confirm that the firm has not contacted me, either. So my complaint is still active; the problem still is not resolved.

Please let me know if you need any additional information from me, or what my next steps might be.

Thank you,

- [redacted]

Review: I was ready to close with another lender on refinancing my home when I got a flyer advertising a much lower rate. I called Bankers Funding and talked to their representative [redacted] and after answering all his questions, he promised me a 2 3/4% rate with no origination fee and said he could close in 25 days. This would be a considerable savings so I agreed to take the extra time to do it. This was the worst mistake of my life. Through their mishandling of the application, it took 5 months to close and at a rate that was 1/2 point above my previously approved loan plus they added a $800 origination fee. The end results was that Bankers Funding loan cost me more than $20,000 more than the prior approval. They promised to return the $800 origination fee in writing but have not. Its now been almost 3 months since I closed on the loan and have not received a payment book or notice as to where to send my payments. I have requested this information 4 times by email and several phone messages. To date, they have not responded to either. I have also requested the return of a copy of the papers that I signed, a copy of the appraisal and the return of several documents that I supplied. They have not responded to any of these request.Desired Settlement: RETURN OF $800 ORIGINATION FEESUPPLY NAME AND ADDRESS OF NEW LENDERRETURN COPY OF PAPERS THAT I SIGNED, TAX RETURNS AND INSURANCE POLICIESRETURN OF THE $20,000 THAT COST ME TO DEAL WITH BANKERS FUNDING