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Mortgage Consultants Group Reviews (1)

Review: Mr. [redacted] at Mortgage Consultants Group overcharged me on a mortgage loan instead of giving me best available deal.

In the end of May, 2013, I started an approval process for the purchase of a second property with Mortgage Consultants Group and specifically Mr. [redacted]. At that time, Mr. [redacted] told me that the closing costs would be around $4000 and the interest rate would be around 4.5%, without any discount point fees. In the end of June, 2013, I found a house that I wanted, and Mr. [redacted] increased the closing costs to $5000 and locked my rate at 5.375% for the 30-year fixed loan. He did not show me any papers at that time. In the end of July, 2013, he increased the closing costs by another $1000, which totaled in $6000, also adding a discount point fee of $663.45, without any clear explanation why. The rate was locked at a high percentage back in the end of June and he never mentioned anything about the discount point fee when he was locking the rate. In addition to giving me a non-competitive interest rate and adding a discount point fee a month AFTER the rate was locked, he also did not allow me to give 25% down payment, which would have lowered the interest rate and the closing costs (I was $1000 short in my bank account for the 25% down payment and Mr. [redacted] said that I cannot just deposit $1000 into my bank account if these money do not come directly from my paycheck). During June and July, I called Mr. [redacted] several times to inquire about the sudden increases, but he stopped returning my calls. He knew that I could not switch from his firm to another bank in July, as the seller would have backed out due to time constraints and I would have lost the house. In the first week of October, 2013, I went to two other banks to get a second opinion and provided them with all the information on the second property that I bought in the end of July. Both of these banks not only quoted me a better interest rate (even though in October the rates went up, as compared to June and July) and a possibility to give 25% down payment, but also closing costs of $4000 for the property for which Mr. [redacted] and Mortgage Consultants Group ended up charging me $6000 in closing costs (as opposed to $4000 promised back in the end of May) and a non-competitive interest rate with a discount fee add-on. As a mortgage broker, Mr. [redacted] was supposed to find me the best available deal, but in reality he took advantage of my situation and overcharged me not only in $2000 in closing costs but also in tens of thousands of dollars in non-competitive interest rate for the 30-year loan.Desired Settlement: A partial compensation of $2000.

Business

Response:

Initial Business Response

Hi XXXXX,

They do not accept gifts on investment properties period. Not from a relative, not from anyone. Again, I really want you to know that what I am telling you is the truth because I am 100$ certain that it is the truth. Can I give you a person to call to verify this, do you want to meet at American Pacific so I can prove this to you? Please let me know what steps you would like to take with me so you can be comfortable that I am telling the truth.

Final Consumer Response

Hi [redacted],

I talked to the APM consultant again and referred him to the brochure that you sent me. He said that he misunderstood me originally and thought that I was talking about a second home and not a rental property. He confirmed your words. Thanks for clarifying everything.

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Description: Mortgage Brokers

Address: 10975 Grandview St Ste 350, Overland Park, Kansas, United States, 66210-1522

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