Endowment Complaints

Complaint against a Mortgage Broker. How do I file?

I feel my Mortgage Broker did me wrong. First, he refused to send me a copy of the Appraisal. Then, he promised me 4 5/8% loan, but it ended up at 5.635%. This is just a few of the complaints, which I won't go into further. How do I go about filing a complaint of this Broker? I am in the State of Arizona.

Public Comments

1. every state has a department of banking or financial institutions look in the blue pages of the phone book
2. go to the board
3. Okay to answer a few things of what you have mentioned. Depending on the loan you may or may not have a right to get a copy of your appraisal. You pay for the appraisal on behalf of the lender, only on a FHA loan are they required to give you a copy. Saying that I always give a copy of any appraisal to the client (even though on 80% of the loans its not required). To make the point simple its not your appraisal. Per the 4.625% rate you need that crap in writing. If the lender changed the rate you shouldnt have closed. Im not saying its your fault but all borrowers should be ready to call another lender at all times. Rates change up to 3 times a day. But I give you another example, you call a broker and say what is the rate for a 30 year fixed. So idiots will just quote you the best rate possible. This assumes you loan is over 250K, your fico is over 750, you lock that very second, you can close in less then 10 days. They arent real rates. When the real loan comes in its less then 250K, your fico is under 750, you need a 30 day lock. Now your rate is 5.5% instead of the 4.625% that was quoted. This is called a bait and switch. It happens all the time and it never should. Should be illegal for anybody to quote a rate over the phone until your loan is totally approved with any addons that happen all the time. Basically it sounds like your broker is an idiot. I would report them too. I just am not sure if anything will happen. Here is where you complain too. http://azdfi.gov/index.html