| rev:text
| - My rant refers to the Loan Offices' Underwriting Department and is more of a warning to consumers than a review of the company.
Please beware that if you are applying for a Home Equity Loan or Home Equity Line of Credit (HELOC) make damned sure that you do your own research in advance. Here's what happened to me.
My home was paid for in cash in 2004 and I believed it to be free and clear. In addition, I have had an auto refinance loan with this credit union for quite some time and have always paid on time.
I applied for a HELOC at the end of September, 2016 for the sole purpose of having my roof replaced due to leakage. I received an email saying my application was approved. I provided all written documentation requested and answered all questions they asked about more current activity on my credit report. My appraisal was scheduled and completed.
Lo and behold, after I have paid $550 for the appraisal, they come back and tell me there is a lien on my property that showed up during the title search. I was unaware of this but it was very easy for me to research online. They could have done the same. They expected me to pay off the judgement and provide proof that had been done. I am paying it according to the court's order. If I had enough to pay it off, I wouldn't need a HELOC.
My point is this -I feel this and anything else related to a what I'm referring to as a "loan background check" should have been researched in advance of any appraisal being ordered. Needless to say, I was denied the HELOC plus I'm out $550 that I couldn't afford to just throw into the wind.
This is the order in which they do business: Application, Appraisal, Title Search. Had they done the title search in advance of the appraisal, they could have denied my application prior to taking my hard-earned money as there would have been no need for the appraisal and its associated fee.
I feel that this is absolutely an unethical practice and a complete rip-off of consumers. This is to warn others so they won't be taken like I was.
If this has happened to you and you want to get together to file a class-action lawsuit to get them to change the order in which they process loan applications, please contact me.
After receiving my loan denial letter yesterday, I was fortunate to have spent all of 5 minutes submitting an application to have my roof replaced through the roofing company's finance company at zero percent interest for as long as 18 months. If I had done that back in September instead of fooling around with this credit union my roof job would have been completed by now.
|
![[RDF Data]](/fct/images/sw-rdf-blue.png)
![[cxml]](/fct/images/cxml_doc.png)
![[csv]](/fct/images/csv_doc.png)
![[text]](/fct/images/ntriples_doc.png)
![[turtle]](/fct/images/n3turtle_doc.png)
![[ld+json]](/fct/images/jsonld_doc.png)
![[rdf+json]](/fct/images/json_doc.png)
![[rdf+xml]](/fct/images/xml_doc.png)
![[atom+xml]](/fct/images/atom_doc.png)
![[html]](/fct/images/html_doc.png)