Hi all, please read…long but you will like it… - Posted by Brian
Posted by Brian on January 22, 2001 at 19:31:24:
Hi all,
I was applying for a mortgage with TRI-LAKES…
We were in discussion and they sent me over 14 pages to read sign and return to start the mortgage process. They sent them them to me on Thursday night last…
I went away for the weekend, did not have a chance to read and return them…And before Monday, which was when I was going to return them…I got this e-mail Sunday night…
From: “Gary and Donna Stanton”
To: “Brian Kopacz”
Subject: your loan app
Date: Mon, 22 Jan 2001 00:52:42 -0600
Brian: Why did you take my time with your loan app and the submission which I have completed, if you are not serious? Anyone on creative will do a fine job of blowing smoke up your sleeve. Most importantly, they may not even be licensed to do mortgages in SC. I would suggest that you request a copy of their SC license. Since we are an FHA national lender, we have an exempt status in SC. Our firm funded $10,000,000 in loans last year. I don’t have time to play games with your time nor mine. If you want a mortgage professional to represent you and Bryn, you have that in my representation. If you want to shop, then go to your local bank. 95% to 100% loan to value (LTV) does not belong in the same sentence with “low interest rate”. You do not have the credit score nor the loan amount to secure the low interest rate which is quoted in the Sunday paper. I told you that those published rates are “credit score and loan amount” specific. We as a national lender take the par “subprime” rate and add points for less than X credit score, add points for less than X loan amt, add points for high LTV, which then equals your effective interest rate.This is economic reality. I don’t make up the rate. It is dependant on many risk factors. When you told me that you wanted a 100% mortgage, that immediately puts your loan request in the “sub-prime” interest market. In other words, higher than the interest rate available from a community bank. It doesn’t matter if the local bank offers a low interest rate, if your credit score, their required down payment amount and the loan amount does not meet their requirements for their low rate.
I am sure that you have expertise in what you do. Please allow yourself to benefit from my mortgage expertise. Just as you would not retain two attorneys to represent you, please do not retain several mortgage professionals to represent you. I am paid for my proprietary knowledge just as an attorney is paid. I sell my proprietary knowledge and expertise to my clients. I am sure you would tell an attorney the facts with which to win your lawsuit. I presume you have told me the facts of your loan request. My expertise is to structure and present the transaction to secure the highest LTV possible for you and Bryn. When your loan approval comes in shortly, do you want the loan and the fast close?
MY REPLY:
Hi Donna…
Well, I was going to call you this morning and let you know that I was away for the weekend and that I would fax you the forms today. but after receiving your disturbing e-mail I chose not to call. It seems that your little patience and rotten demeanor has gotten the best of you. Enough so to loose a customer…
Quite frankly Donna, how dare you tell me that I am wasting your time. With the rates that you were giving me I see it the other way around. Over eleven percent…Ha… how much of that was yours. 3%…4%…
And I am insulted that you would talk about the people on the creative web-site. These people have not only helped me figure out how to creatively set up mortgages and notes, but they have mentored me as well in creating a business of it. I believe that it is you that are blowing smoke up my sleeves.
And you also say that “Just as you would not retain two attorneys to represent you, please do not retain several mortgage professionals to represent you.” Well honestly, I pay an attorney to work for me, not against me. That is what I am paying them to do. And YES, if I do not feel comfortable with my representation, you better believe that I would find better. Why would you think that I wouldn’t shop? I must say, I wasn’t even thinking of shopping, not until this morning after reading your e-mail below. Then you know what, I called someone, got qualified, and now I can obtain a mortgage with a small percentgage down at 7.25%. No thanks to you…
It’s funny because you contradict yourself. You said on the phone the other day that my credit was fine, and below well “You do not have the credit score nor the loan amount to secure the low interest rate which is quoted in the Sunday paper.” That’s pretty funny…Because you know what…I did it… So much for you looking out for me… And that is just one instance of your hippocracy.
And what is even more funny… Is that you wrote that e-mail below on Sunday night. I received the forms Thursday night. With all due respect to you and your operation, but to expect the forms back that quickly is obsurb. It would’ve tkaen me two days at least to read through them thouroughly. Not to ment that I was OUT OF TOWN all weekend…HA
Well, I guess, for every studious, cautious person like me, there are 2 that are willing to bow to your deception.
Please consider our agreement revoked…
And please do me one favor…
Think about when you sent me the forms…Thursday night.
And then read your e-mail to me below…Sunday night…
And then think, boy he was OUT OF TOWN…Am I stupid…
Don’t worry…
I will be sure to forward these e-mails to all your friends at tri-lakes… ya know just to show them how professional you really are/aren’t…
I will also be sure to let my FRIENDS at CreOnline know that you are a money hungry, untrusting, unhelpful, impatient, etc., etc…
Respectfully,
Brian
The point… Never use, recommend, or talk to the people at TRI-LAKES Mortgage Company…or Sunset Mortgage…