Bait and Switch
I am going to update this complaint weekly. It will always be at the top of the reviews, so honest hard-working older Americans can see how disgusting this company is. Title fees of almost $4,000. Say what? Can you imagine the gall of this company? This is a letter I sent to the Mutual of Omaha compliance department in San Diego, CA. I am writing to make a formal demand for the resolution of a complaint arising from my H4P application processed through your company by loan officer Billy Crawford. I canceled that application after discovering fees that were not disclosed to me at the outset of the transaction. Legally, they do not have to completely tell all the fees until you sign a contract with them. However, morally, this is bullshit. Why waste my time by not telling me all the fees before we even get started? I had a signed purchase agreement contract requiring a minimum of $100,000 in loan proceeds from the lender. Due to fees that were never disclosed to me at the outset of the application , my loan proceeds were reduced to approximately $95,000-short $5,000 of the contractual minimum. That shortfall directly and solely caused the collapse of my purchase and the loss of the property I intended to purchase. Had the true fees been disclosed upfront, I would have known immediately that this transaction was not viable and could have pursued other options. Instead, loan officer Billy Crawford allowed me to proceed through the entire application process, including completing HUD-required counseling through Credit.Org, and uploading all of my financial data, at my own time and effort, without ever disclosing fees that he knew or should have known would make the transaction impossible to complete. The loss of that property is a direct and documented result of your company’s failure to comply with federal disclosure requirements. These actions constitute, HUD’s HECM program guidelines, and the North Carolina Unfair and Deceptive Trade Practices Act, N.C. Gen. Stat. 75-1.1. I have already filed complaints with the Consumer Financial Protection Bureau and the North Carolina Commissioner of Banks regarding this matter. I am demanding the following within 14 days of receipt of this letter: A written explanation of every fee associated with my application, including when each fee was first disclosed, and by what method. A written acknowledgment of the harm caused by the failure to disclose those fees, including the loss of my purchase contract and the property. A written statement of the corrective action your company intends to take regarding loan officer Billy Crawford’s conduct. I am still waiting for an answer from the North Carolina commisioner of banks before taking legal action.