Financial Business Review: Discover W...

Financial Business Review: Discover Wants Some Home Loans, JPMorgan REDEEMS

There are 31 comments on the Wall St. Cheat Sheet story from Jun 12, 2012, titled Financial Business Review: Discover Wants Some Home Loans, JPMorgan REDEEMS. In it, Wall St. Cheat Sheet reports that:

New to the mortgage origination business on Tuesday is Discover , as it introduces Discover Home Loans, perhaps filling a void as Wells Fargo writes one out of three domestic mortgages and banking coin, due to a dearth of competition.

Join the discussion below, or Read more at Wall St. Cheat Sheet.

First Prev
of 2
Next Last
shena

Garden City, MI

#49 Jan 18, 2013
But they DID order a payoff statement before appraisal was done. You revealed yourself they were in error. Nice job trying to cover for DHL but the customer appears to be correct.
Gabe wrote:
In response to ARK:
I worked at discover home loans formerly Lending Tree Loan/Home Loan Center.. They don't operate unethically and follow all respa laws by the book.. In response to the appraisal deposit, they collect the appraisal deposit for appraisal purposes.. The initial 6.80 is a authorization on the card.. The $400 for the appraisal is refundable up until the appraisal is completed.. Prior to collecting the deposit, the licensed mortgage banker reads a script stating the terms of the loan and the acknowledgement of the loan terms including rate, term and costs of the loan.. They also explain in full detail in reference to the appraisal deposit..Nowhere in that script is this loan is based on you signing loan disclosures...this script disclosure is read to every borrower whenever a credit card is collected for the appraisal deposit.. If you were shopping for a loan, why would you give your credit card information for th appraisal deposit? That just doesn't make sense for you to blame Discover when you were in full disclosure at the beginning of the process that the card would be charged for the appraisal and you had to verbally agree to everything as far as terms of the loan and the appraisal deposit on a recorded line..They take customer service very seriously there..
Also,they don't even order payoff demands from your lender until the appraisal is in to make sure the value of your home is sufficient to make sure your loan qualifies...
shena

Garden City, MI

#50 Jan 18, 2013
Gabe exposed his former employer as corrupt. Good job.
Gabe

North Hollywood, CA

#53 Jan 29, 2013
Sorry sheena... They don't order a payoff before the appraisal is completed.. The loan isn't even assigned to a processor until the appraisal comes in.. So you are incorrect...
Gabe

North Hollywood, CA

#54 Jan 29, 2013
Sheena, did you actually try and complete a loan with Discover home loans.. You obviously have no idea how the process works.. I'm pretty sure how the process works since I was with the company for over 3 years(lending tree loans prior to discover purchase)
Pop 14 Ar

United States

#64 Feb 19, 2013
Don't use Discover Home Loan
There are REALLY SCAMING PEOPLE BAD PLEASE FOR GOD DON'T !!!!!!!! USE THEM
PLEASE,,,,,!!!!! They will FY BAD VERY UNPROF,,,,,,,,,
This is not fun

Proctorville, OH

#77 May 28, 2013
Gabe wrote:
Sheena, did you actually try and complete a loan with Discover home loans.. You obviously have no idea how the process works.. I'm pretty sure how the process works since I was with the company for over 3 years(lending tree loans prior to discover purchase)
Gee Gabe,
I writing this as I am waiting for my "call you back in 5 minutes". They have lost nearly every piece of paperwork that I have sent except for the credit card approval for appraisal. Every other day there is another excuse. I am out for the appraisal right now. Does anyone know of a way to contact a superior at this place?
Michael White

Fort Lauderdale, FL

#80 Jun 12, 2013
I am in the middle of a refi with Discover Home Loans and am having an apparent bait and switch problem. They delayed arranging the appraisal for over two weeks after changing my loan representative and then when he told me that the loan was approved by underwriting, I was told that my rate lock had expired and that I would have to renegotiate a higher rate and fees as the market has changed. I did everything they asked and did it promptly. My rep has stopprd returning my calls. To whom can one complain? I do not want to waste the money trying to sue a corporation. Has anyone else been treated this way?
Donna

Denver, CO

#92 Jul 30, 2013
DISHONEST COMPANY!!! DO NOT USE THEM!!!
My husband I are were looking to refinance our home. I spoke with Kelly Crutcher who told me we can get a 3.75 interest rate on a 15 year mortgage. I submitted all the paper work, paid $400.00 for the appraisal. Two weeks went by and I did not hear anything from Kelly. I sent an e-mail to her asking what was going on with the refinance. She stated there were some debts that showed up on my credit report that did not show up the first time. Two more weeks went by and I heard nothing again... I tried to login to my account and received a message that my account was closed and for me to download a document. The document stated that I had excessive credit obligations and the Discover could not refinance my home. My husband and I make over $100000 a year and have NEVER missed a payment on any of our bills. Not sure how we went from 3.75/15 year mortgage to having excessive debt. Which of course Kelly will not return my calls or e-mails! I truly believe they just wanted to get the $400 for the appraisal, since I used my Discover card to pay for the appraisal, who can I dispute the charge with?? NO ONE!!!

Since: Nov 12

Philippines

#95 Aug 3, 2013
nice thread. thanks for sharing that information. it was very informative.
[url=http://www.legacylegal.co m/credit-education/credit-topi cs/best-credit-repair-company. asp]Best Credit Repair[/url]
D from Texas

Lubbock, TX

#97 Aug 12, 2013
Rachel wrote:
<quoted text>
I could choke reading my comment from a month ago. These people are clowns! I have been providing them document after document. They set up the closing, then the week of want septic measured. I get that done. Now its the night before closing and they are saying they sent our FHA appraisal in for a second review ands haven't gotten it back yet. Wth....why'd you set up the closing if you weren't done with the appraisal? Oh.....and they will not honor close on time guarantee with fha because hey require a 3rd party appraiser and if the appraiser makes them fall off their closing date, its not their fault. So again, beginning of process was perfect. Now this is a nightmare. The night before closing and we are waiting to see if they are going to approve the loan!
I feel your pain. At first they are great. Long story short and three delayed canceled closings, yes I said three, we were funded...but not at what was promised. Now a month AFTER closing, they want more documentation! This is a joke. Don't bother suing for big money, go to small claims...we all should!

Since: Nov 12

Iligan City, Philippines

#131 Dec 20, 2014
nice thread. thanks for sharing that information. it was very informative.
[url=http://www.legacylegal.co m/credit-education/credit-topi cs/credit-repair-companies.asp ]Credit Repair Companies[/url]

Tell me when this thread is updated:

Subscribe Now Add to my Tracker
First Prev
of 2
Next Last

Add your comments below

Characters left: 4000

Please note by submitting this form you acknowledge that you have read the Terms of Service and the comment you are posting is in compliance with such terms. Be polite. Inappropriate posts may be removed by the moderator. Send us your feedback.

Mortgage Discussions

Title Updated Last By Comments
News Norwalk Man Arrested For Allegedly Bilking Aili... (Sep '10) Sat Frank 4
News CMHC president warns against scapegoating forei... Dec 3 Stop Statism 4
News Transgender community gets free legal aid with ... Dec 1 StraightMate 1
News UPDATE 3-U.S. should cede control of Fannie and... Dec 1 Le Jimbo 1
News Suburban investor charged with bank fraud Nov 27 Curious 60
News Breaking up is hard to do: When and why to look... Nov 26 other breaks 1
News Q&A with John C. Williams, president and CEO of... (Oct '14) Nov 22 majed 15
More from around the web