Lending Tree Recommended a Fraudulent Mortgage Broker

You never mentioned that you locked your rate in during your first
discussion with this lender. To allege that a mortgage company is
somehow "fraudulent" because you did not LOCK your interest rate is
really an unfair accusation to make.

While i understand that you may be disappointed that the interest
rates had gone up on you between your 1st contact with this company
and the time that you decided to move forward (which you indicate was
at least several days apart) - it does not make it fair to call them
fraudulent b/c rates had gone up in between, - when in fact you never
locked your rate in to begin with.

This is akin to calling your financial planner or stockbroker
"fraudulent" because they said Wells Fargo stock was ony $8 per share
in the beginning of March 2009 - but is now north of $15 per share a
few weeks later when you decided you wanted to buy it.

At the end of the day - most financial products are market based and
are priced according to the movement of such markets. If you did not
secure your interest rate and lock it - then ultimately you must take
responsibility for that and not try to pass the buck or blame someone
else... or even worse - turn it into a demand for free airline miles.

So .. you make a miserable choice in lending companies and you want
someone ELSE to give you miles?

No wonder the rest of us pay extra for when others make stupid
decisions.

Lending Tree allows you to put your name and info out there for
lenders to find...YOU make the choice not they. You make it sound as
if you hold no culpability in making the choice at all. You are the
one who had the choices...you sent the info to this mortgage company.
But at least you were smart enough to have it reviewed legally PRIOR
to signing.

And its rather rude on your part DEMANDING that you get 25,000 UA FF
miles for this misjudgement on your part. LT gave you a list...you
made the choice. (
Now I'll just take the 25,000 FF miles for setting this issue
straight!)

Also read up on the new mortage laws before you start trying to use
these as leverage in a complaint.

I'm sorry to hear this happened to you. I had something very similar
happen to me 5 years ago.... the interest rate was 4.99%, up until the
day before my house closed, and it mysteriously raised to 5.3%. It
wasn't the end of the world, and I still signed the document, but that
sole experience is what led me to become a Real Estate Agent.

I can confirm that this type of thing happens all the time in lending.
I advise all of my clients to make sure that they get at least 2
lenders working on the loan, so that if one starts playing games with
you, you have a backup plan. You'd be amazed at how often that
helps!

The one thing I'm not so sure about is why you are so upset with
lendingtree.com. I don't deal with them at all, but I think they are
just a service that these mortgage brokers use to market their
services/rates. Since you aren't paying lendigntree.com money to give
you investment advice, I'm not sure that it is reasonable to expect
them to police all the lenders in the country.

I know what you have gone through sucks, but it happens all the time.
It's part of the "bait and switch" techniques used by these lenders.


The best advice (other than getting 2 opinions) I can give is make
sure you read everything before you sign. You did that and kudos to
you for it.

I'll give you credit for one thing. At least you didn't go through
with a closing that would force you into foreclosure, and then blame
Lending Tree.

You supposedly make enough to take out a loan on a home for almost
$3,000,000, yet you care about enough frequent flier miles for your
troubles to take a $200$500 roundtrip somewhere?!

Kudo's to you for reading the paperwork, though, I'm not sure it
should have taken an attorney to find that "error". I wouldn't fault
lending tree, I would put all blame on the agent you were working with
at this fine company.

When I used LendingTree, they made it clear that they were simply find
companies to give me a loan and that they had no responsibility over
those companies.

The quality assurance you speak of is people like you giving them
feedback. Telling them about this is the way that LendingTree can
decide whether or not keep Ultra as one of the lenders they use.

Go after Ultra, but unless LendingTree promised you 25,000 United
miles as a satisfaction guarantee, I just don't see where you go
this.

I'll bet, sadly for you, that Ultra will claim that they never gave
you a locked in rate. If they did, you'd have something in writing
from them.

Well at least you had the good sense to have the paperwork reviewed by
an attorney before you signed anything. I think that should be a
requirement for all real estate transactions.

I'm confused, why are you asking for Frequent Flyer Miles because your
time was wasted in trying to obtain a mortgage? I've never owned a
house, so excuse my ignorance if there is some connection between the
two.

Also, just because Lending Tree recommends another company, I don't
think that makes them liable for that companies shady practices. It
sounds like your issue is with Ultra Mortgage.

If you locked in a 5.5, then that's what you should have received.

If the lender didn't lock you in and the rate went up because of their
error, I think you make a really good point (no pun intended).

However, probably the better thing for you to have asked as a remedy
is for Ultra Mortgage (what a name!) to pay that 1 point to bring your
rate back down to 5.5. Then you get what you wanted and what you were
quoted ~ whether they have to pass that point along to the tardy
appraiser, that's between them.

BTW - I work in the real estate field (legal end, not mortgage end)
and all the apparaisers I know are HUNGRY for work because nothing's
moving.

Read the terms and conditions of the service. You have to submit your
claim to arbitration.

Nice gimme grab there at the end.....

I'm wondering why you are seeking to borrow somewhere around 2.8
million dollars and screwing around with asking for frequent flyer
miles. Why not put your energy into finding the right bank for this
substantial purchase?