BBB Business Review

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This business is not BBB accredited.

Mercantile Mortgage Company

Phone: (630) 515-1001 Fax: (630) 268-0998 View Additional Phone Numbers 246 E. Janata Blvd., Lombard, IL 60148

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BBB Accreditation

This business is not BBB accredited.

Businesses are under no obligation to seek BBB accreditation, and some businesses are not accredited because they have not sought BBB accreditation.

To be accredited by BBB, a business must apply for accreditation and BBB must determine that the business meets BBB accreditation standards, which include a commitment to make a good faith effort to resolve any consumer complaints. BBB Accredited Businesses must pay a fee for accreditation review/monitoring and for support of BBB services to the public.

Reason for Rating

BBB rating is based on 13 factors. Get the details about the factors considered.

Based on BBB files, this business has a BBB Rating of No Rating. The reason is as follows:

  • BBB does not have sufficient information to issue a rating on this business.

Customer Complaints Summary

0 complaints closed with BBB in last 3 years | 0 closed in last 12 months
Complaint Type Total Closed Complaints
Advertising/Sales Issues 0
Billing/Collection Issues 0
Delivery Issues 0
Guarantee/Warranty Issues 0
Problems with Product/Service 0
Total Closed Complaints 0

Additional Complaint Information

FTC Press Release Monday, July 22, 2002

Midwest Mortgage Lender agrees to settle illegal lending charges brought by FTC,HUD,and State of Illinois.
Mercantile Mortgage, headquartered in Westerville, Ohio offers mortgage loans to consumers in 23 states.

The Federal Trade Commission, the U.S. Department of Housing and Urban Development (HUD), and the State of Illinois today announced that subprime lender Mercantile Mortgage Company, Inc. (Mercantile) has agreed to settle charges that the company deceived borrowers about the terms of their loans in violation of the Federal Trade Commission Act (FTC Act) and the Illinois Consumer Fraud and Deceptive Business Practices Act, and also
violated the Real Estate Settlement Procedures Act (RESPSA). According to the FTC, the alleged deception resulted in many borrowers not knowing that their loans required large "balloon" payments at the end of their terms. The proposed settlement would require the company to make a $250,000 payment for consumer redress and create a program to offer refinanced loans on favorable terns to certain borrowers with balloon loans.

Customer Reviews Summary Read customer reviews

0 Customer Reviews on Mercantile Mortgage Company
Customer Experience Total Customer Reviews
Positive Experience 0
Neutral Experience 0
Negative Experience 0
Total Customer Reviews 0

Additional Information

BBB file opened: January 08, 1990 Business started: 02/22/1988 Business started locally: 02/22/1988
Business Management
Mr. Dale Lippold, Mgr Mr. Ronald B. Noble, President
Contact Information
Principal: Mr. Dale Lippold, Mgr
Business Category

Mortgage Brokers Mortgage and Nonmortgage Loan Brokers (NAICS: 522310)


BBB Customer Review Rating plus BBB Rating Overview

BBB Customer Reviews Rating represents the customers opinions of the business. The Customer Review Rating is based on the number of positive, neutral and negative customer reviews posted that are calculated to produce a score.

Customer Review Experience Value
Positive Review 5 points per review
Neutral Review 3 points per review
Negative Review 1 point per review

BBB letter grades represent the BBB's opinion of the business. The BBB grade is based on BBB file information about the business. In some cases, a business' grade may be lowered if the BBB does not have sufficient information about the business despite BBB requests for that information from the business.

BBB Letter Grade Scale

BBB Rating Value
A+ 5
A 4.66
A- 4.33
B+ 4
B 3.66
B- 3.33
C+ 3
C 2.66
C- 2.33
D+ 2
D 1.66
D- 1.33
F 1
NR -----
Star Rating scale

  Average Score
5 stars 5.00
4.5 stars 4.50-4.99
4 stars 4.00-4.49
3.5 stars 3.50-3.99
3 stars 3.00-3.49
2.5 stars 2.50-2.99
2 stars 2.00-2.49
1.5 stars 1.50-1.99
1 star 0-1.49

BBB Customer Review Rating plus BBB Rating is not a guarantee of a business' reliability or performance, and BBB recommends that consumers consider a business' BBB Rating and Customer Review Rating in addition to all other available information about the business. If the BBB Rating is NR then only Customer Reviews are used for the Star Rating.