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Mortgage Elite Inc

Phone: (763) 557-9600Fax: (763) 557-9627

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Customer Complaints Summary

1 complaint closed with BBB in last 3 years | 0 closed in last 12 months
Complaint TypeTotal Closed Complaints
Advertising / Sales Issues1
Billing / Collection Issues0
Problems with Product / Service0
Delivery Issues0
Guarantee / Warranty Issues0
Total Closed Complaints1

Complaint Breakdown by Resolution

Complaint Resolution Log (1)BBB Closure Definitions
08/15/2013Advertising / Sales Issues | Read Complaint Details
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Complaint
I specifically asked my agent three times on a certain matter, and he guaranteed that it would not be a problem. He lied w/o clarifying.
I specifically asked my agent, ************, three seperate times if my new mortgage co. would accept weekly payments. I told him that was very important to me, or I wouln't refinance with them. He assured me all three times that it wouldn't be a problem, they will accept that. I asked him again on May 17th, before we closed "now you are sure that ******* Mortgage accepts weekly payments"? He said yes they do. I got the welcome packet in the mail a week after closing and they only accept once a month payments. By then it was past the 3 business days to cancel the refinance. I feel I was lied to just so the agent could make a closing.

Desired Settlement
I want my mortgage transferred to a company that will accept weekly payments like I was told I would receive.

Business' Initial Response
Contact Name and Title: ****** ***** / Loan Offic
Contact Phone: ************
Contact Email: ***********@mortgageelite.com
I am writing thisw letter in response to **** ******s complaint made in regards to the weekly paeyments with her mortgage servicer. After speaking with my lender representatives during the process of the refinance I was told that they will be allowing clients to setup payment plans that the clients can use to have their payments deducted bi-weekly. The servicer advised **** that she could simply setup a seperate account with her bank that deducts payments from her primary checking account once a month. **** ****** could at anytime ask the lender to pull any execess funds that remain in the account and thus accomplish exactly what **** was looking to accomplish until they are setup to pull payment automatically. The mortgage servicer has advised **** that they will be setup to pull payments via electronic funds transfers bi-weekly within the next two months. ****'s loan had $0 added to the principal balance of the loan and **** paid $0 out of pocket. This was a true no closing cost loan as her payoff was $167,004.55 and her new loan was made for $166,870.00. **** has also recieved a large sum from her current lender for what was in her escrow account and $0 of her equity or cash was used to establish her new needed escrow account. **** ******'s total payment was reduced by $173.00 per month and her rate was reduced from 5.5% to 4%. Mortgage Elite inc worked with Mrs. ****** for the past year helping to improve her credit scores so that she could obtain a stronger financial position.

Consumer's Final Response
(The consumer indicated he/she DID NOT accept the response from the business.)
My new mortgage company does NOT draft weekly payments, which I specifically asked for several times. I know I am able to set aside $ each week, but I know I am not self disciplined enough to accomplish that. I made ****** specifically aware of my need for weekly drafts and he falsly stated that would not be an issue. And what is a large sum from my previous mortgager? I received $344.12. Mortgage Elite did NOT help me with my credit scores, I accomplished that, ****** told me if I paid one account down to a certain balance, they would be able to offer me a loan, I did what he said, and then he told me it wasn't enough. I paid off several accounts and he called me months later to offer another deal. I would like a different mortgage company that can accomodate my needs, like I was assured would happen!

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BBB Business Reviews are provided solely to assist you in exercising your own best judgment. Information in this BBB Business Review is believed reliable but not guaranteed as to accuracy.

BBB Business Reviews generally cover a three-year reporting period. BBB Business Reviews are subject to change at any time.