How to file a complaint against a mortgage broker in NY?

Question

I was cheated by my Loan Officer who promised me 6.25% interest and $1500.00 refund from my Loan amount due to my not paying the points and not charging Survery and Termite Inspection. When the closing papers came, I was shocked to see that I was given 6.50% interest rate and the amount that was to be refunded was named as Fee which HAD to pay. On calling him, he told me to go ahead and sign the papers and he will definitely get back what I was promised. The 3 day loan period went back very fast by his false promises and then after that, he stopped taking my calls. Now everybody says that since I signed the papers, nothing can be done. I feel cheated. Is there anything I can do about it??

Answer 1

You are entitled to file a complaint at any time against this lender/broker. However, your chances of getting any financial remuneration are very slim, since you signed the documentation and went past the three day right of rescission.

Learn from this lesson and accept NOTHING which is not clearly documented and signed.

Answer 2

you still have a chance with "small claims"
you need proof
so eg..
did you have a committment letter from this lender guaranteeing the 6.25%??
or
do you have proof via fax? telephone message? scribbled note? of 6.25%?
or
do you have in the purchase offer a writting of 6.25%???
do you have a witness..of the 6.25% offer?
or
can you prove that 6.25% was the general offered interest when you wrote your offer??

if you can prove this..you have a chance on the others offers existed..

now......it is going to be asked why did you sign all the papers if this was the promise??? (why did you not show the lawyer?) and simply you didn't want to lose the....deal is an answer... but it could have been corrected then..

now the Survey, most people use an existing survey and they can be found with a bit of time........you should not have needed a new Survey to be done. You could have used the existing one..??? why didn't someone find/locate that?

example of interest: $23,000 for 5 years at 5.5% is $6325 of interest.. or ap. $105 a month.

so the third problem..The Termite Inspection..i personally think if you can prove the other 2..then the 3rd promise would become..easily provable..

small claims court.....and phone and let the lender know first..they may negotiate..and save you the time..
good luck

Answer 3

File a complaint with the Banking Commission that is the governing authority for loan officers etc. The 3 day right of rescission has passed you will not be able to negotiate AFTER the fact BUT you can certainly file a complaint against the loan officer.

Hope this helps

Answer 4

Was this a refinance? You need to file a complaint against him with the Banking Commission of New York, and they will launch an investigation.

Signing the papers at closing means very little....the banking commission understands that most laypeople can't read those forms...especially if you have the attorney as a witness that you called him mid-closing to question the interest rate...that will waive heavily.

Call them first-thing Monday.

Answer 5

There are various agencies that you can file your complaint with, as some of the other answerers have stated.
Here are some links from our research department that might help you acomplish your rights:

Consumer Law Help manuals:
http://www.consumer.state.ny.us./clahm/start.htm
Consumer Protection Board:
http://www.consumer.state.ny.us./
NY Attorney General and other research for other states offices
http://www.oag.state.ny.us/links/links.html
Locate all local government web sites: http://www.nysegov.com/citguide.cfm?context=citguide&content=munibyalpha
I wish you the best of luck on your research