Mortgage company fails to give promised rate, member says

Mortgage company fails to give promised rate, member says

Member complaint

I hired Pleasant Valley Home Mortgage of Moorestown, N.J. to refinance my mortgage. They locked me into a 2.5 percent rate, and then failed to honor their commitment.

I spent 50 days going through the application, appraisal, loan processing and underwriting and was at the point where I provided time slots for closing with my loan officer.

I then learned my contact was let go along with at least half of their workforce and that the company could not honor their rate quote. They suggested I walk away, or said they might be able to offer me a rate about 0.75 percent higher the following week.

I want them to refinance my mortgage at the 2.5 percent they agreed, or offer a mortgage at current rates, with enough lender credit that I’ll ultimately pay the same amount as our original agreement.

Alan Braem, Kendall Park, N.J.


Penalty Box

Have a complaint?

Our Angie’s List complaint resolution team attempts to resolve disputes between members and service providers. During this process, three outcomes can happen: Penalty Box, Resolved or Stalemate. Companies that don’t respond to a member’s complaint will be placed in the Penalty Box until they respond. A case becomes Resolved if a company addresses the complaint to the member’s satisfaction, or it becomes a Stalemate if the provider responds, but the company and the member can’t reach an agreement. Find out more about the Complaint Resolution Process.

Post New Comment


What is Angie's List?

Angie’s List is the trusted site where more than 3 million households go to get ratings and reviews on everything from home repair to health care. Stop guessing when it comes to hiring! Check Angie’s List to find out who does the best work in town.

Local Discounts

Daily deals up to 70% off popular home improvement projects from top-rated contractors on Angie’s List!