IndyMac Bank - They lie, and do not know what the laws are
I also have issues with this bank, funny thing is I am a Mortgage Underwriter, employed by one of the largest Mortage Insurance company's in the country.
I purchased a home 2 years ago.I put down 16%.
Mortgage Insurance is based on your loan to value. 20% down, and there is no MI.the more you put down, the lower the mortgage insurance. My Mortgage Insurace should have been just under 80.00 per month. My first mortgage statement came, the mortgage insurance premium was 200.00 per month.
I immediatly called, got no where, they told me I didn't understand how MI works! I explained look at my loan application I am a MI mortgage underwriter, and understand more than you do. THey said I signed closing docs agreeing to that, refused to help, refused to admit they were wrong. Even though Mortgage Insurance rates are on a chart and they were collecting way to much.
the person I spoke with was ignorant. I ask for proof I initialed a page that had a 200.00 MI fee per month and eventually they sent one, it was not the one I signed. Because my company originated my loan I had the one I really signed. Confronted them again, they denied and said I didn't have my whole loan package.
they have refused to help. I have tried to fight them but they drag it out and argue with you so much you could only fight the if you had 10 hours a day to do so. The *** person answering the phone (several different ones) kept saying I didn't know how MTA arms and mortgage insurance work. I actually was cleared by Indymac to underwrite loans and sell them to them based on their guidelines.
Told them I was the wrong person to accuse of not knowing how anything in the mortgage industry works. Owned a mortgage company for years, Have a special endorsement to underwrite FHA loans, and have worked for the two largest Mortgage Insurance companys there are. I have gotten solicitations from them to refi, he APR was lower twice than the note rate. This is really not possible, Unless they paid all your cost and gave you closing cost back , which is illegal.
When I called to make them accountable for that, the people on the phone can't explain APR, they can only tell me their company knows how to do it and I don't. I do that all day and have for over 20 years. if this predatory lender goes out of business or takes a loss short selling its loans, it couldn't bring me more satisfaction. their incompetence and unwillingness to work out or correct their errors have hurt MANY people.
to the person who posted the original complaint. Look at a loan called an FHA secure, might help you. Yes there is mortgage insurance. But the rate is going to be better than you will get for the next 4 years if you let the home go into forclosure, you will pay if you want another home and have a forclosure, you will probably pay excessive fees and interest because loan officers who do loans for people who have had a foreclosure for what ever reason seem much of the time to charge more for getting you a less than perfect credit loan.
A FHA secure is some area's will go to a very high loan amount for a little while so consumers can get out of these loans.If I can help you I would be happy to, post a response and let me know