I applied for refinance and qualified for 3.75 and $290 closing fee as Executive member. There are other typical fees such as appraisal and escrow fees.
I was assigned to Weststar Mortgage, Inc. My initial contact was with Ty Nuottila. He is very smooth promises you the world and then hands you off to some minion to shuffle the paperwork. In my case it was Shane Shockley.
As it turned out Ty Nuottila is the type of person that if shake his hand, you better count your fingers afterward.
The Costco funnel to this well orchestrated "den of thieves" begins to unfold as the loan mysteriously takes longer than expected. Therefore your rate lock expires. They give you every conceivable reason for the delay. It sounded like an old "Saturday Night Live" show.
When the final paperwork arrived it was at 4% and close to $1,000 in points to receive a lower mortgage interest rate. Nothing was ever said about the interest rate going up and the new buy down fees.
This is classic "Bait and Switch". Here the mortgage lender has breached its fiduciary obligation to me. The mortgage company has a fiduciary duty that includes a requirement that the mortgage broker place my economic interests ahead of his own economic interest.
You can be assured that I will be filing complaints with State regulatory agencies alleging :Misrepresentation of mortgage product, unfair business practices and many more consumer causes of action.
I am also filing complaints with the ALL Federal agencies that oversee mortgage brokers, lenders and banks.
STAY AS FAR AWAY FROM THESE VULTURES AS YOU CAN. THEY GOT ME FOR THE APPRAISAL FEE AND I WILL NOT PLAY INTO THEIR SCHEME OR ARTIFICE TO HOOK ME FOR A HIGHER RATE AND PAY ADDITIONAL FEES.
This may be an appropriate case alleging Civil RICO violations. (RICO) "Racketeer Influenced and Corrupt Organizations Act"
A word to Costco, take a hard look at the slime that is representing you.
Reason of review: HORRIBLE EXPERIENCE.
Preferred solution: GIVE ME MY LOAN AS QUOTED OR ALL MONEY EXPENDED.
Costco Cons: Entire experience.