On August 3rd, I applied for a 15 year mortgage refinance from Chase to Mid-Island Mortgage for 141,000 at 3.875 percent. The sales agent was Mark Miceli, the processor was Lori Moltisanti, and the closing agent was Andrea Madison. The closing was on October 26, in which a promised $690 interest rate credit was not given and an additional undisclosed fee of $475 was added.
Monetary Losses
Throughout August, interest rates fell. On August 24 at 2:25pm, I called Mark Miceli and asked him to lock the interest rate at a lower rate. Mark explained that I could keep the rate at 3.875 percent and receive a credit for $690. He said that I should confirm this by sending him an email, which I did at 2:53pm.
On October 20th, Mark informed me that he never locked the rate as I had requested, would not honor our agreement, and claimed that interest rates had risen so that only $150 credit could be given. I forwarded the email to him, however he ignored it and would not respond to my request. The 15-year rate fell from 3.44 on August 26 to 3.26 on October 7th, so I found his claim that rates had risen questionable. Mid-Island Mortgage did not issue ANY interest rate credit at the closing.
The GFE had an application fee of $545, and $2,200.64 in additional fees. Without any disclosure Mid-Island Mortgage added an additional ""document fee"" of $475 to a legal firm hired by Chase known as Reis Cooper LLP. This non-disclosed fee added to line 105 on the HUD-1 is an additional 17% of the total GFE fees. Furthermore, the mortgage with Chase doesn't disclose a prepayment penalty.
Lastly, the title insurance was $400 in the GFE and $462.72 at the closing.
Total Losses that Should Be Reimbursed: $1,227.72
Other Complaints
Mark Miceli and Lori Moltisanti were misleading, evasive and overall unprofessional.
My wife and I have more than 100 emails and made about as many phone calls with Mark Miceli and Lori Moltisanti asking for status updates because they rarely answered the phone or replied to messages. I had also specifically requested in numerous emails and phone conversations that the mortgage be processed and approved prior to having an appraisal on the property completed. Despite this guarantee by Mid-Island Mortgage, Lori Moltisanti continued to ask me for more information for their underwriting team to approve the loan even though she had said that it was already approved before. While I responded to all of their information request immediately, their tactics dragged the process on for nearly 3 months. I asked them numerous times via email and over the phone to resolve these issues, however they refused.
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