Warning! Don't use www.mortgagesforphysicians.com aka B of A sucks, part II

[JR]

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Hello everyone,

Well, we have all been discussing various mortgage options for quite some time now. Just a few days ago I actually completed purchase of a property in the area where I am moving for residency. As many other residents on this forum, I've shopped around quite a bit prior to selecting a mortgage loan. I've looked at Suntrust, BofA, Wells Fargo, Washington Mutual and several other smaller banks in the area. I got offered what seemed like a very good deal from B of A, particularly through www.mortgagesforphysicians.com (aka Dr. Banker on this forum).

I initially got a great quote of 5 year ARM with interest only option at a great rate of 4.5%. Received a GFE on 2/16 and was told to pay $200 to lock this rate by 10 am eastern time of the next business day, which I did. I
then received several carbon copied forms from "Dr. Banker" indicating what I
was getting, what the rate was (4.5%) and what the payment would be. I
promptly signed, kept copies and mailed forms back. The whole thing
was done by the end of March. At this point, I was told me to relax
and just wait for the closing on 4/4. I have not received any
additional paperwork in the meantime.

So, it was all good at that point. On the day of closing, when the final paperwork arrived, I was horrified to find out that the rate was actually 4.675% instead of previously promised 4.5%! However, the escrow had to be closed that day and the paperwork was signed. I tried calling "Dr. Banker" during closing, and, of course, was prompted to "leave a message".

The next business day, I promptly called "Dr. Banker" and was told that he knows nothing about the previously promised 4.5% and that the rate was never locked (!?). I went back and found the yellow copies of the original paperwork- IT CLEARLY INDICATES THAT THE RATE IS LOCKED AT 4.5%, THAT THERE IS NOT GOING TO BE ANY CHANGES TO THIS RATE!

At this point I was extremely frustrated and confused- I went to a
local Bof A branch (which ironically had a customer appreciation week)
and told my story to a local loan officer and showed her the original
paperwork. She did agree that the interest rate was locked and
suggested for me to e-mail the regional manager and have this corrected.

After about a week of fighting with several people I am now beginning to realize that it is probably hopeless. I was told that the loan was immediately sold to Sallie Mae and it is now fixed, blah, blah, blah. I will still pursue it, but I am nor certain about the outcome.

I don't want anyone else to go through this mess; that is why I am telling my story. I would strongly advise ADAINST using www.mortgagesforphysicians.com (aka Dr. Banker). I now realize that this people will stop at nothing in order to make a few extra bucks, including making false promises, misleading, etc. I am sure "Dr. Banker" will try to defend his credibility on this forum; everyone should feel free to PM me with further details.

Hope this helps,

 

[Pilot Doc]

Have a lawyer write them a letter for $100. If they don't respond within a week or so, file suit. (Even if you don't have a case and/or don't have the time/money to actually pursue a trial.) In my experience legal paperwork gets attention/results MUCH quicker than talking to people yourself.

 

[surg4me]

I didn't use the site, but I've had a bad experience with BofA as well...after giving a lot of info and talking for 3 days...I suddenly stopped getting responses to my e-mails and phone messages...it's been about 10 days now without any response...

what a waste of time...I am looking into other lenders such as Tower Mortgage (physicianloans.com) and some local banks.

 

[shellfish]

wow, 4.5% is really good. even 4.675%!!! i was offered (but not yet locked) 6% with Physician Lender, but my credit score is pretty bad. c'est la vie. best of luck, get a lawyer, maybe report them to the better business bureau?

 

[Dr. Banker]

JR lets tell the whole story.

4.625% ****** (edited by Admin due to personal information about OP not revealed in his post above)

I challange any lender out there to match the deal you got!!!

I am sure there are plenty of residents out there reading this forum that wished they could be so "wronged" by BofA.

It just goes to show you that you can't please everyone!

 

[14022]

Dr. Banker...If it is true that he has a signed contract promising 4.5% and you closed for 4.625% then you are an unethical sleaze bag that deserves a kick to the crotch. You ripped this kid off and then try to justify it by saying that 4.625% is still a great deal? What kind of crap is that? It doesn't make a darn bit of difference how great the final rate was or how much else you did for this person. If it was anything different from that which was originally promised in writing, then not only is it unethical, but also illegal.

Why is it that medicine seems to be the only profession where we are required to provide a service where perfection is demanded? We can get our pants sued off for a bad outcome resulting from no neglicence whatsoever, but this jerk will get away with lying and cheating and will not face a single consequence. In fact, he will probably get a pat on the back by his company for pulling in a few extra bucks. Disgusting.

JR lets tell the whole story.

4.625% **** (Edited by Admin)

I challange any lender out there to match the deal you got!!!

I am sure there are plenty of residents out there reading this forum that wished they could be so "wronged" by BofA.

It just goes to show you that you can't please everyone!

 

[mosche]

JR lets tell the whole story.

4.625% **** (Edited by Admin)

I challange any lender out there to match the deal you got!!!

I am sure there are plenty of residents out there reading this forum that wished they could be so "wronged" by BofA.

It just goes to show you that you can't please everyone!

ARE YOU SERIOUS?

Evidentally you think that we -- the students on these forums -- are idiots. To respond in the manner that you did, is to basically ADMIT that you misled the OP. While I do not want to incite anyone, I do believe that your post begs the question in that you NEVER contend that the OP is incorrect; only that he/she ought to, basically, suck it up and be happy.

What a crock!

To the OP, be sure to get a print out of these posts -- I'm sure that any judge will love to see Dr. Banker's response.

 

[mosche]

One other thing: JR, be sure to report this to the Better Business Bureau. Often times we are so concerned with our situation being rectified, we forget that unethical business practices seldom occur in a vacuum. You may discover, through the BBB, that this is NOT an isolated occurance; thus, you will be better armed if you have to take this matter to the next level. If there has been no previous complaint, yours will help the next -- and there will be a next -- unfortunate medical student.

Good luck, Mosche

 

[NinerNiner999]

One other thing: JR, be sure to report this to the Better Business Bureau. Often times we are so concerned with our situation being rectified, we forget that unethical business practices seldom occur in a vacuum. You may discover, through the BBB, that this is NOT an isolated occurance; thus, you will be better armed if you have to take this matter to the next level. If there has been no previous complaint, yours will help the next -- and there will be a next -- unfortunate medical student.

Good luck, Mosche

I would also copy this thread and refer the copies to your lawyer, B of A office manager, B of A regional manager, and VP if needed. Refer "Dr. Banker" to his website (which was also mentioned in oher threads by himself) to expose his real identity. You have been swindled by a classic Bait and Switch...

 

[JR]

JR lets tell the whole story.

4.625% ***** (Edited by Admin)

I challange any lender out there to match the deal you got!!!

I am sure there are plenty of residents out there reading this forum that wished they could be so "wronged" by BofA.

It just goes to show you that you can't please everyone!

I am telling the whole story. It is not the the overall deal you provided; it is the misleading and "bait-and-switch" before closing! If you are capable of that, g-d knows what else you can come up with.

Please learn from my experience and go somewhere else.

I have contacted a lawer about this as well.

BTW, Suntrust was offering me a better deal on closing costs

 

[peptidoglycan]

Can we make a sticky of this so it doesn't get lost in the mix, and so that no one else gets duped by this jerk?

 

[JR]

Lets not violate the SDN TOS agreement here; lets not mention any names or reveal any identities.

However, anyone can find out this information if they go to the above mentioned website.

 

[bikerboy]

What Dr. Banker is probably doing is "capturing the spread," meaning that difference between the rate he can get and the rate he actually sells you the loan at is part of his profit margin, or he might get a fat commission from the lending institution for selling such a mortgage. It is a common and accepted method for mortgage brokers to make money. perhaps there was a rate change between when you were quoted and when you actually signed, but it is downright wrong to bump your rate at the last minute when your quote was "locked in" and in writing. Seek redress from B of A, or legal counsel, as over the life of the loan the difference will run into hundreds (short term) to thousands of dollars (long term). That diffference is Dr. Banker's gravy, but ill-deserved in your case.

 

[EctopicFetus]

My wife is an attorney and as such the word CLASS ACTION comes to mind. Get a group of people who have had this bait and switch pulled and sue. Sure the lawyers will get a couple of mil and you will likely recieve $20 or so. But it would change their business practice which is what we want.

DR Banker, this is a very shady move. It is unfortunate that you did this to him even if it is a "great deal". All he wants is honesty, of course we should know by now we cant expect that from the people who prey on physicians.

 

[dry dre]

JR lets tell the whole story.

4.625% ***** (Edited by Admin)

I challange any lender out there to match the deal you got!!!

I am sure there are plenty of residents out there reading this forum that wished they could be so "wronged" by BofA.

It just goes to show you that you can't please everyone!

Okay, first off, who stole my avatar?

Secondly, I hope that the commercial entity known as Dr. Banker can be removed from these boards. It's one thing to offer insight, and quite another to injur, and then insult. You also shouldn't go off spouting other peoples' personal information in this open forum. What a crock...

Just goes to show the kind of character required to become a banker...

 

[echyde]

JR lets tell the whole story.

4.625% *****Edited by Admin

That's fairly a fairly sadistic way to get business -- offer someone a rate and have them pay to lock it, and then renege on the offer at closing. Did you offer him 4.5% or not? Yeah, that's a great rate -- either rate is great -- but that's just a red herring by you to say another lender would struggle to match that. What matters is whether your broke the promise and contract you made with the OP, and not what your competitors are offering.If that happened to me I'd expect an apology and explanation rather than a post saying "you can't please everyone." That's right you can't please anyone by being DISHONEST if the OP's story is correct. Sorry if I'm coming off too brash with my first post to this forum, but after seeing this I just had to register.

Screw going to the BBB, either he gives you the original offer, or you walk and tell everyone you know about this. I wouldn't hesitate about having an attorney review the contract either.

 

[Schedule_II]

JR lets tell the whole story.

**** Edited by Admin

You lowlife.

 

[DrBloodmoney]

You should also make a post to:

www.ripoffreport.com

too. They have a lot of coverage of this sort of thing. Also it is great reading for other enterprises you might get involved with.

 

[clc17]

See, what Bank of America has been "banking" on is the fact that for some time they were the only ones who provided this type of loan. Most of us going into residency are ready to buy houses. Most of us have huge debt from medical school and finding a lender that will work with that initially seems impossible, except that, at all my residency interviews I seemed to get a pamplet from someone from Bank of America. So, sure I called them first. Then I got frustrated with who I was working with and even had my loan switched to someone else (they say it's impossible, but tell them you're leaving to go with another bank and miracles happen). In fact, I had emailed Dr. Banker and once he found out that I had a loan number he never ever ever contacted me again. Even later, I got a packet from where I will be going for residency and they had a bunch of banks advertising in there for mortgages, not just BOA.

Now, I dare all of you residents to get the word out. Tell other residents looking for mortgages. If you think this won't hurt it will. Tell them to call Suntrust. To call Wachovia. Call Wells Fargo. Call RBC. Get in touch with current residents at your program and ask who else in the area there is and go with them. Pass that information on from year to year. How Bank of AMerica and their representatives have misused their power with residents and TAKE YOUR BUSINESS ELSEWHERE!

To you have been personally offended....take your contracts to your attorney, write many letters to people who count at Bank of America and see what happens. Maybe you'll get your mortgage paid for.

To anyone else who has been harmed by Dr. Banker or Bank of AMerica...keep the information coming.

My family owns a chain of grocery stores. They (not me, but they) are worth millions (i am worth negative that). They bank with Bank of AMerica. At least they USED to. I have convinced them to switch and I would do the same with your relatives who bank there.

 

[docB]

Now, I dare all of you residents to get the word out. Tell other residents looking for mortgages. If you think this won't hurt it will. Tell them to call Suntrust. To call Wachovia. Call Wells Fargo. Call RBC. Get in touch with current residents at your program and ask who else in the area there is and go with them. Pass that information on from year to year. How Bank of AMerica and their representatives have misused their power with residents and TAKE YOUR BUSINESS ELSEWHERE!

To you have been personally offended....take your contracts to your attorney, write many letters to people who count at Bank of America and see what happens. Maybe you'll get your mortgage paid for.

To anyone else who has been harmed by Dr. Banker or Bank of AMerica...keep the information coming.

Let me point out that while taking your business elsewhere and using word of mouth to get others to do the same are totally appropriate actions in this case it is absolutely wrong to sue someone just because you have been offended. If you think you have an actual quatifiable monetary loss then you could try to get that back but but looking to "get your mortgage paid for" is the same type of jackpot mentality that gives the bottom feeding medical malpractice lawyers such a great scam. Don't fall into the suing for fun and profit trap. We're above that. Or, at least, we should be.

 

[Pingu]

I think by personally offended he meant those who have been screwed by BoA, but maybe not. Hey, if the rest of the US can sue people left right and center, why not us? If a wrong has been done, which in the originally posters case it has, then sue away! I'm sure Dr. Banker wouldn't hesitate to sue for med mal.

Anyways, to the OP, sorry to hear about your troubles. We used Compass bank and the only problem we have had with them is they lost a copy of our bank statement a week before closing and we had to fax it to them. So overall I've been happy with them.

I queried BoA to see what I could get and was quoted about 80,000. Which in dallas will buy you a crack house and a pit bull to go with it. They clearly aren't interested in our future earnings, something that most other banks are.

 

[docB]

I think by personally offended he meant those who have been screwed by BoA, but maybe not. Hey, if the rest of the US can sue people left right and center, why not us? If a wrong has been done, which in the originally posters case it has, then sue away! I'm sure Dr. Banker wouldn't hesitate to sue for med mal.

I argue that as the people worst affected by the litigious society that has been spawned we have a duty to rise above the lawyers and the scum they shill for. It is incumbent upon us not to use litigation for inconveniences, revenge and get rich quick schemes.

Now, for the case outlined by the OP (and not knowing a lot of the specifics) I'd say that he would be justified in trying to get back the difference in payments between the quoted rate and the delivered rate. I suspect that the most he could really hope for would be an invalidation of his mortgage due to the failure to deliver the promised rate so he could go start over. What I most strenuously object to is the notion that he should sue because he might hit the jackpot and get his mortgage paid off. That's just wrong. Next thing you know people will be tossing fingers in chili so they can sue Wendy's.

 

[margaritaboy]

Next thing you know people will be tossing fingers in chili so they can sue Wendy's.

Damn. I thought I was only cat on to that scheme. It doesn't seem to be working for me though, and I've only got eight fingers left.

 

[PCN]

On the "mortgage" thread I have asked several times for this a**hole ("Dr" Banker) to be taken off the forum. I strongly feel that these forums are not for free advertisement and resent any broker or other company trying to get a free plug.

Additionally, I agree with the above poster. You guys need to chill out with the class action suits. You did the right thing by posting your experience here. This sends a strong message to stay away from BofA and the "Dr" Banker guy. Keep on pushing to get your money back from BofA, and you will. Finally let this be a good life experience that you will learn from. We will all have such experiences and we only get wiser from them. My dad told me that he was refinancing several years ago and got the bait-and-switch at closing from an out of state company. He got up and walked out at closing. Never used this company again, found a reputable broker and used him since. The thing that I learned, as I am currently waiting to close on my condo, is to never trust the out of state guys. You can not reach them when it is critical to get their attention.

Let me point out that while taking your business elsewhere and using word of mouth to get others to do the same are totally appropriate actions in this case it is absolutely wrong to sue someone just because you have been offended. If you think you have an actual quatifiable monetary loss then you could try to get that back but but looking to "get your mortgage paid for" is the same type of jackpot mentality that gives the bottom feeding medical malpractice lawyers such a great scam. Don't fall into the suing for fun and profit trap. We're above that. Or, at least, we should be.

 

[Winged Scapula]

On the "mortgage" thread I have asked several times for this a**hole ("Dr" Banker) to be taken off the forum. I strongly feel that these forums are not for free advertisement and resent any broker or other company trying to get a free plug.

If you have a problem with another user or a particular thread, you need to contact a Moderator or Administrator. Our time is limited and most of us do not have the time to read every thread or search all the posts for possible TOS violations (although it may seem like it at times 😀 ). I read most threads but ones like "Mortgages" for which I have little interest I do not (ie, I haven't looked at it at all).

Also please be aware that calling out another user or using profane language in reference to that user is a TOS violation. The user you speak of is currently on Account Hold and a decision is pending regarding his status.

 

[Leforte]

Mortgage rates can be confusing.

All though I do not know the specifics of what happened, I know that for my mortgage, I was quoted a rate, but when it came time to close, the rate was slightly higher, as was yours. When i inquired about this, I was told that the loan for $150K was at the promised rate, but I was also rolling the origination fee, etc, and once these were factored in, the "effective" interest rate over the life of the loan was slightly higher, as I was also paying for an additional 2-3% of the original note at the same quoted interest rate -

Thus the interest on the additional amount was summated with the interest on the extra 2-3% for closing and when divided out over the life of the loan yielded a mildly higher rate -

Also, the difference in 4.5% vs 4.625% on a $150k loan is $11 per month (see bankrate.com) - or ~$400 for a 3-year residency - is all this worrying worth it to you? Trust me, the $11 a month will be the least of your worries come July 1st - But if you are not in a house and are trying to work the floors while moving in to a place - the regret of not having your Sh-- sorted out before internship starts will be huge.

 

[NinerNiner999]

I don't think the OP was concerned about the rate change in itself, I think he/she was confused that the rate was chanegd without his/her knowledge, after it was locked in. I think its the whole principal of the matter...

 

[k's mom]

Mortgage rates can be confusing.QUOTE]
Um, yes, but that's not really the point. Real estate brokers, escrow agents, used and new car salesmen, life/health insurance brokers, etc...can (and often do) make big bucks using the same statement. I agree with much of the advice given above....the BBB has helped me on many occasions, a quick note from an attorney (check and see if you will have any "perks" with the hospital's legal department...perhaps a free letter on your behalf) and continue with what you are doing. However, one thing I caution anyone is to remember that YOU CAN ALWAYS WALK OUT THE DOOR. Who says escrow had to be closed that day? The seller? The lender, who was screwing you over anyway? The broker? I don't care if it is your dream house, or a $5,000.00 used car....unless you decide it is worth it, be willing to walk away.
The last time we bought a car, my husband and I counted SIX separate attempts to scam us, and at least one they got away with. That was with a pittance of a commission on the line, at least compared to what a lender earns on a mortgage. Good luck, and thanks for the heads up.

 

[JR]

Mortgage rates can be confusing.QUOTE]
However, one thing I caution anyone is to remember that YOU CAN ALWAYS WALK OUT THE DOOR. Who says escrow had to be closed that day? The seller? The lender, who was screwing you over anyway? The broker? I don't care if it is your dream house, or a $5,000.00 used car....unless you decide it is worth it, be willing to walk away.

I understand your point. However, the escrow had to be closed for several reasons:1. the sellers had a deadline themselves, they had another mortgage they had already started paying. If we were not to close that day, they would never deal with us ever again. And we really fell in love with that house. 2. We live in a different state; looking for another property for us would have been a nightmare (I am still doing my internship). 3. If we have postponed the closing and went with a different bank, our rate would have been even higher as the rates have gone through the roof in the past couple of months.

So, technically, the escrow did not HAVE to be closed that day. But you can see why we went ahead and finished the deal.

 

[Obedeli]

Also, the difference in 4.5% vs 4.625% on a $150k loan is $11 per month (see bankrate.com) - or ~$400 for a 3-year residency - is all this worrying worth it to you? Trust me, the $11 a month will be the least of your worries come July 1st - But if you are not in a house and are trying to work the floors while moving in to a place - the regret of not having your Sh-- sorted out before internship starts will be huge.

I thought the same thing too BUT, I think it is a frustration of principle. The fact that a business promise was made then quickly broken would PISS ME OFF! I don't care how much it is. The message from a company like that is that they can't be trusted with little, so how can they be trusted with much. How else are they going to nickel and dime them? BoA needs to watch themselves with customers, especially those with high earning potential. Could you imagine how they must treat someone with little earning potential!

 

[bigbear]

Are you sure you are not confusing APR with a quoted interested rate. The APR on the truth in lending statement is alway a touch higher because it is reflecting the total cost of financing.

 

[JR]

No, I am not confusing these terms; I know the difference.

Are you sure you are not confusing APR with a quoted interested rate. The APR on the truth in lending statement is alway a touch higher because it is reflecting the total cost of financing.

 

[Jeff698]

Just another reminder that "physician loans" are not limited to the big national banks. I asked both my realtor (being fully mindful of the potential bias there) and my new program coordinator for recommendations of local bankers who work with new residents.

I got a good loan from an independent bank in my soon-to-be new-hometown. They have been honest with me and I know exactly where their office is. I can stop by and talk with them in person if/when I have any questions.

So...don't forget to look at your local banks.

Take care,
Jeff