10/7/10: Borrowers’ followup questions and branch Manager Jeffrey Hsiao’s response

10/7/10:  The borrowers’ response to Jeffrey Hsiao’s 10/6/10 email:

Dear Mr. Hsiao,

I appreciate your reply, but you did NOT answer our questions about the rate increase.

1) Christine posted the FNMA rates at her new Provident blog and the rates have NOT changed since 8/20/10:

http://liarsandcheats.info/provident-bank-mortgage-lending-incompetence/busted-t he-fnma-rates-prove-that-rates-did-not-change-since-the-original-quote/

Christine is prepared to testify under oath that Provident branch manager Anthony quoted to her the 4.375% rate on 9/30/10 for an 80% cash-out refi with 720+ FICO scores and NO points.

Please provide your rate sheets for 8/20, 9/28, 9/30 and 10/6.

WHY is our rate now a full 1/4% higher than on 8/20/10?

2) You failed to explain why the rate is 1/4% lower for a 740+ FICO score. How do you come up with these rates?

3) Please provide me with the name of the regulatory agency in charge of Provident Mortgage. Where can we file our complaint? Are you licensed?

Sincerely,

10/7/10: Branch Manager Jeffrey Hsiao’s response:

Hi [borrower], You seemed extremely confused and Christine unfortunately is confusing you even more. My comment below about 0.25% points for impound waiver IS NOT AN INCREASE IN INTEREST RATES! It CLEARLY STATES POINTS. At no point in my email did I state that base interest rates have increased within the last few days. Please get your information correct before you and Christine begin to point incorrect fingers. My company’s legal department will be looking into possible legal action with Christine Personally for her incorrect posting with is Defaming the our company.

Again, if you choose not to proceed with your loan application, you may cancel at anytime. If you would like to proceed with your application, you will need to come to my office and schedule an appointment for us to proceed.

Jeffrey Hsiao
Branch Manager
Provident Bank – Mortgage Division

When we received this email I knew that we had to START OVER with another lender.

I spent the weekend contacting brokers and the following week I helped my clients apply.  On 10/14/10 we locked at 4.375% with no points and no impounds – 3/8% lower than at Provident Bank.



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