Does anyone know where I can go to see how well mortgage lenders are rated by consumers? I'm in the process of buying a new house and I'd like to research some lenders before I commit to any of them. Your help in advance is greatly appreciated. Thanks, Buckets
You can screen for problem lenders or servicers by searching on ftc.gov, consumeraffairs.com or ripoffreport.com, or possibly bbb.com. Those will only show problems, not positive reports. What you want to make sure of is that you are not dealing with a predatory lender who will pile lots of fees and "insurance" on your loan, and that they, or their loan servicer, does not engage in other predatory actions such as delaying posting of payments, reporting erroneous lates, force placing insurance when they have already been notified there is coverage, "foreclosing" on mortgages that have in fact been paid, etc., or any other indication they do not meet their contractual and legal obligations. Here is an example of what you do not want: http://www.ftc.gov/opa/2003/11/fairbanks.htm Keep in mind that large lenders may have some complaints regardless of how legally and competently they run their operations, but there are usually enough details to figure out if the consumer created the problem ("I lost my job and didn't pay my mortgage for 6 months, they are foreclosing, but they won't work with me now that I have contacted them" (Yes, people lose their jobs, but you are in a better position dealing with it up front than when you are already in foreclosure.)).
