Loan Factory

Absolutely Unethical

We submitted an application for a refinance. We applied for a rate of 3.375% on a 15-year fixed with over $1000 in credits after all closing costs.

After spending all day scrambling to get all source documentation to our loan officer (Sherry) and being assured that our loan would be processed quickly so we could lock the rate, we were then told (AFTER a hard pull was done on our credit) that not only was the rate not available but that the 15-year fixed product wasn’t available at all.

Instead, they offered us a 30-year fixed at 4% with nearly $1000 in COSTS. Keep in mind that, the day before, we were quoted a 30-year fixed at 4% with close to $2500 in CREDITS.

This company toots their own horn for their technologically advanced system that makes it clear cut from the start what costs will be by including lender AND third party fees, but all they did was lie, screw up our credit score, and ultimately not deliver on what they promised.

Absolutely unethical. Sure, Sherry did stay up late trying to process our loan, but at the end of the day, she was unable to make things right for us and her follow up was EXTREMELY slow.

I had to follow up multiple times just to get a hold of her.

Additionally, she told me the lender who was supposed to service the loan had there not been an error was supposed to reach out to me.

4 days later and I still haven’t heard from them… nor do I want to at this point.

I don’t have time to wait days for a response, so we just went with another lender who wasn’t as shady and I’m glad we did because rates have jumped back up since then.

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Loan Factory reviews are no way affiliated with yelp & reddit. Their business is located at 639 Tully Rd ste+c, San Jose, CA 95111, USA. Loan Factory could be contacted by dialing (408) 292-9222 or logging on their website loanfactory.com. Loan Factory business page on Dirty Scam received 1 consumers reviews/complaints, page views and 4377$ of monetary losses. The most of the users reported the severity of the scam is High.
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1 review on Loan Factory

  1. Bad Service Provide

    1. ask your broker which lender they are planning to choose (even you may able to get the low rate but if the lender give your lots of trouble. it will cost lots of your personal time and work)

    2. Call hi-Mark stuff worker every other day for update information and ask them what document is needed for later. Because they dont really call you, they mostly email you. They only call when certain document is needed for urgent and when that happen, you might not have enough time to prepare.

    3. ask which title company is your broker going to choose for you when the time to lock the interest rate. If you prefer your favorite one then tell them otherwise they will pick one for you.

    4. dont be confused when your broker tell you that there are few hundred dollar of credit back. It is not that they give you any money. It just the lender give credit on the paper work for processing fee. Ask your broker all the question before agree to begin the process or sign any document.

Tully Road 639
San Jose 95111 CA US
Get directions
Reviews:1
Reported Loss :4377 $
Severity of Scam :High
Reported by : Anonymous
Views :