Rate and Review Omega Mortgage

- Deceptive practice - - - 1/27/2012 1:25:48 PM
I have just had more than 3 months of experience trying to secure a refinance loan through Omega Mortgage in West Warwick RI. Let me first state that we are excellent customers with high income and credit ratings. To begin, I was quoted a low fixed rate but was dissuaded from locking in that rate for a variety of reasons that were supposed to be to my advantage. I have since learned through multiple reliable professional sources that this rate was never available in the industry. I was also assured that Lowell bank would carry and service the loan. Communication only occurred when I initiated it. The broker was never available and he never returned my calls. He did occasionally send an email. Each time we spoke there was something else that was required from me to process the loan. I was assured on multiple occasions that we would be closing within the "next few days". It all came to a head when I received a good faith estimate from US Bank with a rate that was a half point higher (a rate that has been reportedly in effect for several months), a prepayment penalty, an origination fee and closing costs that were almost twice as much as I was quoted. I have had conversations with other brokers at Omega in my brokers repeated absence regarding this and was assured that the manager would call me the same day, but I have yet to hear from him some 2 weeks later. I finally did get an email from my broker with a lengthly explanation that is quite suspect. I sincerely believe we have been victims of deceptive practice and I strongly advise anyone to avoid this company.