Coactive Financial Corp. Complaint - Incompetence and Dishonesty
GRANADA HILLS, CALIFORNIA -- When my wife and I decided to remodel our house, our contractor reccomended these guys. The loan officer we got had no clue what he was doing, and blatantly lied about the terms of our loan. After we signed the papers, we were given incomplete loan documents to review, so we didn't see the $25,000 loan origination fee and the 8.34 % interest (loan officer told us it was a 1 % interest rate- he didn't know the difference between interest and payment rate). When we finally found out the truth, the loan had funded, so we were screwed. We confronted the manager, and while he grudgingly admitted that his loan officer screwed up, he said the deal would stand. He said he would accept responsibility "as much as he could". All he gave back was $15,000 of the $25,000 origination fee, and we then got soaked an additional $18,000 prepayment penalty when we refinanced to a 6.375 % loan. Moral of the story, if at all possible, deal directly with the big lenders. It's not in their best interest to screw their customers, unlike those amateurs at Coactive.