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Airway Lending

Scott of Morgan Hill, CA September 13, 2008

On June 28, 2008, I posted a complaint against Airway Lending regarding a mortgage loan that was misrepresented to me. While I do not agree with the way in which this loan was represented, the company has been very cooperative and did made good on my out-of-pocket expenses (despite my posting!). Having dealt with Sean now over the last couple of months through emails and phone conversations, I believe that my initial experience was an isolated instance. He has remained extremely courteous and professional throughout this whole ordeal. I believe he is sincere, hard working and I also believe he strives to be honest and ethical in his dealings with others (thats my assessment 2-1/2 months later).

I also want to state for the record that I do not wish for this complaint to remain on the ConsumerAffairs.com website, and have asked to have it removed. Since I have been unsuccessful to date in making this happen, I believe this follow-on post to be the next best thing.

Lastly, I thought I was issuing my initial complaint with a government agency and did not realize that it was going to be indiscriminately posted for the world to see for which I take full responsibility for not carefully reading the disclosures on the ConsumerAffairs.com website. I certainly wouldnt have used the particular individuals name in my posting had I known otherwise.

For the sake of the company and individuals involved, I would again respectfully ask that ConsumerAffairs.com remove my original June 28 post from their website.

James of Lake Forest, CA September 8, 2008

I did a refinance about a month ago with Airway Lending. I dealt with Sean Meador and was a little skeptical too because of the complaint I saw. I decided to proceed and found out Sean gave me the best refinance experience I could have had. He was courteous, explained the loan in detail and made sure I knew all the figures before I signed and the process was really really quick. I would refer anyone to him. I am not sure if the guy was real above because my experience was outstanding. I would refer any of my friends to him for financing.

Scott of Morgan Hill, CA June 28, 2008

I received a solicitation from Airway Lending offering a 3.25% - 30 Yr Fixed Rate (APR of 3.76%). This struck me as being too good to be true, so I called Airway lending to find out what the catch was. They claimed this to be the true lending rate, despite the fact that I asked multiple times in different ways to try and make sure this was true. After going through the qualification process and providing all of the necessary paperwork -- and receiving a typed 'Uniform Residential Loan Application' from Airway lending reflecting an Interest Rate of 3.25%, I called the individual I was dealing with (Sean Meador) to confirm that 3.25% represented the true Note rate. It wasn't until I asked questions that I discovered that the 3.25% interest rate was completely fictitious

I called Sean's bluff on this and explained that the true interest rate was 5.225% (based on the figures he provided me over the phone) to which he tried to tell me that what I was referring to was referred to in the Mortgage industry as the Qualifying rate. The bottom line is Airway Lending intentionally misrepresented the interest rate they planned to charge me -- despite my direct questions to confirm the true interest rate.

Today I received a Borrower's Loan Documents Copy from Wachovia -- and the Good Faith Estimate of Settlement Costs reflected Prepaid interest at closing (HUD item #901) at 8.4%. Their Uniform Residential Loan/Equity Line of Credit Application also reflected the interest rate of 8.4%. This in contrast to the 3.5% that was presented to me by Airway Lending. I have copies of everything, from the original solicitation, to the loan applications provided by Airway lending -- and then Wachovia. This was clearly intended to deceive and misrepresent.

No monetary damages... just wasted time pulling together loan docs -- and the frustration of dealing with an unscrupulous mortgage broker who was lying to me.

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