American Enterprise Bank

Roger of Stockton, CA February 12, 2009

I was contacted about an opportunity to refinance my home mortgage. I was attempting to lower my existing mortage by obtaining a lower interest rate. Talked to a Michelle Melby who described what seemed to be a lower rate that would indeed lower by monthly payments but finance cost would go on the end of the mortgage time frame. I discussed home values in my area expressing concern about whether the value would be enough to sustain the requirements for the loan. She thought there would be no problem since my home had appraised for 200 k more than the loan requirement two years prior. She took my information, credit card number for filing for the loan and for the appraisal that would have to be completed prior to my loan.

I received the loan papers overnight with a request to sign and return all requested information overnight. This cost me 68.00. I did so and received a call the next afternoon. She said she made a call to someone in my area who said that the values whould not support the loan and I would be billed 399.00. Basically that was it. I sure in all of the pages of documents I probably agreed to this.

The natural complaint is I feel like I was mislead completely. She made one phone call and obtained the information she should have had prior to any application. This was not a true appraisal. The whole process feels like I was taken for the 399.00 plus the 68.00 mailing fees. It feels like lending is slow and they on misleading people to obtain fees for a few entries in template forms.

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