• Eric Patterson

We went to Boulder lending to refinance our home loan. Eric Patterson at Boulder Lending initially seemed very friendly at responsive. He gave us a competitive good faith estimate (GFE) for a loan with Caliber funding. Everything seemed to be going great: we paid for our appraisal and were ready to close. However the day before closing it went downhill very quickly. Our final settlement statement showed that lender fees were up by $1300. By law these fees are not supposed to increase. When confronted he tried to confuse us saying that the escrows were higher and so on and so forth (which they also were, by the way). He later admitted the error saying he'd just found it out himself. He blamed of Caliber funding for it and said he would investigate why it even happened. However he was not going to change the settlement costs in our favor. He said that we really didn't have a choice now because the rates had gone up significantly since we first locked the rate. Wow! he sure was taking advantage of us. We were tempted to start afresh, possibly lose the appraisal money, get a higher rate and lose another month just to not deal with Eric anymore. However, we closed with Eric very reluctantly as it seemed too much of a hassle.

A week after we closed, Eric inadvertently forwarded an email thread with Caliber funding and it made everything clear: Eric was personally responsible for locking our rate *three weeks* after we had signed our papers at which point the rates had risen. He raised the lender fees (or points) to compensate for his fault. After eventually locking the rate he made us sign a new truth-in-lending without without providing a "revised GFE". Such a revised GFE would have been illegal anyway since federal law gives the lender only 3 days to give their (only) GFE after we sign the initial rate-lock form. And he pretended like he didn't know what was going on. He lied to us blatantly all the way till the end, covering up one lie with another. So much for calling himself an "upfront" mortgage lender.…More Less