Loan Pronto

My experience with LoanPronto was very difficult. When I reached out to the Senior Mortgage Consultant, I requested the interest rate and closing costs on a HELOC loan. The interest rate was competitive, and he wrote in an email that he could complete the closing costs for $2,000. Based on this information, I chose LoanPronto to complete the process. The next day, I received an estimate of closing costs that was higher than the $2,000 I was quoted, at just over $3,000.

I reached out to the Senior Mortgage Consultant and was assured, again in writing, that this was just an estimate and my closing costs would be $2,000. Fast forward to the evening before closing. Late in the day, I received the final closing cost, totaling $4,443.15. I immediately reached out to the Senior Mortgage Consultant and asked him to give me a call about this. He did call the next morning and admitted he had made a mistake.

I said I expected his company to honor his written commitment. He assured me he would speak to the President of the company to make things right. For your information, over $3,000 of the closing costs either went to Loan Pronto Inc. ($1,875.00) or a related company, Title Pronto LLC ($1,200.00). How could a licensed consultant quote me $2,000? It seems like this was not an honest mistake but a disreputable way to gain business.

By lunchtime, there was an update saying he was working with the President and trying to take care of my situation. At 2:00 PM, he called me to apologize, admitting he made a mistake, but the President decided not to honor the written documentation sent to me and stated that if I wanted to close, I would need to pay the entire amount. I declined.

This may not be illegal, but it is certainly unethical and a poor way to conduct business. This $2,500 mistake is less than 0.1% of the monthly revenue for LoanPronto, yet they chose not to support and agree to the written information supplied to me, which I used to choose LoanPronto. I am also concerned about how many other people they have done this to.

I was in a situation where I did not need the money that day to close on a house. If that had been the case, I would have been forced to incur the $2,500 costs, which was through no fault of my own. Please stay away from this company, as they do not conduct professional business practices.

We live in an oceanfront condo in Florida and contacted loan pronto 4 times to discuss an express equity loan that is frequently advertised on the radio. We learned that four other friends contacted loan pronto as well. In our case, we have excellent credit (over 800) with over $600k in equity. We explained we only wanted $50k and not much left on our mortgage at 2%. Each time we called, we were told the loan officers who work with Florida were unavailable and would call back. No one ever did. Also, no one ever responded on line. We learned from our friends who also contacted loan pronto they had the same experience.
Not sure what their game is but radio advertisements are very misleading.