LeaderOne Financial Corp. - Mortgage Reviews

2.0 out of 5 stars
1 Review

From Borrowers in the last year

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These reviews were written by current and former borrowers in the last year.

Oct 19, 2017
Expensive and dishonest.
BlakeInMN Borrower

LeaderOne was recommended by our real-estate agent.  He spoke highly of Mike Ouverson (the loan officer) and assured me that their fees were very competitive.  From the beginning Mike told me that our loan would almost certianly (99%) be retained and serviced by Mortgage One, not sold to a mega-bank.  Mike even told us so in a video message.  This was very important to me because of a recent experience with Bank of America, let's just say Bank of America has horrid customer service.  From the beginning Mike and his team were on top of the process.  There were some clerical errors but they were addressed quickly.  Mike even sent an e-mail to the (house) seller assuring them that financing wouldn't be an issue, possibly helping us beat another offer.  

LeaderOne's initial origination charges were more than triple what my local credit union was going to charge but everything else was comparable.  I detailed the differences and they offered to cut their origination by a third, still double.  When I told them I was going with the credit union they agreed to match the fees and did.  The loan closed on time and we were reasonably satisfied.  Then, prior to the first payment, we received a letter from Chase Bank informing us that they already owned the loan (SURPRISE!) and were now going to service it as well.  I suppose it's possible that our mortgage was actually one of a very few mortgages ("1%") that LeaderOne sells but I think it's 99 times more likely that we were just lied to over and over and over again.  By-the-way, JPMorgan Chase Bank is America's largest bank and Bank of America is second.  

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