Would like to share my mortgage loan process handled by Banc of California (BANC) based in Irvine see if anyone had similar experience and let others be cautious. It was for a new home purchase last fall in San Jose, a BANC loan officer from Walnut Creek was introduced and came in to facilitate the loan process in order to help the builder (Kxx) complete the sales transaction. During the initial solicitation period, the loan officer first made a very sweet promise to get you into the game, then back off the initial commitment by forcing (enticing?) the borrower to accept compromised offer at a higher interest rate by claiming that was the best and fastest they could do (it was a portfolio loan at a higher rate) and claiming they would refinance later for a better rate six months later with better qualification. When asked the confidence & commitment, the reply was "100% absolutely no problem, I can get you a commitment letter signed by my VP who will resolve any issue if there will be any". I felt it was not necessary to get a letter (shouldn't people trust each other?) and even naively believed the loan officer was sincerely trying to help. Seven months later, the same loan officer did start refi process but then came back saying "It can't be done" without bothering to offer any explanation whatsoever.

In retrospect from hindsight, it was to BANC's best interest to help the builder complete the sales asap so that more deals can be obtained later on one hand while being able to charge higher interest on the other hand. A nice win-win. To get the borrower hooked on, the loan officer gave all the promises she could humanly possible. This is deceptive, unprofessional and mis-representing. Otherwise, the loan officer would have been apologetic with a logical explanation. It appears that BANC of California may have a business practice that it is okay to get a sale or deal by making a "false" promise and commitment. Let's see where this will lead us to.