I submitted a request to the lender to switch the loan product for an existing client, my intention was to secure a better interest rate for my client with the product switch.

Found out that during the product swap, the lender has sneakily increased my client rate by 2.38% and overcharge them $1k in interest for the past month!

I questioned the lender on this, they replied this is because I missed submitting a specific form along with the product swap request, so their system has automatically charged a higher rate to my client. The tone the lender took was this is in line with their policy and that they did nothing wrong to overcharge my client by $1k. Unacceptable! 

This is obviously not good enough and unethical by the lender. I went back to the lender again to negotiate for a full refund of the overcharged interest to my client.

After numerous back and forth emails with the lender, they finally agreed to refund all of the overcharged interest to my client and to readjust my client interest rate to a better rate than before. This is another example on how lenders (and their staffs) don’t have borrowers’ best interests in mind. At Kaya Finance we do regular rate reviews for all of our home loan clients, home loans should never be set and forget.