HSBC Mortgage - Adjustable Premier Product

Was there some sort of contract that described how the adjustments were supposed to be allowed? That seems like it would be controlling here.

Jordyn - I agree. I don't have the loan documents in front of me, but do have the numerous written representations for the senior loan officer clearly stating the term upon which I relied - "free modifications over the lifetime of the loan." I imagine all HSBC Premier Arm product customers are in the same situation and I'd like to hear from them.

Look at the loan documents. It doesn't matter what was represented to you by the Sr. Loan officer in emails, all that matters is what you signed in the loan documents. However, if the loan documents do say that you are allowed "Free modifications over the lifetime of the loan" (which I would be very surprised if they did so) they would not be allowed to change that unless they had a clause that allowed them to suspend that or restructured the loan with your approval. Read your loan Docs. If the Loan officer lied to you in email, you might be able to sue him personally, but in these situations the court generally expects that you read and understand legal documents you sign.

Back in the day (i.e., 10 years ago), Citibank would do this for any private client for a flat fee, which was something like $750. No more, and in fact the Citibank refi costs (which I am going through now) are silly.