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When I used to log into the ING Direct website and accessed my orange mortgage info, there was always a button to renew my rate on my 5-1 ARM Mortgage. Now when I log in at Capital One 360 I do not see that option. Does anyone know how to go about renewing your rate now or is this no longer an option?

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Hi all! Now that I am no longer underwater I called CapOne and had a conversation about my "flat fee" rate renewal and t... (more)

splatz4265 (Mar. 03, 2014 @ 12:41p) |

Please let us know how this turns out for you.

cruisencode (Mar. 03, 2014 @ 12:43p) |

Hey I just remembered what ever happened to the ING Class Action on this?

splatz4265 (Mar. 03, 2014 @ 12:44p) |

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That was the first thing I noticed missing after the Cap One announcement was made a few motnhs back - right before the rate drop from .85 to .75
Probably safe to say this aspect of Orange Mortgage (or whatever they're calling it now) is no more

Here is what the new site says...

Can I extend my fixed rate period?

We're here if your needs change. You don't even need a new loan. If you qualify, you can relock your rate for another 5 or 7 years at today's current rates without extending the time to pay off your mortgage - for a cost equal to one monthly mortgage payment. We may not always offer Rate Renewals. Interest rates, eligibility requirements and costs can change at any time. To learn more, simply give us a call at 1-800-464-9263.

Has anyone done this? Before the website switched, ING Direct 5-year ARM was 2.75% now on the new website, they are advertising the 5-year ARM at 2.5%. Does that mean that if I want to save 0.25% and reset my rate, all I have to do is pay 1-month payment? I did it a couple years ago with ING Direct, but you did it right on the website. Has anyone called Capital One 360 to get more details?

Hey im interested also. Do we know the answer even without calling? Hi we're from Capital One and we are here to screw you. Look us underwater schlubs we are definitely screwed. They will jam us with all sorts of new Bizzaro terms and we are trapped like Kiva rats!

BadBoyXV said:   Has anyone done this? Before the website switched, ING Direct 5-year ARM was 2.75% now on the new website, they are advertising the 5-year ARM at 2.5%. Does that mean that if I want to save 0.25% and reset my rate, all I have to do is pay 1-month payment? I did it a couple years ago with ING Direct, but you did it right on the website. Has anyone called Capital One 360 to get more details?

I called Monday morning about this for my Orange Mortgage, they told me the currect customer rate was 2.875%, that it isn't posted anywhere on their web site (only way to find out is call in) and the only way to get the 2.5% rate was to do a full refinance with closing and escrow (they are now requiring escrow for new Cap One 360 Mortgages, BTW). They pretty much killed the reason I got this mortgage. I'm planning to refinance to the PenFed 5/5 plan with no closing costs.

AverageGuy09 said:   BadBoyXV said:   Has anyone done this? Before the website switched, ING Direct 5-year ARM was 2.75% now on the new website, they are advertising the 5-year ARM at 2.5%. Does that mean that if I want to save 0.25% and reset my rate, all I have to do is pay 1-month payment? I did it a couple years ago with ING Direct, but you did it right on the website. Has anyone called Capital One 360 to get more details?

I called Monday morning about this for my Orange Mortgage, they told me the currect customer rate was 2.875%, that it isn't posted anywhere on their web site (only way to find out is call in) and the only way to get the 2.5% rate was to do a full refinance with closing and escrow (they are now requiring escrow for new Cap One 360 Mortgages, BTW). They pretty much killed the reason I got this mortgage. I'm planning to refinance to the PenFed 5/5 plan with no closing costs.


Thanks for the info. Were there any other requirements (LTV, etc.) in order to qualify for this?

cruisencode said:   Thanks for the info. Were there any other requirements (LTV, etc.) in order to qualify for this?

Not sure what you're asking. Qualify for the rate buydown to 2.875% or to refinance at 2.5%? My rate is already at 2.875% from doing a buydown back in 2011. It had always been ING's policy to allow the customer to do a rate buydown as often as every 6 months for the cost of 1 month's mortgage payment. When I did it in 2011 it was all on the web site, clicked a few buttons, they pulled funds equal to 1 months payment from my linked account and the rate went from 3.5% to 2.875% the next month with a new 5 year rate lock. If the rate dropped to 2.5%, it would be worth it for me and make it back in about 23 months.

When I called and found out they where hiding the current customer rate from the customer and that is was 15% higher then their published rates on the web site, I didn't quiz them further, I thanked them and hungup.

AverageGuy09 said:   Not sure what you're asking. Qualify for the rate buydown to 2.875% or to refinance at 2.5%? My rate is already at 2.875% from doing a buydown back in 2011. It had always been ING's policy to allow the customer to do a rate buydown as often as every 6 months for the cost of 1 month's mortgage payment. When I did it in 2011 it was all on the web site, clicked a few buttons, they pulled funds equal to 1 months payment from my linked account and the rate went from 3.5% to 2.875% the next month with a new 5 year rate lock. If the rate dropped to 2.5%, it would be worth it for me and make it back in about 23 months.

When I called and found out they where hiding the current customer rate from the customer and that is was 15% higher then their published rates on the web site, I didn't quiz them further, I thanked them and hungup.


Yeah, I was asking about the rate reduction. I actually called them last night and it looks like you need to have 80% LTV or below.

They said I would need to pay $450 for an appraisal. If it came in below 80% LTV the $450 would be applied toward the rate reduction fee. If it came in above 80% LTV I would be out $450.

They also said I could pay the loan down to get it below 80% LTV. How nice of them!

My rate is at 4.5% (from a previous rate reduction a while back), but my LTV is around 90%. It's not set to adjust until 6/14. So I guess I'm screwed.

cruisencode said:   
Yeah, I was asking about the rate reduction. I actually called them last night and it looks like you need to have 80% LTV or below.

They said I would need to pay $450 for an appraisal. If it came in below 80% LTV the $450 would be applied toward the rate reduction fee. If it came in above 80% LTV I would be out $450.

They also said I could pay the loan down to get it below 80% LTV. How nice of them!

My rate is at 4.5% (from a previous rate reduction a while back), but my LTV is around 90%. It's not set to adjust until 6/14. So I guess I'm screwed.


Wow, those terms are horrible. I've been an ING Direct customer since 2001 and I don't see anything at Cap One 360 that would make me want to stay a customer.

I've never had any of my banks improve by getting acquired by another bank.

I called Capital One 360 and they added the rate renewal link to my account and I can now use it when I log on. I did the rate renewal a year ago to go from 3.5% to $2.99 percent. It was super easy with just a couple of mouse clicks.

My complaint now is that the rate renewal rate for the 7yr ARM is .125% higher then their new loan rate. ie. today it is 2.875% not the 2.75% shown for new loans. I called and asked if that was correct and was told it was and that they have the option to end the rate renewal program at any time. I believe the original terms of my loan specified I could renew the current rate for 5 or 7 years for the cost of one monthly payment. I really feel this is unfair and that their rate renewal terms are misleading.

I thought we were all "doomed" till I checked out the Rate Renewal feature with Capital One 360, and in fact went ahead and did it (just minutes ago). As it turns out, things are not so bad after all. In fact, the only thing different from before is that you need to call Capital One 360 and ask them to enable the Rate Renewal button. After logging in, go to the Rate Renewal tab and choose either the 5 or 7 year ARM option. The new terms are displayed and you click a button to accept. I found the terms to be identical to ING's terms.

The thing bumming people out here (including yours truly, initially) is that the Rate Renewal interest rate is a bit higher than what Capital One 360 offers on their ARM. We feel ripped off because new applicants get a better rate. HOWEVER, I did some checking and discovered that the rate they offer us old ING Direct customers is the same as what ING would be offering had Capital One not bought them out. In other words, Capital One's ARMs offer a lower rate than did ING's.

The bottom line is that nothing has change except for the need to call and get the new rate and to have the Rate Renewal button restored.

The cost of going for Capital One's lower-rate ARM (other than closing costs) is that they don't offer Rate Renewal. Let me repeat... WITH A CAPITAL ONE 360 ARM YOU DON'T GET THE RATE RENEWAL FEATURE! (Actually, if you currently have an ING ARM, maybe they will give you Rate Renewal with their own ARM.... I forget what they said about that. But new customers definitely don't.)

temp2thegreat said:   I thought we were all "doomed" till I checked out the Rate Renewal feature with Capital One 360, and in fact went ahead and did it (just minutes ago). As it turns out, things are not so bad after all. In fact, the only thing different from before is that you need to call Capital One 360 and ask them to enable the Rate Renewal button. After logging in, go to the Rate Renewal tab and choose either the 5 or 7 year ARM option. The new terms are displayed and you click a button to accept. I found the terms to be identical to ING's terms.

The thing bumming people out here (including yours truly, initially) is that the Rate Renewal interest rate is a bit higher than what Capital One 360 offers on their ARM. We feel ripped off because new applicants get a better rate. HOWEVER, I did some checking and discovered that the rate they offer us old ING Direct customers is the same as what ING would be offering had Capital One not bought them out. In other words, Capital One's ARMs offer a lower rate than did ING's.

The bottom line is that nothing has change except for the need to call and get the new rate and to have the Rate Renewal button restored.

The cost of going for Capital One's lower-rate ARM (other than closing costs) is that they don't offer Rate Renewal. Let me repeat... WITH A CAPITAL ONE 360 ARM YOU DON'T GET THE RATE RENEWAL FEATURE! (Actually, if you currently have an ING ARM, maybe they will give you Rate Renewal with their own ARM.... I forget what they said about that. But new customers definitely don't.)


Unfortunately, this only works if they think you have 80% or lower LTV.

I just called again and they told me I would have to pay down almost $30,000 in order to get the rate renewal option. Otherwise, I could send them $450 so they can get an appraisal. If it came in below 80% LTV the $450 would be applied toward the rate reduction fee. If it came in above 80% LTV I would be out $450.

So, at least in my experience, something has changed.

I have what was a 5/1 ING Orange Mortgage. I called up CapOne 360 and they added the rate renew tab back to my account no problem (about 55% LTV), however, I was told it would only stay on the website for 7 days. After that I would have to call back in and have them do it again. The rep did make it clear that CapOne may discontinue the rate renewal option all together, at any time, for old ING customers. For those that are interested, I am showing 2.75% for a 5/1 renewal and 3.0% for a 7/1 renewal in my account.

My rate renewal link was added back and it has been there over seven days. The rate renewal is/was advertised to reset your rate to 'today's rate' for the cost of one monthly payment.

In response to my BBB complaint Capital One has said that the rate renewal rate is 'not published' on the web site and that the advertised rate is their refi rate. Well this just all seems wrong to me. The 3/8% difference now in the 7 yr ARM can mean several thousand dollars over a few years. I have also filed a complaint at consumerfinance.gov.

The Capital One reps also keep telling me the rate renewal option may discontinue at any time. Well they should have told us that when we applied for our loans. They did not.

It took me awhile and 4 numbers given to me by customer service to reach the loan department. I also have a 5/1 adjustable and I finally spoke to someone. The number is 855-777-2645. I hope that helps and good luck.

angelawhite said:   It took me awhile and 4 numbers given to me by customer service to reach the loan department. I also have a 5/1 adjustable and I finally spoke to someone. The number is 855-777-2645. I hope that helps and good luck.

What was your issue with your loan? Did you get it resolved?

I didn't trust CapitalOne to keep the rate buydown, so I ended up buying down my 7/1 to 2.875% the week the ING purchase was finalized. My next rate adjustment is March 2019, which is a few months before I retire and about when I put the house on the market to move south.

I do see the rate buydown for the 7/1, but it's at 3%. So you're not getting the promo rate any more.

I'm glad I did the buydown when I did, as I hit my break-even point in about six weeks.

Just checked my rate renewal rate for my 7 yr ARM. It is 3.0%. The rate posted for new 7 yr ARM loans today is 2.65% with -1/4 point. Prior to web site changing to capitalone360 the renewal rate was always the new loan rate. I know this because I check at least once a week.

Hi all you savers!

Sorry for the long post but I wanted to share: Here is a forwarded email to my buddy Nick Robinson.

Hi,

Just got your recent note about the transfer of my ING mortgage. I guess I am not the only one unhappy with the Rate Renewal pledge that ING made. Repeat after me when you buy a business you buy its assets and its liabilities. Many of us unsuspecting financial neophytes took the bait.

I have posted several times on My Fat Wallet and intend to expand my posts with respect to the "Alls Quiet on the Western Front" approach you have taken with respect to the issue.

I get it, as good as I get the fact that your as Caveat Emptor as the next er banker.

Here is all I want, please refrain from these mealy mouthed emails that pledge honesty and forthrightness or whatever you are claiming this week.

Please just continue to tell me to pay off the difference on my 7/1 before any modification discussion can begin, or any thought offering a deal to allow me a conventional 15 year at today's rates without a complete refinance. Yeah I believe that before it resets up it will not be paid off. You get that part on my end, it is ultimately to end our relationship. I know you would like it to continue.

My only solution is what I am doing, paying off this piddling mortgage in the manner that allows me to pay it down to shop somewhere else for a banker willing to bring customer service to the customer advisor level, to establish the rules, you have to pay us back, but not to use circumstances beyond your control in the housing market to hose you.

The irony of all this is I have never missed making an on time payment. Does that define an asset for you?

How about an Allstate good mortgage payer rate?

Ok. I am off on tangent. Back to my request. No disingenuous, simpering emails about our banking relationship. Lets keep it at stupher and stuphee? Kay?


Begin forwarded message:

From: "Yarger v. ING Bank Class Administrator"<notice@RateRenewClassAction.com>
Date: March 29, 2013, 3:00:32 AM EDT
Subject: Legal Notice about a class action involving Orange Mortgage or Easy Orange Mortgage loans from ING Direct
Reply-To: administrator@RateRenewClassAction.com

If you obtained an Orange Mortgage or Easy Orange Mortgage loan from ING Direct between October 1, 2005 and April 23, 2009, a class action lawsuit may affect your rights.

A court authorized this notice. This is not a solicitation.

Beginning in October 2005, ING Direct (“ING”) offered “Rate Renew” on some home mortgage loans known as “Orange Mortgages”. Beginning in July 2008, ING offered the Rate Renew feature on a separate loan product called an “Easy Orange Mortgage.” If you obtained one of these loans between October 1, 2005 and April 23, 2009, a pending lawsuit may affect your rights. The lawsuit is known as “Yarger v. ING Bank, FSB d/b/a ING Direct.”
The parties who brought the lawsuit against ING are called the “Plaintiffs.” The Plaintiffs claim that ING guaranteed holders of Orange Mortgage and Easy Orange Mortgage loans (the “Loans”) the ability to Rate Renew their loans for a flat fee and that ING refused to honor this guarantee. In particular, the Plaintiffs claim that ING charged more than the promised flat fee and denied some customers the opportunity to Rate Renew at all. ING denies that it guaranteed either the availability or the price of Rate Renew, or that it has done anything wrong.
The current lawsuit affects your legal rights if you obtained one of the Loans between October 1, 2005 and April 23, 2009 while you were a resident of: Colorado, Connecticut, Delaware, Florida, Illinois, Massachusetts, Minnesota, New Jersey, New York, or the State of Washington. If you did this, you are known as a “Class Member.” If you were not resident in one of these states when you first obtained your loan from ING, then you are not a Class Member and the pending lawsuit does not affect your rights.
This notice is being provided to you in advance of a trial. No judge or jury has concluded that ING did anything wrong. For this reason, there is no money available now to distribute to Class Members, and there is no guarantee there ever will be. If you are a Class Member, however, you have a choice to make now:
YOUR LEGAL RIGHTS AND OPTIONS IN THIS LAWSUIT:
DO NOTHING: Stay in this lawsuit. Await the outcome. Give up the right to sue separately.
If you are a Class Member (defined above) and do nothing, you may be entitled to money and/or benefits that may come from a trial or a settlement of the lawsuit. But you will never be able to sue ING separately over the legal claims in this lawsuit, and if ING wins this lawsuit you will be bound by that judgment.
ASK TO BE EXCLUDED: Get out of this lawsuit. Get no benefits from it if any are ultimately awarded. Keep the right to sue separately.
If you ask to be excluded from the lawsuit and money or benefits are later awarded, you won’t be eligible to share in those. But you will keep any rights to sue ING separately over the legal claims in this lawsuit.

Your options are explained in this notice. To ask to be excluded, you must act before May 31, 2013.
To prevail in the lawsuit, the Plaintiffs must prove the claims against ING, but a trial has not yet been scheduled. If money or benefits are obtained from ING, you will be notified about how to ask for a share.


Basic Information


1. Why was this notice issued?
A Court has established, or “certified,” this case as a class action lawsuit. The lawsuit now includes
all individuals who obtained or retained an ING Easy Orange or Orange Loan at any time between October 1, 2005 and April 23, 2009 who were residents of the following states at the time the loan was obtained: Colorado, Connecticut, Delaware, Florida, Illinois, Massachusetts, Minnesota, New Jersey, New York, and Washington. These people are called the “Class” or “Class Members.” Excluded from the Class are the Defendant ING, its parents, subsidiaries, affiliated entities, any entity in which ING has a controlling interest, and the current and former legal representatives, officers, directors, employees, assigns, and successors of those entities, as well as the Judge to whom this Action is assigned and any member of his immediate family.

If you are a Class Member, you have legal rights and options before the Court decides whether the claims being made on your behalf are correct. This notice explains all of these things.

Judge Leonard P. Stark, of the United States District Court for the District of Delaware (the “Court”), is currently overseeing this case. The case is known as Yarger v. ING Bank, FSB d/b/a ING Direct, Case No. 11-154-LPS. The people who sued are called the Plaintiffs. The company they are suing, ING, is called the Defendant.

2. What is a class action?
In a class action, one or more people called “Class Representatives” (in this case, Johnathan and Trude Yarger) sue on behalf of people who have similar claims. All these people are a “Class” or “Class Members.” One court resolves the issues for all Class Members, except for those who exclude themselves from the Class.

The Court decided that a claim in this lawsuit, for alleged violation of the Delaware Consumer Fraud Act, can proceed as a class action. More information about why the Court is allowing this claim to proceed as a class action is in the Court’s Memorandum Opinion, which you may view at www.RateRenewClassAction.com.


3. Is there any money available now?
No. The Court has not decided whether ING did anything wrong, nor whether any Class Members are entitled to relief, so there is no money or benefits available to the Class and no guarantee that there ever will be. If money or benefits become available, Class Members may have to take other steps, such as submitting a claim form, in order to get their shares. If so, you will be notified of any additional steps you must take. You can stay informed of the progress of this case by visiting the website www.RateRenewClassAction.com or by calling 1-877-810-7911.


What the Lawsuit is About


4. What is this lawsuit about?
In this lawsuit, the Plaintiffs claim that ING made express and material representations to Class Members that Orange Mortgage and Easy Orange Mortgage loans came with what they describe as a “Rate Renew Guarantee,” and that ING has not honored and does not honor this. Instead, the Plaintiffs claim, when Class Members have sought to Rate Renew for a flat fee, ING has denied them the ability to do so on the basis that they do not qualify, and/or charged them an amount in excess of the promised flat fee. ING has denied all of these allegations, maintains it did nothing wrong and/or illegal, and states that it is not obligated to pay any money to any Class Members.

5. What is the “Rate Renew Guarantee”?
The Plaintiffs claim that ING promised mortgage borrowers that they could change the interest rate on their loans to ING’s then-current rate for new loans (““Rate Renew”) for the flat, fee in effect at the time the loan was made, and that the borrower could do so at any time during the life of the loan, without further qualification. Plaintiffs describe this as a “Rate Renew Guarantee.” No such term was ever used by ING. Specifically, the Plaintiffs claim that Orange Mortgage loans included a $500 Rate Renew Guarantee from October 1, 2005 to approximately May 2008, and that Orange Mortgage loans and Easy Orange Mortgage loans included a $750 Rate Renew Guarantee from approximately May 2008 through April 23, 2009. ING denies that it promised that Rate Renew would always be available, or that it promised Rate Renew fees and terms would never change.

6. What are the Plaintiffs asking for?
The Plaintiffs are asking the Court for:
Compensatory damages;
Punitive damages for what the Plaintiffs claim is ING’s fraudulent, gross, oppressive, and/or reckless conduct;
Prejudgment and post-judgment interest;
The costs of bringing this suit, including reasonable attorneys’ fees and costs; and
All other legal and equitable relief to which the Plaintiffs and Class Members may be entitled that the Court deems proper.
More information about the lawsuit is in the First Amended Class Action Complaint, which you may view at www.RateRenewClassAction.com.

7. What does ING say?
ING denies all of the claims and allegations in the lawsuit. ING continues to deny that the Plaintiffs and any group of customers constitute a certifiable class. ING also denies that it guaranteed to the Plaintiffs or to any other customers that the terms on which it would offer Rate Renew would never change. More information about what ING says is in ING’s Answer and Affirmative Defenses to First Amended Class Action Complaint, which you may view at www.RateRenewClassAction.com.

8. Has the Court decided who is right?
No. The Court has not decided whether the Plaintiffs or ING are right. The Plaintiffs must prove their case at trial, which has not yet been scheduled.

Who is in the Class


9. How do I know if I am part of this?
You received this email notice because ING’s records indicate you may be a Class Member.
The Court has decided that everyone who fits the following description is a Class Member:
All individuals who purchased or retained an ING Easy Orange or Orange Loan at any time between October 1, 2005 and April 23, 2009 who were residents of the following states at the time of purchase: Colorado, Connecticut, Delaware, Florida, Illinois, Massachusetts, Minnesota, New Jersey, New York, and Washington, excluding Defendant ING, its parents, subsidiaries, affiliated entities, any entity in which ING has a controlling interest, and the current and former legal representatives, officers, directors, employees, assigns, and successors of those entities, as well as the Judge to whom this Action is assigned and any member of his immediate family.

10. I’m still not sure if I am included in the Class.
If you are still not sure whether you are included in the Class, you can visit the website www.RateRenewClassAction.com, call toll free 1-877-810-7911, email administrator@RateRenewClassAction.com, or write to Yarger v. ING Administrator, P.O. Box 3770, Portland, OR 97208-3770, for more information.

Your Rights and Options


If you are a Class Member, you must decide whether to stay in the Class or whether to exclude yourself before a possible trial. You have to decide this no later than May 31, 2013.

11. What happens if I do nothing at all?
If you do nothing, you will stay in the Class. If you stay in, you will be legally bound by all of the decisions that the Court makes, and if the Plaintiffs obtain money or benefits you may be entitled to a share. Regardless of the outcome of the lawsuit, however, you will never be able to sue (or continue to sue) ING about the legal claims in this case.

12. What happens if I exclude myself?
If you exclude yourself from the Class, and the Class obtains any money or benefits you will not be eligible to claim any of that money or those benefits. You also will not be legally bound by the Court’s judgments if you exclude yourself. You will be able to sue (or continue to sue) ING on your own about the legal claims that are involved in this case, now or in the future, assuming your claims are not time-barred (you should consult your own attorney to make such a determination).

13. How do I request to be excluded?
To exclude yourself, you must send in an “Exclusion Request” form, which is available at www.RateRenewClassAction.com or by calling 1-877-810-7911. Be sure to include your name, address, and signature. You must mail your Exclusion Request postmarked by May 31, 2013, to: Yarger v. ING Exclusions, P.O. Box 3770, Portland, OR 97208-3770.

The Lawyers Representing The Class


14. Do I have a lawyer in this case?
Yes. The Court appointed the law firms of Lieff Cabraser Heimann & Bernstein, LLP, New York, NY; Meyer Wilson Co., LPA, Columbus, OH; and Rosenthal Monhait & Goddess, P.A., Wilmington, DE, to represent you as “Class Counsel.” You do not have to pay Class Counsel out of your own pocket. If you want to be represented by your own lawyer and have that lawyer appear in court for you in this case, you may hire one at your own expense.

15. How will the lawyers be paid?
If Class Counsel obtains money or benefits for the Class, they may ask the Court for fees and expenses. You will not have to pay these fees and expenses out of your own pocket. If the Court grants their request, the fees and expenses would either be deducted from any money obtained for the Class or paid separately by ING.

16. May I get my own lawyer?
If you are in the Class, you are not required to hire your own lawyer because Class Counsel is working on your behalf. But if you want your own lawyer, you are entitled to retain one at your own expense. For example, you can ask him or her to appear in court for you if you want someone other than Class Counsel to speak for you.



A Trial


17. How and when will the Court decide who is right?
If the case is not dismissed or settled, the Plaintiffs will have to prove their claims at a trial. No date has been set for a trial. During the trial, the judge and/or jury will hear evidence in order to determine whether the Plaintiffs or ING are right about the claims in the lawsuit. There is no guarantee that the Plaintiffs will win any money or benefits for the Class.

18. Do I have to come to the trial?
You will not need to attend unless you choose to do so or you are asked to attend by the Court. You and/or your own lawyer are welcome to come, at your own expense. Check the website or call at 1-877-810-7911 and ask to be kept informed of the trial schedule.

19. Will I get money after the trial?
If the Plaintiffs obtain money or benefits as a result of the trial, you will be notified about how to submit a claim to participate. Currently there is no trial date. We do not know how long this will take. Information will be posted on the website www.RateRenewClassAction.com as it becomes available. You can access the website whether you stay in the lawsuit or exclude yourself.

Getting More Information


20. Are more details available?
Visit the website at www.RateRenewClassAction.com, where you will find the Memorandum Opinion certifying the Class, the First Amended Class Action Complaint that the Plaintiffs lodged, and ING’s Answer and Affirmative Defenses to First Amended Class Action Complaint. You may also call toll-free at 1-877-810-7911, email them at administrator@RateRenewClassAction.com for more information, or write to Yarger v. ING Administrator, P.O. Box 3770, Portland, OR 97208-3770.


SOURCE: United States District Court for the District of Delaware

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I just received an email about the class action lawsuit. Unfortunately, I originally obtained my loan in April 2005. So I'm not part of the class.

The rate renew rates available to me dropped from 3.00 to 2.875 for a 7/1 and from 2.75 to 2.625 for a 5/1 when I checked them yesterday. If you've been waiting to do a rate renew, you might want to check their new rates.

The problem I have with this is the rate renew rates had always been the publicly advertised rates up until about 6 weeks ago (when the web site was updated). I had checked every week for the last 2 years and they were when ING had their 2.99% special (when I renewed from 3.5% to 2.99%). I don't see how the rate renewal rates can be something else made up just for the purpose of the rate renewal rate. The rate renewal is supposed to be a relock of 'today's current rate' for the cost of one monthly payment. Today's current advertised rate is 2.65% for the 7/1 ARM (-.625 points) and 2.375 for the 5.1 (.125 points).

I am glad that I found this forum.

I got a 5/1 with Ing about 10 years ago. As the 10-year treasury note was low I kept the loan until now. I never noticed a rate renew tab even when I was with Ing.

Current CapitalOne 360 rate is 2.50, but they offered that at a closing cost of $2800. There are no points, the higest fee is on "Title insurance and lenders title service". Obviously it is not worth for me to refinance at that cost. 10-year treasury note is still low, but I was thinking of future and get a rate fixed for another 5 or 7 years. I have a LTV of about 50% or better.

What is your advice?

- Wije

I hope previous responds. But I have to share that my LTV is like 20 per cent, but do you think I can bring this stuphers to the table? Eh? No but I just read in the NYT they are offering 100 per cent financing to new buyers again. So tell me how does someone with near perfect credit swallow the fact that douche bags are getting 100 per cent loans again probably from Cap 360 and these putzes won't come to the table for my piddling 7/1? What scares the shit out of me is that when Bernacke's fiat currency ponzi fails interest rates are going to level out at between 15 and 18 per cent maybe more. Remember Jimmy Carter's 23 percent? And i am royally SKA REWED!


...of course that will pale in comparison to the the gun fights at ATM.

Oh. Remember on this thread we are talking about the Loan Modification ING offered not a full refinance. I did my mod about 2 years ago. Remember one months mortgage payment? That was the deal. That is what the class action is all about don't let the capone schmeckles play dumb on this!

I only INQUIRED about a rate renewal about a month ago and was told rate was 2.75%. I said send the necessary paperwork and I'll THINK about it. I never acted on it at all. Today I login and see my rate was just reduced from 2.99 to 2.75 starting this month. I don't see ANY additional charges and checked by auto-pay checking account to verify. There is NOTHING!

Haha, I guess they screwed up somehow, the system adjusted it incorrectly, or they decided to just do it out of 'goodwill.' No idea, but the rate, bi-weekly amount, and term have all changed without me signing or agreeing to anything.

edit: I just called in to talk with live person and they verified the change in rate. I didn't ask additional questions about it as to possibly raise a red flag...

Brudha said:   I only INQUIRED about a rate renewal about a month ago and was told rate was 2.75%. I said send the necessary paperwork and I'll THINK about it. I never acted on it at all. Today I login and see my rate was just reduced from 2.99 to 2.75 starting this month. I don't see ANY additional charges and checked by auto-pay checking account to verify. There is NOTHING!

Haha, I guess they screwed up somehow, the system adjusted it incorrectly, or they decided to just do it out of 'goodwill.' No idea, but the rate, bi-weekly amount, and term have all changed without me signing or agreeing to anything.

edit: I just called in to talk with live person and they verified the change in rate. I didn't ask additional questions about it as to possibly raise a red flag...


If you're on an ARM, you may have reached the end of the fixed term. Are you sure your rate wasn't set to renew this month?

When I did my rate renewal back in December 2011 there was no paperwork to sign. Are you sure you didn't get charged?

I renewed my 5year Easy Orange at 2.875% in the fall of 2012 for the cost of two bi-weekly payments. I'm hoping this feature stays, thanks for the good information on calling CapOne to get the tab enabled.

The same thing happened to me. When I called customer service, the "Rate Renew" option was re-enabled. However, unlike with ING Direct, the rates are higher than the currently advertised rates. I am in the process of a Refi with them and it is absolutely awful...lots of errors on their part and lengthy delays. Still not sure if I will go through with it at this point.

ronsingh said:   The same thing happened to me. When I called customer service, the "Rate Renew" option was re-enabled. However, unlike with ING Direct, the rates are higher than the currently advertised rates. I am in the process of a Refi with them and it is absolutely awful...lots of errors on their part and lengthy delays. Still not sure if I will go through with it at this point.

Why would you do the refi and not the rate renewal? I understand it is .5% higher right now but I doubt you cover the difference after all of your closing costs.

Off topic but I am doing a refi with them. It seems like their underwriting department doesn't really know what they are looking at. Very frustrated with teaching them what to look at on my tax returns.

ronsingh said:   The same thing happened to me. When I called customer service, the "Rate Renew" option was re-enabled. However, unlike with ING Direct, the rates are higher than the currently advertised rates. I am in the process of a Refi with them and it is absolutely awful...lots of errors on their part and lengthy delays. Still not sure if I will go through with it at this point.

Did anyone get a rate renewal without having 20% equity? If so how much equity did you have? I'm underwater about 10%, but would like to keep the house and need to lock something in. Any shot?

How are you underwater by 10%. I thought easy orange required at least 20% equity. Did you buy at peak of housing market? If so I always wondered if they would give rate renewal if your home value decreased significantly after purchase. If they didn't a lot of people would default on their loans when the balloon payment is due in 5 years.

I have < 20% equity and they told me no on the rate renewal.

Has anyone done a rate renewal recently? How were the rates?

Wow,I can't believe I didn't know about this blog. I have a really difficult time with my renewal. They told me I had to start all over with the refinance. I wished I read about this before starting the whole process.

Skipping 4 Messages...
Hey I just remembered what ever happened to the ING Class Action on this?



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