They have the lowest rates because they don't loan any money...
This is a discussion on Rant on an online mortgage company within the Off Topic & Humor Discussion forums, part of the The Back Porch category; With mortgage interest rates at historic lows the wife and I decided now was the time to refinance so I shopped around online, found a ...
With mortgage interest rates at historic lows the wife and I decided now was the time to refinance so I shopped around online, found a good rate with a company I had seen quite often. Thus begins the super headache.
We have been trying to get this done for 60 days, every couple of days we get another 'request' for additional paperwork, often it is for stuff we already sent in. Example: they wanted a photo ID (so they can identify you in a legal proceeding) so I sent a scan of my passport. 1 week later another request, I tell them I already sent one, couple days later "OK we found it, you're set" couple days after that I get another request for a photo ID, I send an email reply to the "We found it" they sent, reply "Please resend we can't find it". Then "Your 2 pay stubs are too old now, please send the latest 2 pay stubs".
Now they want the "original Power of Attorney", they say "Just send us 1 copy of the original" DUH how can you have multiple originals of a document. So wife sends the original, no good even though one section of the POA (multiple sections for every possible situation) states "All real estate transactions" not good enough, must be specific for this transaction at this location, so they email me their "specific" POA. All I have to do is sign and get notarized. Yea right, I am forward deployed at one of the smallest bases in Iraq, can't exactly run to the corner bank branch, JAG doesn't have a full time notary here, waiting to find out when a notary will be available.
This has been going on for over 60 days now Every couple of days there was new requests for documents, got so the wife hated opening her email, dreading the new document request, the new hoop to jump through.
Anyway, if anyone is looking to refinance and take advantage of the low rates, one word of advice to all here...
DO NOT USE Amerisave the worst bunch of disorganized, incompetent armatures I have ever had the misfortune to deal with. A gang of retarded baboons would be easier to deal with
Avoid Amerisave at all costs save yourself much anguish
They have the lowest rates because they don't loan any money...
Proverbs 27:12 says: “The prudent see danger and take refuge, but the simple keep going and suffer for it.”
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I went local, no regrets. I looked into lending tree, but after 4 phone calls I told them not to call me any more. When the my 3 yr ARM ran out I called the guy from the bank, VP of the local branch. Wham, bam refi done. It's not like I'm buddies with the guy. I made a delivery to his house and got to talking about buying a home. Got his business card. Sometimes brick and mortar and being able to put faces with names just makes things go smoother. And the bank I took the mortgage out with actually still holds it. I know, it's a crazy idea.
Good luck with it though.
I prefer to live dangerously free than safely caged!
"Our houses are protected by the good Lord and a gun. And you might meet 'em both if you show up here not welcome son." Josh Thompson "Way Out Here"
'Another recommendation for brick and mortar here too. Mortgages are complex and getting more so. The loan officers can't keep up with the ever-changing rules. The embarrassment of having to stare you in the eye each time that you walk in to provide yet another piece of information also serves as motivation for them to get it right and move it along.
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If they are messing things up now, they will mess them up at closing. Back out and find a more legitimate lender from among the local banks---where you can at least walk in and yell at the person who is messing up.
Even with legitimate banks, they can drive you nuts with stupid requests for paperwork and mistakes in processing.
That's what happens when businesses learned that hiring the least qualified people cost the the least up front and thus
the company produced an apparent increase in productivity. Its false enhanced productivity, but the big corps don't get it.
An unrelated example. I had to call and email customer service of one large company about a product. The box came with a missing "O" ring that probably cost .1 of cent to start with. After being on the phone for 30 minutes I got a rep. who denied there was an O ring in that part and offered to send me the entire larger assembly. Then she said they didn't have it in stock in the right color and I should return the item to the store and tell the store there was a manufacturer's defect. Separately, in response to my email, I was told a new part is being mailed to me-- we'll see.
The point, this company had an 80 dollar product returned for a missing .1 cent o ring which could have been replaced for the cost of a new o ring an envelope and a stamp. Now, because their two hands don't know what the other is doing, they will be out a unit which they are sending me which I no longer need, and which accounts for about 1/3 of the cost of their product.
Its no different with a mortgage company. They hire processors at the bottom pay rung and then wonder why things don't go smoothly. The only way is for the customer to remember that he is the customer and shop elsewhere. And, do as you have done, let everyone you know KNOW about how bad they are to deal with. Then let them know you let everyone know.
Never go online for a mortgage. Have your wife find a local broker, bank, credit union, etc.... She can then knock on their door and fix things in person. They tend to be more patient and accommodating....even if you are deployed. The last thing a local lender wants is to piss off a local client....because you have the ability to positively or negatively affect their business. Another major bonus to going local is that the lenders likely have relationships witht the local appraisers...this can help in a turbulent market as well. You're far more likely to get it closed going local....and if you shop you'll likely match the best rates.
I deal with this poo-poo everyday in real estate. I can't stand when my clients use out of town lenders on resort property. It will fail 50% of the time VS. 95+% success rate of a local lender. Good luck!