Non-recommendation : Finance of America Mortgage

[Scott Settimo]

I’m a former business owner and commercial RE broker; presently in the clergy and investing in multi family in the mid-west to support my elderly father and disabled cousin. I’m not prone to publishing negative commentary, but, as this is my community, perhaps I can help someone learn from my mistake.

I came to FOA cold, not having adequately researched (e.g., https://www.housingwire.com/articles/47692-finance-of-america-mortgage-settles-fha-mortgage-fraud-lawsuit-for-145-million) - my bad! While I did not suffer loss, I found them difficult to work with: the web interface was kludgy, document requirements were presented in piecemeal fashion, and documents sent over their “secure” connection were lost, leading to delay.

When I had the temerity to express dissatisfaction the response from loan officer Ryan Stoll was “I’d suggest you find another loan officer to work with. I’m entirely too busy to have this much resistance to basic loan document requests. I will cancel your file immediately!”

I’d highly suggest that members not burden this outfit with more work - they’re apparently far too busy.

On the positive side, I’d recommend U.S. Bank as being very investor- friendly and easy to work with.