All Forum Posts by: Jerome S.

Thanks @Candy Chen.  I never thought of Costco Mortgage Services.  We're Exec members so I'll definitely look into it.  Really appreciate the logical process and layout.  Much gratitude for the info all. Thanks.  

Hey all,

I'm trying to track down the best process for vetting a good deal on a cash-out Refi for our NY Duplex.  Both my wife and work and we own several properties with super-pos cashflow, mixed in with little mortgage debt and helocs.  If the answer is to go on Lendingtree.com then fine but I'm just putting it out there to see if anyone has cost-effective, more efficient advice.

Thanks.

Thanks for the advice all.  The property was purchased as a duplex in March and had previously been so for over 5 years.  Nothing has changed about it and I was very upfront when getting the loan about it being a duplex with two units and each unit being rented out (which I provided the current leases for during the document drill).  

It does not make any sense to me that there is no incentive for them to make this change right before the appraisal shows up and closing is imminent.  Just the fact alone that the LO admitted it was their fault and he was going to still move forward with the adjustment, even after he knew it was his fault. 

Either way, I'm going to tell my story to the NMLS and BBB.  Please let me know if there's any other agency I should inform?  I don't really care about my situation anymore, I just don't want others to be suckered by these tactics in the future.  

Thanks again for all your help.  


  

What is the best way to make a complaint about this?  I'm not really sure what agencies to make my complaint that would actually help others from falling to this type of treatment?

Thanks for ALL your help.

So brought this up with them today.  It was so shady, since the new Loan Estimate in their system just needed me to view it in order to confirm it.  

I told the loan officer about the potential 'bait and switch' scenario (not a good idea since now I gave them information on how to back up their actions).  The initial Sales lead who started the loan called me back and apologized for their mistake and said there was nothing he could change stating the property was not documented correctly when he took the property information.  I countered by telling him that I also provided insurance information and 2 rental contracts for the property which evidenced this for the past 3 weeks.  He still held his ground.  

I just cancelled the loan and am now reporting this.  

I've been working with LoanDepot on a cash out refi for one of our rentals (a duplex).  I've locked in the rate, paid for the appraisal (which was completed today), paid for my credit check and submitted all the paperwork.  Basically, they're just waiting on the appraisal price to be within a certain amount and they can move to get the closing documents.  

HOWEVER, today I just received an updated Loan Estimate with a $1260 reduction in the lender credits.  Basically they were providing a lender credit of -2352 and today they updated that to -1092.  How is this even fair at the late hour in the game?  I expect the appraisal to be received tomorrow and was just talking with the loan officer today about potentially scheduling closing in the next 10 days.

Love to hear your thoughts on such an infuriating 'bait and switch' move.

Thanks for all the replies.  I finally got a hold of the Loan Officer today.  She called the Title Company and confirmed they are still processing the documents and would get back to me ASAP.  I'm glad to hear it's not fraud but am pretty disappointed in the poor service and lack of communication.  Is there any other reasons to be concerned that I may be missing?

Thanks.

Lol.  Hopefully they'll find that Trillion Dollar coin.  

I will.  Thanks.  I did provide them a Voided check at closing so it's kind of on them, if they screwed that up.  

Hi All,

We just closed a week ago (Monday 10/04), signing that day, on a Cash-out refi with no current mortgage on the investment property.  I was told it would be Friday of that week when I may see the Wire of funds to the provided bank account.  I checked in with our Loan Officer on Friday (10/8) and was told that the  Wire would now come on Wednesday (10/13).  As of this writing, we still have no funds wired to our account.  Having closed on many refinance loans in the past whereby I was refinancing while paying off a current mortgage, it would always take 3 days after signing in order to see funds hit my account.  

However with this Cash-Out Refi that has no mortgage to payoff and only funds to be transferred, LoanDepot seems to be dragging its feet for no apparent reason on wiring our funds.  

I'd love to hear your thoughts on if there is any legal requirement for Loan Depot to deposit our funds within a certain period, like there appears to be when they're paying off a mortgage for that type of cash-out refi.  

Any advice on whether I have any leverage in getting our money wired faster from this refi would be greatly appreciated.  

Thanks Much.