I refinanced my home with a cash out. After getting terms from the loan officer my file was transferred to a Loan Processor, then another, then another, then another and finally to a competent processor.
I was happy with the Loan Officer and the Closing Department, however, I think the loan processors may be farmed out contractors and absolutely don't listen to you. They seem to think all customers are incompetent about mortgage processes and assume you are just making a complaint or asking for verification out of ignorance. I had four specific complaints: 1. Loan Processing Continuity: There is no continuity of information.
I had four loan processors and every time you are transferred to a new loan processor they say they aren't able to get the information from the previous processor and you have to resend documentation you have already sent. 2. Appraisal Inspection Delay: The first processor who had ordered the appraisal informed me they were booked 3 months out and she was looking for an alternate. The next day I got a new processor who said my appraisal inspection was ordered.
I asked them to double check that because the previous processor had indicated she was looking for a better solution and had not placed the order. The new processor said not to worry. Several weeks later I got yet another processor who again said not to worry, the appraisal was ordered; I asked her to double check and she basically told me to buzz off and never answered emails or phone calls. I finally complained to the loan officer and the next day I got a superstar processor who listened to everything I had to say and confirmed that NO APPRAISAL HAD BEEN ORDERED.
He quickly jumped into action and got an expedited appraisal at their cost even though the original terms stated they would only pay a certain amount. 3. Request for Documentation: Each processor kept asking for bank records. I told them it wasn't required but they kept saying it was required.
I sent the records just to make sure I was compliant. It turns out as the superstar processor explained that the way the estimate was put together, at certain times of the month it showed I would have cash due at closing. He told me that the previous processors should have been able to waive the requirement since I was actually getting cash at close not owing. 4.
Employer Verification: My employer sent FOUR employment verifications but the processor kept saying Equifax had determined it to be incomplete, however, each of the 2nd & 3rd processors could not tell me what was missing. Finally, the superstar processor listened to me about how angry my employer was getting and obtained the employment verification himself without using Equifax and said the verification was complete and could not figure out what Equifax had determined to be incomplete. Summary: My loan finally closed 70 days longer than estimated because of the appraisal SNAFU. It was frustrating for the first 70 days but when I finally got a good loan processor, everything went smoothly.
They would have saved money to pay for an expedited appraisal in the first place because the rate climbed quite a bit during the process and they extended my rate lock for the whole period. Additionally, the loan cost was actually less than the estimate, there were a bunch of credits not on the estimate. My assumption was that I finally got an in-house Loan Processor and the rest were contracted, however, I could not get anyone to confirm this was the case it is just a feeling I had about the process.
BTW: The SuperStar Loan Processor was Zachary Yost. I won't post the names of those I felt treated me with disdain.
Product or Service Mentioned: Freedom Mortgage Loan Officer.
Reason of review: Poor customer service.
Preferred solution: Review procedure for document control by loan processors.
I liked: Loan servicing.
I didn't like: Continuity between loan processors.