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Other Lenders’ Reviews – Horror Stories

frustrated-woman-on-phoneREAD THE REVIEWS!  

We tout our 500+ Five Star Reviews so often, we’re becoming a broken record. So, I’ll resist the urge today (even though I just did it again :), and instead focus on our competitors’ reviews.
I am not doing this to just beat up on competitors, as I know that is not always perceived in the best light (I mention no names).

What I am doing, however, is illuminating what can and will go wrong when borrowers assume loans are just a commodity and pursue an advertised interest rate over all other considerations.

I am not just cherry picking a few bad reviews either. Almost all of the nationwide lenders have very low average ratings, and there are literally hundreds upon hundreds of one star reviews to choose from.

If you’re a Realtor and your client wants to use a nationwide lender and you don’t want them to take the risk, encourage them to read the reviews.

Here are just a few excerpts.

LARGEST “BIG BANK” LENDER: 1.5 STARS ON YELP

1 Star: “Awful company! Completely disregards every timeline. Use a small local bank!”

1 Star: “I have just completed what I think was the most painful experience I’ve ever had in terms of getting a home loan for my condo.”

1 Star: “Just lost $500 trying to refi our house with ***** ******. Was told from day 1 that my credit score was good (720), my income was good, my debit was good (nothing but a student loan, no CC debit), the comps in my neighborhood looked good, plus I’ve never been late on a payment in 16 years. After calling them several times before the appraisal to triple check that my refi looked good, I never received a call back….”

LARGEST MORTGAGE BANK LENDER: 1.5 STARS ON YELP

1 Star: “People change, companies change, leadership changes …. none of this should impact the basis of pre-approval terms. ***** ******* reneged on the pre-approval. The pre-approval with them is worthless. They couldn’t keep any of the parts of the approval costing me at least 6k in cash. I explained my long term plans, they still couldn’t help.”

1 Star: “They love inundating people with misleading advertising and are your textbook case of “bait and switch”. When people call them – all of their terms miraculously change. Interest rates increase and so do closing costs. And it takes them 45-60 days of horrendous communication to close the simplest of mortgages. Lastly, their loan officers are some of the most aggressive “high-pressure” old-school salespeople that I’ve ever encountered. And most of them are brand-new, looking to make a quick buck, without any actual knowledge of mortgage products or the process”

1 Star: “They said I am preapproved and told me to buy house then charge me $500 for no reason then they kept asking me paper works and denied me. Avoid this mortgage company, they are not quick at all, they are slow like turtles, they screw you up. PS: I almost became homeless because of this company and I am a disabled veteran.”

LARGEST ON-LINE LENDER: 2 STARS ON YELP

1 Star: “AVOID AT ALL COSTS. LIARS AND THIEVES. Completely disorganized company running a classic bait-and-switch scam. They will promise the world when applying, then intentionally delay your loan by requesting endless insignificant documents (same papers over and over again). It’s one excuse after another with these clowns, there’s ALWAYS a “problem”.”

Jay Voorhees
Founder/Broker | JVM Lending
(855) 855-4491 | DRE# 1197176, NMLS# 310167