Posted on: 29th Aug, 2007 01:06 am
Hi everyone, here's my story so far with Mortgage Capital Associates, Los Angeles, CA when I applied for refinancing my loan. I had actually applied there after shopping online and observing the rates for a number of months, but who knew I would land up in uncertainty. I completed an online application and they emailed me stating that I was pre-approved. The email confirmed the arte that I applied for and asked me to lock the rate.when I tried to do so, they said I'd require a higher rate. I did not agree but they again called back and said they've mistaken my offer for someone else's and hence the higher rate, so I could then get the rate I wanted. Somehow I locked in the rate. But again there was a problem, after repeatedly trying to talk to the loan officer, I could get him to explain a few things but he didn't pick up the phone. I sent emails instead but no response., finally after about 2 weeks, I got call from him saying that they required more documentation! However, I did send the ones he asked for and I'm still waiting for his response. But this whole story is strange, do you think I should carry on??or is there a better company I can look forward to??
Hi Lone Star,
Thank you for sharing your experience with the community. You are really having a bad time dealing with the lender. Other borrowers will be aware of their lending techniques and will take appropriate steps to deal with them.
Thanks
Thank you for sharing your experience with the community. You are really having a bad time dealing with the lender. Other borrowers will be aware of their lending techniques and will take appropriate steps to deal with them.
Thanks
This company is a total mess. I have investment properties and have done several loans recently, but when i found these guys on bankrate, I thought they were reputable. They are a mess. They asked for 27 conditions to be fulfilled 27! They lost the application, they can't find the things to fax them. out of probably 50 phone calls, never has one been returned. The only things you can do is harass the secretaries until they get you to someone. E-mail isn't better. Faxes go somewhere, but no one knows where. "you sent it to the wrong fax number" they say, but the one you sent it to is the one in the e-mail demanding the fax.
Ultimately, they have great rates and fees (it can't be denied) and you might decide to refinance with them (it probably won't go through, but you can try), but DO NOT PURCHASE A HOUSE USING THIS COMPANY FOR FINANCING. 7 weeks, 27 conditions and no sense of commitment. They'll loan to you or they won't and they make no apologies for putting you through the ringer. They tell you that's the way it is in 2009! Not true, there are many good lenders out there. NEVER AGAIN.
BOB
Ultimately, they have great rates and fees (it can't be denied) and you might decide to refinance with them (it probably won't go through, but you can try), but DO NOT PURCHASE A HOUSE USING THIS COMPANY FOR FINANCING. 7 weeks, 27 conditions and no sense of commitment. They'll loan to you or they won't and they make no apologies for putting you through the ringer. They tell you that's the way it is in 2009! Not true, there are many good lenders out there. NEVER AGAIN.
BOB
I am having the same experience as mentioned above. I am refinancing, and since I can't get a response from either email or voicemail, I am in the dark as to if it's actually going to happen. I first called them in early April, I sent every piece of loan documentation and had the appraisal done in one week. Now it is almost 2 months later and I couldn't tell you if I'm going to have the new loan or not. I used this company when we first bought our house 3 years ago, and I did have a good experience then, everything was timely and the email/voicemail response was good. This is an entirely different experience. I'm guessing maybe they handle new loans vs. refinances differently. I don't believe they have charged me anything yet, but I am out $350 on the appraisal. Needless to say, I am very frustrated at the amount of time I spend calling/emailing them with no response.
thanks for sharing your experience. i can understand how much frustrating the situation can be for you. as they are not replying to your phone calls or e-mails, i would suggest you to contact an attorney and let him deal with the lenders. this will at least help you know whether you would be able to refinance the loan with them or not.
sussane
sussane
IM IN THE SAME BOAT, AND I DONT KNOW WHAT TO DO. THEY WONT ANS. THE PHONES AM PROBABLY GOING TO BE OUT A LOT OF MONEY.. I SHOULD HAVE TAKEN HEED OF THE ADVICES OF OTHER PEOPLE AGAINST THIS CO. MCA
I got pre approved with these guys and they don't do anything, I sent them all my paperwork for a preapproval and they lost it the first week, then they took a month to get back to me. I finally found a house I wanted to make an offer on and I tried contacting these guys with calls and emails and I still never heard back from them. These guys don't want your business, so to hell with em.
Do yourself a favor and don't do business with Mortgage Capital Associates. Save yourself the aggravation. I'm out hundreds of dollars, lots of my time and no loan. These people are a joke. Go elsewhere even if it costs you a little more, it'll be worth it no to have to deal with Mortgage Cpaital Associates.
I read many posts here and I suffered through much of the same things with Mortgage Capital Associates. They're great at first until they have the hook in your mouth then the costumer service goes out the window. They have tons of excuses ready to throw at you. In the end I wish I hadn't used them and I'm going to complain to Bankrate.com for letting them advertise there. All of you that were burned by MCA I suggest you call the Dept. of Real Estate in LA, call your congress person and also call the State Attorney General's office. I know I am.
I had a similar problem with Mortgage Capital Associates. And their representative, DAVID YOUNG (he responded to one of these posts), was the person that mismanaged my loan.
I turned in all of my documents extremely promptly and they sat on the loan, doing nothing, until a week before the rate lock expire and told me that "processing" took to long and that it wouldn't close on time and that they would only be able to offer the new market rates, which were .625% higher than when i locked in.
Early on in the 45 day rate lock period, I DAVID YOUNG stated in two emails that the loan "would close in 2 weeks or so", in the final month of that 45 day period, he would not return phone calls or emails, and a week before the rate lock was to expire, he finally responded to tell me the loan would not close on time.
It is my preception that either: a) they realized that national rates has risen early in the rate lock period (and their rates rose too) and therefore never intended to close the loan at the rate lock rate in the first place; or b) DAVID YOUNG sat on my file for a month until it was too late to close on time. Either way, they cannot be trusted
I turned in all of my documents extremely promptly and they sat on the loan, doing nothing, until a week before the rate lock expire and told me that "processing" took to long and that it wouldn't close on time and that they would only be able to offer the new market rates, which were .625% higher than when i locked in.
Early on in the 45 day rate lock period, I DAVID YOUNG stated in two emails that the loan "would close in 2 weeks or so", in the final month of that 45 day period, he would not return phone calls or emails, and a week before the rate lock was to expire, he finally responded to tell me the loan would not close on time.
It is my preception that either: a) they realized that national rates has risen early in the rate lock period (and their rates rose too) and therefore never intended to close the loan at the rate lock rate in the first place; or b) DAVID YOUNG sat on my file for a month until it was too late to close on time. Either way, they cannot be trusted
Too many stories just like your's. This company needs to be investigated. Like I said before, complain to the Los Angeles Dept. of Real Estate and to the Attorney General's office.
DO NOT DEAL WITH MORTGAGE CAPITAL ASSOCIATES!!!!!!!
I CAN'T WARN YOU ENOUGH.
I CAN'T WARN YOU ENOUGH.
I had a very bad experience with Mortgage Capital Assoc.
Don't waste your time with them, go with someone else even if their rates are a little higher. I wasted my time and money and never secured a loan. They left me hanging and wouldn't return calls and in the end they sent me an email saying they needed to charge me a higher rate. Go elsewhere, run don't walk away from this company.
Don't waste your time with them, go with someone else even if their rates are a little higher. I wasted my time and money and never secured a loan. They left me hanging and wouldn't return calls and in the end they sent me an email saying they needed to charge me a higher rate. Go elsewhere, run don't walk away from this company.
If you had a bad experience with Mortgage Capital Associates file a complaint with the Dept. of Real Estate, Mortgage Capital is a licensed loan broker so they have to answer to the DRE.
I just called Mr. Young, as we are suppose to close tomorrow. Mortage Capital has not sent the necessary papers to do so. I have been receiving the runaround for 7 days. No returned phone calls, no returned emails. I just saw this blog and found Mr. Young's phone #. He just put me through to the same voice mail from the same people who do not answer. So there it is...Mr Young is full of it as well. This whole thing is a scam. I would stay away!!
Debra Butler
Debra Butler
Even after reading the reviews of Mortgage Capital Associates, I tried to defy everyone thinking that I have the BEST FICO score. I mean above 800 and still I was treated like a Subprime candidate.
Their rates are good. No doubt but the hassle which they put me through completely negated that.
Once they lock you at a certain rate, then they just stop answering your phone calls when the rates go down. That way, they dont have to lie about rates. In my experience only 2 people actually returned phone calls: Ruth Blanco and Vickie Fee. Unfortunately, none of these 2 are loan officers. Only assistants.
Take my advice, whatever documents you are supposed to send, SCAN and email them (in a password protected zip) instead of Faxing them over. So when MCA starts playing their tricks just to keep you busy and show you that they are working on your case by asking for the same documents that you have already sent them, you can email them.
It is Safe and also Saves you tons of time.
I actually trusted David Young but after I sent them my initial documents, he did not bother taking my calls.
David Young and his assistant Dominique Geary, both operate hand in glove and pretend to be very busy. They come in late after 9am PST, go to lunch anytime from 12 to 3 PST.
I had to email them at least 4 times to evoke a response. Calling was useless. I literally had to call them EVERYDAY (no exaggeration) to ask if they had all the required docs from Home Insurance company, from Titile company or if THEY had responded to them and so on. It was like spoon-feeding a baby.
Unfortunately, I could not leave them because I had very little time left for my closing and no other lender could have closed the loan on time.
Tip: I would advise you all to get a good GFE from them and then go use it to negotiate with other conventional Lenders and avoid this company like a plague.
Their rates are good. No doubt but the hassle which they put me through completely negated that.
Once they lock you at a certain rate, then they just stop answering your phone calls when the rates go down. That way, they dont have to lie about rates. In my experience only 2 people actually returned phone calls: Ruth Blanco and Vickie Fee. Unfortunately, none of these 2 are loan officers. Only assistants.
Take my advice, whatever documents you are supposed to send, SCAN and email them (in a password protected zip) instead of Faxing them over. So when MCA starts playing their tricks just to keep you busy and show you that they are working on your case by asking for the same documents that you have already sent them, you can email them.
It is Safe and also Saves you tons of time.
I actually trusted David Young but after I sent them my initial documents, he did not bother taking my calls.
David Young and his assistant Dominique Geary, both operate hand in glove and pretend to be very busy. They come in late after 9am PST, go to lunch anytime from 12 to 3 PST.
I had to email them at least 4 times to evoke a response. Calling was useless. I literally had to call them EVERYDAY (no exaggeration) to ask if they had all the required docs from Home Insurance company, from Titile company or if THEY had responded to them and so on. It was like spoon-feeding a baby.
Unfortunately, I could not leave them because I had very little time left for my closing and no other lender could have closed the loan on time.
Tip: I would advise you all to get a good GFE from them and then go use it to negotiate with other conventional Lenders and avoid this company like a plague.