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??
Thanks for sharing your experience in the forum, MP. It's really astonishing to know that the mortgage company is not cooperating even with people who have good credit scores.
You betcha.
If anyone of you needs more information about my transaction, feel free to ask. I'll be visiting this site on and off.
If anyone of you needs more information about my transaction, feel free to ask. I'll be visiting this site on and off.
mp, your loan did finally close, right? i'm hoping so, anyway.
Yes, my loan closed alright. BUt as I said, I had to call them for absolutely everything. For reminding them to do THEIR OWN job. Mind you, I am not that overbearing person.
E.g. If they needed to send Mortgagee clause over to the Home Insurance company, I called them and made sure that they sent it coz the Insurance company said they were waiting for it for a couple of days.
Or if they had to call in for a Home Appraisal, I had to remind them to order one ASAP as my closing date was approaching.
The worst offense in my mind was to purposely not take my calls or to purposely reply them late by 24 hours to decrease the rate when rates used to go down. So that way, the rates could go up again and THEN they could "truthfully" say that the rates are not low so they cannot float down.
They also never sent me my Home appraisal until 4:30pm Friday when my closing was on Monday afternoon.
I found out that my home was appraised at 40 sq ft. lesser than what the seller had shown me. Thats a difference of $4000. Since it was so late in the day, I could not use that as a bargaining chip to reduce the price of the house.
Bottom line is that MCA is almost like a bait-and-switch company who may show you a good rate but the trouble in keeping up with them is DEFINITELY NOT worth the 0.125% or dare I say 0.25% apr that you will be saving.
STAY AWAY from this company.
E.g. If they needed to send Mortgagee clause over to the Home Insurance company, I called them and made sure that they sent it coz the Insurance company said they were waiting for it for a couple of days.
Or if they had to call in for a Home Appraisal, I had to remind them to order one ASAP as my closing date was approaching.
The worst offense in my mind was to purposely not take my calls or to purposely reply them late by 24 hours to decrease the rate when rates used to go down. So that way, the rates could go up again and THEN they could "truthfully" say that the rates are not low so they cannot float down.
They also never sent me my Home appraisal until 4:30pm Friday when my closing was on Monday afternoon.
I found out that my home was appraised at 40 sq ft. lesser than what the seller had shown me. Thats a difference of $4000. Since it was so late in the day, I could not use that as a bargaining chip to reduce the price of the house.
Bottom line is that MCA is almost like a bait-and-switch company who may show you a good rate but the trouble in keeping up with them is DEFINITELY NOT worth the 0.125% or dare I say 0.25% apr that you will be saving.
STAY AWAY from this company.
thanks for the update, mp. you're right in that you ought not to have to call them to have them do what needs to be done. it's a good idea for any borrower to follow up, however; as a loan officer might be so busy as to not get with his or her processor quickly enough to get things done. some of us are hands-on and, we hope, likely not to fall into that trap, but things do happen. no excuses here - just a word to the wise borrower to continue to follow up.
My wife and I had a great experiece with refinancing our mortgage with Mortgage Capital Associates. We applied on July 29, 2009 and actually Closed on August 14, 2009. Mr. David Young, Mr. Paul Chon, and Ms. Dominique Geary were just outstanding during the whole process. We received the rate that was quoted to us at no Points, which was far below what other mortgage companies quoted us. We did experience being requested to resend the same documents we had previously sent, but after I spoke to Mr. Chon, he resolved the problem for us.
I would recommend staying with Mortgage Capital Associates as they provided the lowest rate with no points and an application fee of $950.00.
Bob :D
I would recommend staying with Mortgage Capital Associates as they provided the lowest rate with no points and an application fee of $950.00.
Bob :D
So glad I found this forum as I just applied with MCA on 09/02. I'm working with David Young so I'm glad to read the mostly-positive posts about him.
So far, everything has been great. I have, however, received three different versions of the GFE, truth in lending, and itemization with different amounts (one of which was actually received today after having sent in all my signed paperwork yesterday). Kinda confusing but I'm hoping it's just a communication error with David and his staff, and won't slow the process.
I was referred to MCA by my agent who has used them personally in the past (I figured he has my and his best interests in mind). I also compared three other lenders and MCA had the best rate.
I'll keep everyone posted during this process.
So far, everything has been great. I have, however, received three different versions of the GFE, truth in lending, and itemization with different amounts (one of which was actually received today after having sent in all my signed paperwork yesterday). Kinda confusing but I'm hoping it's just a communication error with David and his staff, and won't slow the process.
I was referred to MCA by my agent who has used them personally in the past (I figured he has my and his best interests in mind). I also compared three other lenders and MCA had the best rate.
I'll keep everyone posted during this process.
How did your loan turn out with Mr. Young?
i am almost there. been told my loan docs will be sent today and they will schedule closing. my close date is on or before the 30th, so everything is on time as of right now.
after my initial post, i didn't receiving timely responses to my e-mails to MCA about the paperwork confusion so i went to my agent, who had mr. geary call me. after that, i relied on my agent to maintain contact with MCA and that worked out well (although it was hard as an anxious first-time buyer -- i like knowing every last detail of everything). i had to let go a bit, trust my agent and the process.
again, so far so good. will update again on the loan docs and outcome. fingers crossed!
after my initial post, i didn't receiving timely responses to my e-mails to MCA about the paperwork confusion so i went to my agent, who had mr. geary call me. after that, i relied on my agent to maintain contact with MCA and that worked out well (although it was hard as an anxious first-time buyer -- i like knowing every last detail of everything). i had to let go a bit, trust my agent and the process.
again, so far so good. will update again on the loan docs and outcome. fingers crossed!
following incident with me casted some doubt about the legitimacy of the claim about low rates.I caaled a number in East cost and person answering he works in East coast.I got his email and his emasil is from usmtgcapital.But on the estimate there is a different phone number and LA address.Not sure how it works .and if it is genuine
Wow! I so wish I had found this forum before making the fateful error of dealing with MTG! I am in my 95th day with them, with no end in sight. For NO apparent reason! Everything was either faxed or emailed to them immediately. In some cases up to three times!!! Nearing the 100th day, and they are asking AGAIN for the most common paperwork that has already been submitted over and over!! Emails and phone calls go completely unanswered. In fact, I am withdrawing this loan request tomorrow. Hopefully we will still have time for the 1st time buyer credit when applying elsewhere.
Thanks so much for this community. Wish I found it sooner.
Thanks so much for this community. Wish I found it sooner.
In the end, the loan was funded on time and I closed escrow in exactly 30 days with 5.125% and no points. A few things to note:
1. Final paperwork went missing: MCA said they sent it to Escrow, Escrow said they never received it. This started on a Thursday and didn't get resolved until Tuesday (2 days before close). Without this incident, I may have been able to close earlier than scheduled. In the end, I drove 30 mins to the escrow office to sign them at the last minute's notice. This would have been impossible if I didn't have such a flexible schedule/understanding employer.
2. Closing cost was more than $2,000 higher than original estimate: The estimate called for 3 months of property tax reserves but, in the end, they wanted 10 months. I didn't know this until I went down to sign the final papers and, wouldn't you know, no one at MCA was available to explain this over the phone. Everyone was out to lunch or "unavailable" for the entire two hours I was at the escrow office. That was from 1:30-3:30pm on a Tuesday. Not really normal lunch hours. I went ahead and signed to avoid additional delays (I had the money and was assured by escrow and my agent that it was for property taxes only).
3. My agent, who recommended MCA in the first place, said that he would never recommend them to his clients again.
So there you have it. I closed on time and don't have to deal further with MCA since they sold my loan to Bank of America.
1. Final paperwork went missing: MCA said they sent it to Escrow, Escrow said they never received it. This started on a Thursday and didn't get resolved until Tuesday (2 days before close). Without this incident, I may have been able to close earlier than scheduled. In the end, I drove 30 mins to the escrow office to sign them at the last minute's notice. This would have been impossible if I didn't have such a flexible schedule/understanding employer.
2. Closing cost was more than $2,000 higher than original estimate: The estimate called for 3 months of property tax reserves but, in the end, they wanted 10 months. I didn't know this until I went down to sign the final papers and, wouldn't you know, no one at MCA was available to explain this over the phone. Everyone was out to lunch or "unavailable" for the entire two hours I was at the escrow office. That was from 1:30-3:30pm on a Tuesday. Not really normal lunch hours. I went ahead and signed to avoid additional delays (I had the money and was assured by escrow and my agent that it was for property taxes only).
3. My agent, who recommended MCA in the first place, said that he would never recommend them to his clients again.
So there you have it. I closed on time and don't have to deal further with MCA since they sold my loan to Bank of America.
i was prepared to close (3) weeks after contacting mca with all documents sent via pdf files along with licensed satisfactory appraisal within (4) business days of contacting mca on 11.19.09. the crux of my problem was that i met all the requirements however never closed due to an unexpected arrival of a fraudulent desk review emailed by mca within one week of the closing date of dec. 14, 2009. mca's appraiser sent a rebuttal immediately upon my contacting them whereby mca agreed the desk review was improperly prepared and agreed to disregard same with requesting a second "desk review" within 24-48hrs. fortunately, the second was satisfactory as compared to the slightly higher appraisal in order to close. what was unfortunate, was that the more appropriate and satisfactory second desk review" arrived (10) days late which caused my rate lock of 4.65% to expire on my $ 550 mortgage. this was contrary to a timely delivery date of a second desk review arriving 24-48hrs as promised, as time was of the essence ):
needless to say, another timely "mishap" occurred after receivingil about a slight increase in rate from 4.625% to 4.75% which suddenly increased to 5.25% two days later which i was unaware of per subsequent emails that were never received. the with not receiving emails from mca was unexpected as i received several incoming emails and attachments from other sources on those particular days. had the broker picked up the phone i might have been able to lock in the slightly higher rate of 4.75% the evening that the rep agreed to call me back after emailing the revised gfe @ 4.75% despite my repeated attempts to reach him by phone.
henceforth, my attorney advised that i should refinance with a local lender to build a relationship instead of working with a broker claiming to be a direct lender who probably never intended on providing financing at the original low rate of 4.625% based on my excellent credit, income and loan to value ratio. the delay with providing a second timely desk review warrants further investigation on the part of a consumer fraud attorney to investigate for mca misrepresentation as a direct lender. mca should be held accountable and added to the growing list of fraudulent lending practices on the part of mortgage reps who are deceptively offering low rates to prospective qualified homeowners to rope them into their process to pay rates that are not available on the open market. i feel duped and plan to contact am ex to request a full refund of the $ 395.00 appraisal based on the corresponding emails and promise of a second overnight desk review that conveniently and mysteriously arrived three days after the original rate lock of 4.625% expired. lol! another one bites the dust in nj.
needless to say, another timely "mishap" occurred after receivingil about a slight increase in rate from 4.625% to 4.75% which suddenly increased to 5.25% two days later which i was unaware of per subsequent emails that were never received. the with not receiving emails from mca was unexpected as i received several incoming emails and attachments from other sources on those particular days. had the broker picked up the phone i might have been able to lock in the slightly higher rate of 4.75% the evening that the rep agreed to call me back after emailing the revised gfe @ 4.75% despite my repeated attempts to reach him by phone.
henceforth, my attorney advised that i should refinance with a local lender to build a relationship instead of working with a broker claiming to be a direct lender who probably never intended on providing financing at the original low rate of 4.625% based on my excellent credit, income and loan to value ratio. the delay with providing a second timely desk review warrants further investigation on the part of a consumer fraud attorney to investigate for mca misrepresentation as a direct lender. mca should be held accountable and added to the growing list of fraudulent lending practices on the part of mortgage reps who are deceptively offering low rates to prospective qualified homeowners to rope them into their process to pay rates that are not available on the open market. i feel duped and plan to contact am ex to request a full refund of the $ 395.00 appraisal based on the corresponding emails and promise of a second overnight desk review that conveniently and mysteriously arrived three days after the original rate lock of 4.625% expired. lol! another one bites the dust in nj.
I was prepared to close (3) weeks after contacting MCA with all documents sent via PDF files along with licensed satisfactory appraisal within (4) business days of contacting MCA on 11.19.09. The crux of my problem was that I met all the requirements however never closed due to an unexpected arrival of a fraudulent desk review emailed by MCA within one week of the closing date of Dec. 14, 2009. MCA's appraiser sent a rebuttal immediately upon my contacting them whereby MCA agreed the desk review was improperly prepared and agreed to disregard same with requesting a second "desk review" within 24-48hrs. Fortunately, the second was satisfactory as compared to the slightly higher appraisal in order to close. What was unfortunate, was that the more appropriate and satisfactory second desk review" arrived (10) days late which caused my rate lock of 4.65% to expire on my $ 550 mortgage. This was contrary to a timely delivery date of a second desk review arriving 24-48hrs as promised, as time was of the essence ):
Needless to say, another timely "mishap" occurred after receiving email about a slight increase in rate from 4.625% to 4.75% which suddenly increased to 5.25% two days later which I was unaware of per subsequent emails that were never received. The with not receiving emails from MCA was unexpected as I received several incoming emails and attachments from other sources on those particular days. Had the broker picked up the phone I might have been able to lock in the slightly higher rate of 4.75% the evening that the rep agreed to call me back after emailing the REVISED GFE @ 4.75% despite my repeated attempts to reach him by phone.
Henceforth, my attorney advised that I should refinance with a local lender to build a relationship instead of working with a broker claiming to be a direct lender who probably never intended on providing financing at the original low rate of 4.625% based on my excellent credit, income and loan to value ratio. The delay with providing a second timely desk review warrants further investigation on the part of a consumer fraud attorney to investigate for MCA misrepresentation as a direct lender. MCA should be held accountable and added to the growing list of fraudulent lending practices on the part of mortgage reps who are deceptively offering low rates to prospective qualified homeowners to rope them into their process to pay rates that are not available on the open market. I feel duped and plan to contact Am Ex to request a full refund of the $ 395.00 appraisal based on the corresponding emails and promise of a second overnight desk review that conveniently and mysteriously arrived three days after the original rate lock of 4.625% expired. Lol! Another one bites the dust in NJ.
Needless to say, another timely "mishap" occurred after receiving email about a slight increase in rate from 4.625% to 4.75% which suddenly increased to 5.25% two days later which I was unaware of per subsequent emails that were never received. The with not receiving emails from MCA was unexpected as I received several incoming emails and attachments from other sources on those particular days. Had the broker picked up the phone I might have been able to lock in the slightly higher rate of 4.75% the evening that the rep agreed to call me back after emailing the REVISED GFE @ 4.75% despite my repeated attempts to reach him by phone.
Henceforth, my attorney advised that I should refinance with a local lender to build a relationship instead of working with a broker claiming to be a direct lender who probably never intended on providing financing at the original low rate of 4.625% based on my excellent credit, income and loan to value ratio. The delay with providing a second timely desk review warrants further investigation on the part of a consumer fraud attorney to investigate for MCA misrepresentation as a direct lender. MCA should be held accountable and added to the growing list of fraudulent lending practices on the part of mortgage reps who are deceptively offering low rates to prospective qualified homeowners to rope them into their process to pay rates that are not available on the open market. I feel duped and plan to contact Am Ex to request a full refund of the $ 395.00 appraisal based on the corresponding emails and promise of a second overnight desk review that conveniently and mysteriously arrived three days after the original rate lock of 4.625% expired. Lol! Another one bites the dust in NJ.
suregirl, i feel the pain you went through, but i truly hope you don't get your $395 back, unless Amex decides out of the goodness (??) of their hearts to give it back to you out of their coffers.
that fee went to an appraiser, who was being paid to do his/her job. that the lender subsequently fouled up the deal ought not to reflect on the appraiser. i don't blame you for wanting your money back, and i hope you can figure out some way to earn some compensation if you can, but i hope it doesn't come out of the mouths of the appraiser's family.
i'm sure you'll understand my feelings.
that fee went to an appraiser, who was being paid to do his/her job. that the lender subsequently fouled up the deal ought not to reflect on the appraiser. i don't blame you for wanting your money back, and i hope you can figure out some way to earn some compensation if you can, but i hope it doesn't come out of the mouths of the appraiser's family.
i'm sure you'll understand my feelings.