Mortgage Capital Associates - Is it good to deal with?

Hi,
Just wanted to add my two cents. I've done two loans with MCA and they both went ok. However, in each event there was an attempt to increase the rate above what was advertised. It was always a bit of a fight to push for the advertised rate. Currently, I'm interested in refinancing my two homes and asked MCA to take a look and see what they could do. Interestingly, after running my credit score they told me that despite my score of 760, and 720, that the third came in at 699. They told me if was because of a 26.00 late payment to a CC recently. I checked with the CC company and they told me it would be removed and off my report in 30days. However, I was told that because my score was below 740, I would not qualify for their best rate. I'm posting this because it appears according to David the min is 650 before the advertised rates are affected. If this is not a blanket statement, it should be posted on their site what the minimum credit score is for each loan. Regardless, I tried a different lender, but their not much better. This bait and switch tactic appears to be an industry wide problem. My best to all trying to get the best rate out there.

credit scores are the gauge for all rates these days. if you don't meet a particular level, the rate you'll get offered is different. i don't know what you mean by "the advertised rate" exactly. if you read a newspaper ad for a specific rate, that must have been shown with a caveat that rates are always subject to change. we find mortgage rates change at the drop of a hat, and not unusually, more than once daily.

there may well be a bait and switch mentality among some lenders - not everyone is 100% above board, after all; but you'll find that no lender with any sense whatsoever will guarantee an interest rate until you've locked it in.

We had bad experience refi with MCA. They did not return calls, asked more documents at last minutes. It seemed that several people touched the documents, but they did not communicate with one another, then they blamed you for missing things. We will never deal with this company again, not worth the hassle and stress that they have caused.

Do not expect an Appraisal or an Appraisal Review to be done in a day or two. An Appraisal Review is an Appraisal and it takes often as much time or even longer than the original Appraisal to be done correctly. Typical turn time by truly qualified Appraisers those in the buisness 10 or more years will tell you a normal turn time after looking at the property is at least a week. If your loan officer or someone else tells you otherwise, be very suspicious. There are many Appraisers out there unfortunately that do a crappy job, but get them done fast and many consumers who got their loan incorrectly think, that a good Appraisal is one that gets them a loan, when in truth it may be the opposite.

Most loan officers do not understand Ethics and Appraising and expect Appraisers to do things that are illegitimate. If you want to learn about what Appraisers can and cannot do, join LinkedIn com (free) and become a part of the USPAP, Uniform Standards of Professional Appraisal Practice Group (also free) on LinkedIn(dotcom). What have you got too lose, other than your possible misconceptions?

We have 597 members now and growing. Our members include more AQB Certified USPAP Instructors than any group I am aware of, with the exception of The Appraisal Foundation itself. We also have multiple people in leadership from The Appraisal Foundation, the Appraisal Section of NAR, NAIFA, AI, FannieMae, Freddie Mac and numerous regulatory Appraisers and investigatory Appraisers, truly a unique mix. In addition to those there are many other Appraisers, lenders, AMC representatives, Appraisal school representatives and others with an interest in USPAP and what it is we do.
We welcome your participation and comments, so we might learn from you and share with you our collective knowledge and experiences.

Do you know what constitutes acceptable versus unacceptable business practices? This is required in all 50 States. Follow this link... uspap.org/2010USPAP/eUSPAP2010.htm (see advisory opinion 19) Giving a comp check without an Appraisal IS BANK FRAUD.

Ethics? Do you understand them? Follow this link to learn more about what an Appraiser is required to do and what not to do. uspap.org/2010USPAP/eUSPAP2010.htm :idea:

I worked for this company for several years. Loan officers may be arrogant, however, efficient, deliver rates, they are a direct lender, and lowest fees around. Believe me, you are not getting ripped off and there is no bait and switch with this company. This company is for the internet savvy borrower looking to lock the lowest rate at the lowest fees and close the loan. If you are looking for a hand holding the whole way through the whole process, contact a local broker, they will help. You just may pay a much higher rate and a minimum of 1 point. MCA has a great system and you will win in the end.

you should call Ovation Home loans they are the best. especially a gentleman named Amir Bonja.

I just closed my loan with MCA at 4.625% and was honestly a bit nervous because I read some things on this site that worried me but I did proceed because a friend of mine swears by them.

I had a subordination on my 2nd and the process went out 45 days but they did not charge me an extension fee. The rate I got was lower than what I started as well!

Hope this helps!

Regards,

Frank

Don't walk -- RUN!
I've taken out or refinanced 20+ mortgages in my life. Some went smooth, some had a few bumps -- these guys were a NIGHTMARE. They were unresponsive, clumsy, deceitful -- you name it. After bending over backwards to give them a ream of paperwork in record time they sent the subordination request for my 2nd to my lender 5 days before closing with errors on it. (I had specifically mentioned my concern with the processing of this form in advance!) They swore up and down they would honor my rate while things got sorted out -- meanwhile I missed the opportunity to start over with a legitimate lender. Then 2 1/2 months after I had applied when the dust settled it was all a sham. In the end they offered me a rate more than 1% higher than my lock with no apologies. The end result was I lost my appraisal fee and 3 months of my sanity.

Look, I used MCA 2 years ago to refinance my house for a lower interest rate. At that time, they were professional and accurate in their estimates; they were also timely in getting the documents completed and my loan funded. Further, they offered to refinance my loan again, with no cost for appraisal, title fees etc. if interest rates dropped significantly. So, guess what I am doing today? That's right - refinancing. I have not seen this program with other brokers or banks. Even though underwriting requirements have significantly increased in the last two years, I can say that they display the same professionalism today that they did in 2008.

Compare this to good old Bank of America, Wells Fargo, Union Bank etc. and you had best be prepared to pay 50 to 100 basis points more for your loan - with service that doesn't compare to MCA.

Banks are typically higher by about .25% but most all lenders offer no cost refinances. They simply raise the rate so that the investor rebates enough funds to pay all the closing costs. It's painless and a good idea for many.

Their mailing piece is made to look something like an official government document, with no indication that they are a private mortgage or mortgage broker company. That's enough reason not to deal with them.

If you even consider Mortgage Capital Associates, take my advice and run in the opposite direction. David Young & MCA are the most unprofessional financial organization I have ever dealt with in my 32 years on this planet. I initially found them with a great rate through bankrate.com. I started the online application, and was contacted by David Young. Everything started off fine, he sent me papers to sign and instructions to fax the basic financial documents for the refinance application. This was 10/12/2010. I got everything to him within a week. There were a few phone calls made and responded two in the first 2 weeks. Then it was like they dropped of the face of the planet. After their appraiser did their job and looked at the property, I never heard from David Young again. I emailed him 11/1 asking for a status update, no response. I emailed him 11/8 asking for an update, no response. I called Mid Nov, got the voicemail, left a message. Still no response.

Unfortunately, I did not have the foresight to do a quick internet search on the company's reputation before I started this process. If I did, I never would have wasted a single second on this joke of a company. Please trust me, and do not waste your time with this company. It is very disconcerting that I have faxed over sensitive personal and financial information to this company, and they have disappeared into thin air. I know they are still in operation, because when I call, I get the receptionist, but all she does is sent me straight to the voicemail oblivion. There is nothing more I can say, I've done my part by warning you.

I'm very surprised at some of the comments I'm reading here. There can be poor employees at any mortgage company but I have had nothing but positive experiences with Mortgage Capital Associates. I did 2 refis with them in 2005 and with the low rates recently I contacted them about a refi on an investment property. The gentleman I dealt with previously was no longer with MCA so I did my refi with Brian Weiner. Brian was thoroughly professional and did an excellent job with my refi. I recommended Brian to my daughter who did her refi through MCA and now my son is currently doing a refi with MCA. So in total it will be 5 refinances done through Mortgage Capital Associates by myself or members of my family. BTW, I'm not, nor is any member of my family connected with MCA or any of its employees

My experience appears to be like others here. Paid for a rate-lock, paid for an appraisal, jumped through all the paperwork hoops and then ZERO communication from them. It took multiple emails/calls before I got a return call 4 days AFTER the rate lock expired. Excuses of paper-work delays from some unnamed agency and significantly higher rates.

I've requested a full refund of all fees and as usual, no return phone calls or emails.