Capwest Mortgage
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Category: Business & Finances
Contact Information
Las Vegas, NV, United States
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Capwest Mortgage Reviews
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Jason Hanks
February 17, 2011
Mortgage Fraud
Beware of Capwest. They cheated me out of $475 and they will cheat you. The online mortgage business is a scam. They tease you by offering low interest rates. They appraised my property and used false information. The appraiser used photos from the mls instead of inspecting other comparables. They will not let you rebut the appraiser. They told me how great and honest they are since they are backed by Farmers bank. They are rated A+ by the BBB which is totally biased and dishonest because they pay the BBB. Appraisers bid on the appraisal job, I have been told they pay an appraiser $75 to 125 to inspect and make a report out. It takes the appraiser only about an hour to do a boilerplate appraisal so Capwest pockets the rest. Capwest tells the appraiser what they want on the appraisal. Capwest has a room full of people answering the phones. If they have 20 people make 10 deals each a day conservatively thats 200 X $350 = $70, 000 x 5 = $350, 000 a week with very little overhead. Don’t be stupid go to a local credit union or bank and get legitimate references.
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Shawn Noonan
December 13, 2010
Horrible Service
I was approved for a loan from Capwest with a 60 day lock. I submitted scads of data at their request within 20 days. The appraisal came in at a ridiculous amount. I had to send them comps from a local realtor and they adjusted the appraisal based on the comps. In fact, they doubled the value the appraiser had estimated. Then I waited and waited and waited. I called periodically to check on the status and never received a call back. After three weeks they lamely asked for a copy of a document I had already sent them. Then another three weeks went by. I told them I was concerned about the loan lack period but they told me all the terms would remain the same. After almost 4 months of needless delays on their part I asked again about a closing date and they told me they would have to reprice the deal since my loan lock period expired. Not only did I waste $500 on the application fee, I lost a golden opportunity to refinance at the low rates from 4 months ago.
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JOConnor
October 25, 2009
appraisal fraud
Applied for a refinance with CapWest Mortgage out of Kansas.
Horrible ordeal with loan officer, charged 375.00 home appraisal fee
to my credit card without doing the comps in my area. Appraisal came in way low to get the refinance. They tried to sell me a FHA loan with 7000.00 in
point fee's plus closing costs.
Disputing the Appraisal Fee with Credit Card company. Will never apply
for any loan with CapWest Mortgage submitted 10/23/09
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