NationsChoice Mortgage

2 Reviews | Write a Review

5 stars		(0)
4 stars		(0)
3 stars		(0)
2 stars		(0)
1 stars		(2)

Category: Business & Finances

Contact Information
Irvine, California, United States

NationsChoice Mortgage Reviews

ecerna December 8, 2009

Disguised non refundable application fee as an appraissal fee.

applied for a refi on my property back on 10/20/09. The loan Officer Kevin Jenkins, did an over the phone application and we discussed my income; He provided me with a good faith estimate that included a $495 "application fee" when I questioned him about this fee, he stated that it is used to cover the appraisal, It looked very high for the cost of an appraisal when questioned, he said that due to recent changes in lending practices, brokers were no longer able to attain their own appraisers and that the fee was high just to cover whatever the appraisal cost may be and that at closing I would receive the difference. On 11/5 he said he was running into some problem verifying my income. On 11/18 he sends me a document that specifies the denial of the loan. I inquired about my $495 to be refunded, and he forwards my request to his manager Ron Goetz, who is placing the blame on me for not disclosing a schedule C. I provided the verification of income paystubs and W2 they requested during initial application I was very clear with Kevin when I explained to him that I had a business during my application with him, I have e-mails to confirm this disclosure even to the extent that I made him aware how much I net on the business. There was no requested or implied information provided to me on disclosing any loss on the schedule C, nor was an attempt made by Kevin to make me aware of needing to provide such information. If there was a problem with what was on the application vs. what my pay stubs or w2 reflected he would have know before they cashed my $495 check or did an appraissal. This company practices deceptive lending practices, when they requested $495 they say it will be used for an appraissal but hide it as an application fee. Ultimately, this company took my $495, gave me the run around for over one month only to deny my loan on their lack of oversight at the end.

nhooshvar October 22, 2009

Home Loan refinance

I contacted NationsChoice Mortgage to refinance my home loan early October 2009. Their sales person, Richard Garza, asked me the details of the property and my personal information so that he could send me a Good Faith Estimate. I received the GFE based on the information I gave him and online application that he filled up for me. The agreed rate was 4.875% with NO COST FOR THE LOAN. I received a letter from the company showing the rate and congratulating me. In the mean time I sent Richard a bunch of personal and property information such as my bank statements, my W2s, my pay stubs, home insurance, etc. Richard, in turn, let me know a few days ago that everything was in order and I needed to stay home last week for an appraisal. We had, already, discussed by e-mail that the cost of appraisal will be picked up by NationsChoice Mortgage Company. The appraiser came and went. Couple of days ago Richard sent me an e-mail informing me that the deal he promised was for a single-family residence and not a condominium as he was just informed the property to be a condo from the appraisal report! Therefore I either have to go by the same rate but pay 1.75 points or accept a new rate of 5.25% with no fees. I let him know that he always knew my property was a condo and not anything else. He claimed that I told him the property was a SFR. I let him know that I had no reason to lie to him as it was obvious to me that he would find out details of the property at the appraisal report and I had no time or motive to waste for a lie like that. I also told him that my parents told me they have checked Internet and found some complaints about NationsChoice Mortgage deceiving people and ripping them off. Furthermore, I argued with him that if I had not lied to him, then he might have made a mistake assuming that the property was a SFR. In that case why should I be penalized for their mistake and pay for the appraisal fee, as the revised rate does not really make that much sense for me. My current rate is 5.5% and I no longer trust NationsChoice Mortgage to risk going through another trauma with them to save $40-50 a month.