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| - Ok so let me preface this that I am a mortgage professional. I am a senior underwriter at a different company. With that said I have a good idea of what to expect when it comes to the mortgage process. Granted I did do a complicated mortgage product (homestyle renovation loan), however, this should not detract from the company providing a high level of service. The application and closing was pretty normal, however, from there it turned into a nightmare. Jake failed miserably at setting the right expectations as to what to expect with the renovation escrow. So just for clarity purposes there is essentially two phases to this type of mortgage. One- The loan process and closing, and Two- the renovation escrow and disbursements. So lets start. First off once the loan closed the mortgage originator washed his hands of the transaction and made it clear his part was done. From this point I was basically left in the wind between Academy's renovation processing department and their renovations administrators, Granite loans Co. Basically Granite overseas the inspections and tells the bank when items are completed according to the disbursement request, then Academy cuts the check. I am not sure where to even begin with this... let's start with this, if there are any unforeseeable issues or changes you want to make, add another 3-4 weeks on the timetable to get that disbursement. Why it takes 3-4 weeks to review a change and then approve is beyond me... I think it has something to do with the fact that the two companies don't communicate well with each other. Several phone calls I had where each company thought the other company was working on something made it clear that intercommunications was terrible at best. Then there is the communications between granite and their own contractors. There were several issues where the inspectors came to the house and I had to tell them what to inspect because they never got the updated change orders. And then there were other times where the inspectors inspected items and then never reported them back. Speaking of communication, trying to get ahold of my processor Valarie was a joke. I got to a point where in order to actually speak to her I had to repeatedly call her and jam up her line for 30 minutes until she answered. Then on my final draw, when I finally thought I understood their process, I submit my paperwork just to have them sit there and review it for TWO weeks and then to tell me I needed to submit more documents one of which needed to be recorded with the county! Why did it take two weeks just to tell me that I need to submit more stuff?? Well I asked them and basically both blamed each other. After all the additional docs were sent in Academy signed off on the changes which then needed to be sent over to Granite again to review (for what reason IDK). Granite then took another two days which takes us to today. I spoke with Granite this morning which informed me that the disbursement was approved at 630 AM. Well at 9:45 I emailed Academy just to find out that they did not receive the approval. When got ahold of Granite to find out what was going on, they were just holding on to the approval until a supervisor signed it which happened at 11:30. Why does it take 5 hours for a supervisor to literally just sign a document?? Your guess is as good as mine. Oh and another great thing that I found out is even though the max disbursements on paperwork is 5, you don't really get 5. Granite decides how many disbursements you have and then doesn't tell you, which apparently they only accounted for 2 for me which added a couple weeks just to get approval for a third (BTW each inspection, where they come in and take a couple pictures that takes less than 5 minutes, they charge you 250.00... more than what a doctor makes in an hour)... not sure how they get away with this without being fined by the CFPB for undisclosed fees as this is a controlled cost so there is a ZERO tolerance. Anyhow, there's my situation in a nutshell. Overall Here are the scores (1-10) I would give and you can take from it what you will...
Origination- 2, No follow through, No ability to set expectations, expect to be treated as just a number for his commission. I gave a 2 because he was fairly knowledgeable.
Underwriting- 5, The Underwriting went relatively smooth and painless
Reno Escrow- 1, An impressively terrible experience
Servicing- 1, If you ever need to call in you have probably a 75% chance of being hung up on. Oh and if you need to escalate the call to a supervisor, expect to be laughed at and then hung up on like Cristina in servicing did to me.
UPDATE- I feel it necessary to point out that even though this entire process was a nightmare, their renovation servicing manager Zane took the reigns and smoothed out the finish which was a godsend. He is the only person out of about 10-15 people I dealt with there that actually cared about the client experience.
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