| rev:text
| - I reached out to SFM through an online ad for a home purchase in Texas. My interaction with the loan officer was good. He was returning my call and answering my questions well. We made an offer on a home and I filled out all the details and sent in the supporting documents to the loan office and we had the interest rate fixed at 3.5 %. The seller walked off the table and we started to look again. Couple of weeks later we closed in on another home and I sent the signed offer document copy to the loan office. I was made to believe all is well and that it would be a few weeks before they reach out to us and gather more information or other standard items that happen prior to closing. I followed up with the loan office in about 10 days on the status of my file and I was made aware that my lock in rate is not really locked. The reason I was given was that the address I filled on the online application does not match the home address we plan to purchase.
How was I to know I had to update? I filled the form once for my creditworthy, and then I sent you renewed documents. The loan office was fully aware of my situation as I had kept him up to date with what's happening. What else can I do? You are making money of my business and your service should include to check these things. I am no mortgage pro or know least about this. The loan office put his hands up saying its their fault and there is nothing they can do about it. I mean, I send you a document, you don't look at it, then your team of administrative staff don't look at it? What about your internal control mechanism? Is there one? What about internal audits especially when we are talking about money here? Ten days and you wait for me to call you and ask what's the status of my Loan? I never got a straight answer for this.
In the mean time, US elections results came and interest rates spiked. I was looking at rates about 4.00 %. The Loan officer convinced me to wait for a few days until Thanksgiving for the rates to come down. They never did. By this time I was just a week ten days from closing. I could have not walked away and I was stuck with this company.
I sent a note to Rowe Nelson, CEO of the company and explained my situation with email trails. While they were not able to bring down my rate to 3.5 % as I had initially locked, they offered me 3.87%. I had no choice but to take it. (I was closing in about ten days)
My take on this lender is this. Its 50 - 50. You get a good loan office, you are safe. If you get a poor loan office you can go through some stressful periods. I appreciate the CEO and the effort he put in to resolve my case. I am paying a bit more than what I want but if I had the option to walk away with our jeopardizing my closing, I would take my business else where. So if you are thinking of going with SFM and if you already have and are reading the review and anticipate an issue or come up with one and don't see a resolution, write to the CEO. At least one person there cares for the company.
The only reason I am giving two stars is because of the CEO's responsiveness. Not only was his response immediate, he made sure he sent me an update every day until closing which put me at ease. I am going to be paying a bit more for the rest of my loan and remember this for a long time to come.
I wish them & the business best, but they need to beef up their internal controls.
Thread with caution.
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