| rev:text
| - Below is the review I posted (it is currently pending review by the moderator) on Zillow. The same company, but they also operate under eRates Mortgage and are part of Gateway Funding as well.
February 5th I inquired through Zillow about interest rates. I found eRates to be offering very competitive rates and they had very high marks in the review section. Having never used an online mortgage company I took the reviews very seriously, but now wonder how they accomplished such high marks.
Almost immediately after completing my online inquiry, which included my phone number, I received a call from Grant Butler. I had a brief, but informative conversation with Grant and decided to begin the process of refinancing my home.
My credit rating is above 800, my mortgage after refinancing would be lowered by about $200/mo putting my total mortgage payment well below 20% of my monthly income. I have VERY little credit card debt (around $2500 total), I have investments totaling about $40,000 more than the amount of the mortgage I am trying to obtain. You would think this would be a slam dunk. Not the case.....
Everything seemed to be going as well as could be expected. A couple bumps early in the process, my loan officer had failed to electronically sign some documents, minor things, but I was assured that the 45 day lock period would be more than enough to get this thing done.
February 27th, I had gotten all my paperwork completed, the appraisal was done and paid for, I am going to borrow 80% of the appraised value. My Sr. Loan Processor had gotten word back from the underwriter that they needed a couple more documents, a letter from my brother stating I had full access to the funds in an account I had added him to as an authorized user (should something happen to me), a Condo questionnaire (costing me an additional $155 adding to the $465 the appraisal cost me), and a signed loan commitment from me. All these were completed by March 2, and resubmitted back to the underwriter. With now 21 days before my lock period expired, I was not yet concerned.
March 5th I was cc'd on an email concerning an update needed to an insurance policy my HOA has for earthquake. March 6th, I got an email stating they had everything they needed and would be resubmitting my documentation to underwriting AGAIN. My Sr Loan Processor Eunice was going to be handing my docs over to another Sr Loan Processor Becky Sparks (still unclear why I had 2 different "Sr. Loan Processors).
March 13th, still no word from Becky Sparks, I began calling. I left messages asking several questions, such as, do I need to take time off work to sign documents, how much longer before we close, what will happen to my rate if this goes beyond the lock period? Each time I called and left messages with questions for Ms. Sparks, more than a day would pass before I would receive an email, never a phone call, from her and she would only partially AT BEST answer my concerns. She has NEVER answered her phone in the many times I have called, and she has NEVER returned my call, choosing instead to answer my questions only partially by email.
With my March 23rd lock expiration date now drawing very near and still no word as to when, where, and with whom I might be signing documents to close this thing, I reach out to my first contact with this company, Grant Butler. I called him March 19th at about 8am and left message on his voicemail. I also left message around the same time on the voicemail of Becky Sparks. 2 hours past, still no word back, so I, once again, call Mr. Butler, this time he answered and acted like he was concerned. He was unable to help much, didn't answer my question about my interest rate and my lock period, but said he was messaging his sales manager and I should hear something later that day. At about 1pm, I got an e-mail cc'd to me from the Ms. Sparks to someone with my HOA dated back to March 16th needing clarification on the earlier questionnaire. I called my HOA and they had that to them almost immediately.
Today is March 23, the expiration date of my interest rate lock. Additionally I am scheduled to make a payment to my current mortgage company on April 1. I would imagine this would change all the figures we had previously had nailed down, but due to the lack of communication from this company I really don't understand what my next step is, or what it should be. I'm not sure if I simply got lost in the mix, they don't care about me as a customer, maybe they have new employees that don't know what they are doing? My paperwork, as best I can tell has been submitted to underwriting 3 or 4 different times. I don't understand why they cannot get this right or why they cannot tell me what I need to do now. I am very close to just pulling out of the deal and taking my loss on the $465 I paid for the appraisal and $155 for the condo questionnaire.
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