***FIRST, I'll describe our experience with the loan origination process, which took place in 2017.****
We're extremely unhappy with our experience with Home Point Financial. Our experience working with Jason Andrews (originator) himself was generally positive, but after Jason Andrews passed me off to Kandace Korican and the file management / underwriting team, everything fell apart. Kandace was very disorganized. Her and her team's mishandling of, and constant delays with, our loan file led to our nearly losing our earnest money and caused an enormous amount of stress for me and my wife. Going forward, I will go out of my way to ensure that none of my friends and colleagues use Home Point Financial as a lender.
Extremely slow, disorganized loan processing and underwriting led to our being forced to go past the Loan Objection deadline without knowing if our loan would be approved, meaning that our earnest money deposit of $25K was put in jeopardy. Kandace Korican's lack of organization was extremely frustrating, and was not made up for by her frequent apologies. It is likely also that our extremely poor experience with Home Point Financial was driven by several other people in the loan processing and underwriting departments who remained unnamed to us, including Patrick Shannon and Liana Ramdas.
Ways Home Point Financial could improve in the future: Get to loan approval and clear to close in a timely manner so that the borrower is not placed in a terrible position of possibly losing their earnest money, through no fault of their own, and with no legal recourse per Colorado law. We even chose the 45 days to close option instead of 30 days to close, and Home Point Financial _still_ dropped the ball.
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***NEXT, I'll describe the experience of being a customer who has a loan with Home Point Financial****
Two key experiences I want to mention here.
1) In 2018, I checked my credit score online and discovered that there was a delinquent payment report made by Home Point Financial to the credit rating agencies. Up to then, I had maintained an 800+ credit score for 10+ years, had ALWAYS made my payments to all companies on time, and was 100% CURRENT on my account with Home Point Financial. When I called Home Point Financial, they said: "Oh, sorry about that, a glitch in our system accidentally reported to the credit rating agencies that your loan is delinquent. We'll work on fixing the error." Thanks Home Point Financial for working to ruin the credit scores of your best customers who always pay on time!
2) Today, I discovered that a $92 late fee was placed on my account. (I had been paying on time every month, and had proof of this.) I called them, and the conversation went like this:
HPF: You received a late fee because you didn't pay a $400 shortage in escrow.
Me: I paid that $400 shortage in escrow 4 months ago via your website.
HPF: I will check. (Pause.) Okay, I can see that you paid the shortage, but we didn't apply the payment.
Me: Why not?
HPF: When you pay an escrow shortage, you additionally have to call us to let us know that you paid it. Otherwise, we won't apply the payment.
Me: LET ME GET THIS STRAIGHT. When I make a payment ON YOUR OWN WEBSITE, and I SELECT THE "APPLY TO ESCROW" OPTION WHILE PAYING, I have to then additionally call you and let you know that I made the payment? DOES THAT MAKE SENSE TO YOU?
HPF: No sir, it does not.
You get the idea. Do not fall into the trap of becoming a customer of Home Point Financial. read more