They make money by being late and charging you for it!
We have refinanced our home mortgage using Mr. Richter and his team from Ann Arbor, MI in July 2014. When we applied, Mr. Richter promised me that our application will be done in less than 30 days. It lasted over 65 days and even after closing they have asked for more documents and signatures for two weeks. Just 48 hours before the closing they presented me with a charge of over $1,000 for extension of the interest lock. Once I called to ask if such delay was our fault, Mr. Mitchell explained me that it was not our fault and that the delay was caused by subcontractors they used. Based on my experience, such delay is also caused by their internal disorganization as well. Since I was presented with option to pay or there would be no closing, I had no option but to pay hoping that they would justify the charges. Mr. Mitchell tried to justify the charges, but the numbers didn't match his story and the closing settlement statement. Once I asked Mr. Richter and Mr. Mitchell to document that it was our fault for the delays they stopped responding to me. read more