From my personal experience with this branch, I would not trust them to compete for my business or…read morethe business of any of my friends, family and associates. I do not recommend them. Here's my story....
Why I Dumped NEXA Mortgage and Went Somewhere Else
I am a careful, alert and well informed consumer. The first thing I did was start with the process of pre-qualification. I started with my (commercial) bank, where I have been a client for over 15 years. Then I went to the mortgage company (loan officer) recommended (highly recommended) by my real estate agent/broker and finally to Nexa Mortgage (referred by a family member or friend).
Nexa Mortgage would not send the pre-qualification to me. According to the branch manager (Thomas Mancuso), the pre-qualification could not be sent to the buyer because it is a legal document and could be altered (by the buyer). However, line 41 of AZ PRE-QUALIFICATION FORM clearly reads (in BOLD) as follows: "Buyer acknowledges receipt of a copy and grants permission to Broker to submit this Pre-Qualification with Contract." Line 42 is BUYER SIGNATURE.
Not only was his explanation absurd and false, it was delivered from a personal cell phone (conversation was not on a recorded line), charged with anger and he would not allow me to ask the questions that I was interested in. When I attempted to change the conversation from his relentless defense of his branch policy regarding the direct delivery of the pre-qualification to the buyer, I was snapped at with "DON'T INTERRUPT ME!" I was not allowed to challenged him.
If he would not send the pre-qualification, could I have a verbal confirmation and verify what the loan amount and interest rate was for the pre-qualification? I was comparing "loan estimates" for my new home, after all; and I needed to make a decision. When I was finally allowed to speak, I had to ask specifically.
"All I want to know," I asked Tom, "what is the interest rate on my pre-qualification. Is it still at 2 and 3/4?" He would not answer my question directly and I don't blame him. Maybe he did not have the form or my profile in front of him. After all, he was on a personal cell phone. He could have been anywhere when the call was in session. "I will have my real estate agent send me the copy," I informed him. The line went silent, which says a lot. Tom had hijacked the call and had much to say until now.
I had the pre-qualification forwarded to me by my realtor. I decided to go with Nexa, but I knew I had to be alert. The loan officer was new (under 1 year of experience) and in "on the job training", and the branch manager has an off-putting way of conducting himself in business and crossing the line with a client.
After jumping through many hoops and delivering additional requirements, I received my Loan Estimate. This is where it all went crashing down. The total closing costs were "estimated" at over $14,500.00! The loan origination charges alone were calculated at 2.669%! I immediately disputed the loan costs. I have closed on several homes and my loan costs never exceed $1,700.
It had not been disclosed to me, and I asked Tom point blank during our conversation where I couldn't "interrupt", that the 2.75% interest rate was dependent on purchasing points. I certainly never asked to buy points. Yet, they were snuck in there along with other undisclosed, mystery charges. After pushing back, the "loan costs" were recalculated at 1.264% dropping them down to $2,922 from $6,171 (because they still included the purchase of points for a 2.75% interest rate). When asked why the amount had dropped to half, the only explanation Tom gave was that the interest rate had changed since the Loan Estimate was prepared. I am in finance. I understand how federal reserve interest rates work and that is simply ludicrous.
I have taken my business elsewhere, back to the loan officer recommended by my realtor. After all, I do not need to refinance my investment property. I do not like to be treated like a petulant child or made to feel like I am navigating through a mine field. I went where I'm treated like a VIP, where there is transparency, open communication and there are no hidden fees.
Not only is the Branch Manager at Arrowhead Nexa Mortgage shockingly unprofessional, but if I had not paid attention and challenged him, I would have been stuck paying loan costs that are excessive in any market. Maybe nothing truly fraudulent is happening at this branch, but certainly unethical.
Do your own research. Ask your realtor about the average cost to close on your new home. Become an expert in your own loan. Do not sign anything without reading the full document. Ask questions and make sure that they are answered in a way that they make sense to you. Above all, go where it is understood that you're about to make an incredible investment and you're treated with the respect you absolutely deserve.