After doing more than a dozen refinances on my home, over the course of thirty years, I had the worst experience ever with this broker.
This loan was being made with no cash out and with a pay-down of the existing mortgage of more than half the existing loan amount. There were no credit issues and it should have been the easiest process anyone could imagine. Instead, my "no cost" loan, ended up costing me thousands more than if I had just gone to a bank and refinanced directly through them. Here's what occurred.
It started with the first lie, in the middle of May 2012, that my appraisal, that needed to be paid up front, would be $450.00. I gave Scott Carter my credit card and, then I discovered I was charged $560.00. Scott called to say he made a mistake. OOPS!
Then I was told my loan was easily processed and "approved" and would close on June 20th. I rushed to get my funds into escrow. We signed, with a notary from NMRC (Scott's son) the final docs. The 20th came and went. "They" need "something else" to close. But don't worry; It WILL close on "Monday". OOPS!
Monday came and went and I was told I needed to make another payment on my existing mortgage, even though I had already deposited a whol month's worth of anticipated interest on top of the principal amount, shown on my loan in June.
After some trepidation, I complied and made the payment but, since we were leaving town on the 16th of July, we needed to get it funded before then. Nope; Didn't happen. OOPS!
I was supposed to receive a check for over-payment of interest and fees as well as my original appraisal fee. By the time they got the loan funded, they managed to gobble up almost all of the interest money, through delayed funding, and added an extra notary fee (they needed docs drawn and signed TWICE) amounting to a total of $400! OOPS!
The bottom line is, when you deal with the three stooges of mortgage finance, you get what you pay for. This guy claims to have been doing this for over a decade but couldn't seem to get ANYTHING to go according to plan, on a simple loan, and ended up costing me a fortune for his own mistakes.
He sounds more like a used car salesman with one excuse for his negligence after another; And I got the bill for it all.
I'm complaining to DORA and other agencies and may try small claims court to recover some of my losses. read more