There is a lot of info out there on different services providers such as food eateries, limo rentals, but there is very little feedback on mortgage brokers which is why I am writing this critique. Hope this information helps you make a good decision on your mortgage needs.
My wife and I found our dream house and almost lost it because of Pacific Mortgage. We committed to a 45 day loan, & were continually told everything was on track till the week before signing. Our loan got extended 2 weeks due to the procrastination, and chaotic disorganization of Pacific Mortgage!! As a result, we ended up paying lots of extra money in addendums due to our late closing almost lost our dream home. Luckily, our sellers did not walk, but you may not be so lucky.
Pacific Mortgage had a laundry list of required items that we diligently provided within the first week. Initially, they were attentive to our needs & took the time to explain the process, diligently returned our phone calls, but once they had us committed, they were rarely accessible; never answering phone calls, always in "meetings" when we called, & took days to return phone calls/emails. We felt like once they had us committed, we were put on the bottom of the pile of loans they had to close. They were constantly scrambling & in disarray. Incidentally, the paperwork we so diligently provided during week one, we ended up providing over 20% of it again. They often claimed they lost it, or could not find it, but our impression was they were too disorganized or lazy. It was easier and faster for them to ask for it again rather than search their emails for the documents. More importantly, where did our lost paperwork go? This paperwork had sensitive information like SSN's, income, date of birth, etc. I've heard the same stories from numerous people that used Pacific Mortgage, and I should have listened, but their rates were too attractive, or maybe not? After closing the loan, I ran my paperwork past a mortgage friend of mine & was sadly educated that my deal was as not as sweet as I thought. There were a lot of "hidden" fees that the average person doesn't know about, so although the loan rate may seem low (APR), his APY was actually higher than others. When getting your loan figures, ask for APY...this is what you need to compare. I wish I knew that. Additionally, when purchasing a mortgage, part of what you are paying for is customer service. You are paying to get the loan closed on time, you are paying for your loan officer to be efficient, organized, & to be able to fight for your needs or make phone calls when necessary. Pacific Mortgage doesn't have any of these relationships. They deal with internet financiers that don't take phone calls, that don't have underwriters that can be called, so when it comes to getting clarification on unique situations, Pacific Mortgage makes you provide ungodly paperwork and documentation that takes hours to research because they can't get clarification like a normal lender does. This wouldn't be so bad if all these speed bumps were discovered early in the process, but because we were just a number at the bottom of a pile of applications, these bumps were only discovered in the 11th hour, and we were left scrambling for documentation. It was very stressful & we basically felt hostage to the situation & every day in the last week of closing, we were dropping everything in our lives to get documentation that could have easily been requested early in the process. We felt like we were working for them, & it should be the other way around. We were constantly told...."It's up to you, but if you don't get this paperwork, we probably won't close on time". And we still closed 2 weeks late!! They were constantly turning the tables on us & tried to make us feel like the reason why the loan wasn't closing on time was us, when all along it was because they take on way more loans than they are staffed for. I had other friends that financed with Pacific Mortgage & they all had the same experience!
Be forewarned!!! If you are looking to close on time or find the house of your dreams, do not use Pacific Mortgage!!! Although you may think you are saving money, in the long run it will cost you more money due to late closing fees, or worse yet, it may cost you your dream house especially if there's a backup buyer.
The Mortgage industry has no regulatory fine/penalty for brokers and loan officers that don't close on time. There is no agency that regulates the ratio of loans to workers, yet in the end, the people that suffer are the mortgage applicants. The only power that regulates whether loan officers close on time or not is reputation, good or bad, which is why I am writing this to hopefully protect the consumers from bad practices. I hope this critique helps. read more
