If I could leave a zero star rating for this mortgage company, I would. My mother applied for a mortgage on her home from Power Express Mortgage Bankers Company. After reviewing her loan application, Power Express Mortgage Brokers, decided to take the next step and ordered an appraisal on her property. Believing that were going to fund her loan after they sent her an estimate of loan costs to sign, she made an appointment with the appraiser of their choosing and paid for his services, which were the cost of $895.00. Although, it was a much higher rate than it should have been, she chalked it up to the cost of doing business.
After a couple of weeks had passed, she hadn't heard a word from anyone from the Power Express Mortgage Company. She thought it was odd and decided call them. No one would speak to her regarding the status of her loan, and if they did, they had no idea what was going on with it. She continued to call for another month and still no letter of approval or disapproval.Again another month later she could not wait any longer and begged for someone to talk to her about her loan.It took a third month to get anyone to actually tell her what was going on with her loan.
Much to her surprise and shock, she found out she had been turned down for the loan, because this particular company only contacted Fannie Mae and Freddie Mac who work with mortgage loans that specialize in loans for owners who do not live on the property if there are rentals.From the inception of the loan they knew exactly where her income came from(the rentals) and that she lived on the property.They caused her a great amount of anxiety and of course the $895.00 appraisal.Do not go to this mortgage company and expect to be treated fairly and respectfully. read more