tldr: Shady company that is extremely difficult to communicate with. We almost lost the home of our dreams, and I'm paying thousands extra in unnecessary taxes and penalties this year because of Rescom's mistakes.
There is not enough space to tell you the entire saga of our dealings with Rescom, but here are the highlights:
-We closed 12 days late and almost lost the house because the sellers didn't think Rescom could get the loan closed. When the listing agent emailed to say we were 2 days past the close of escrow and he'd like to know when we'd be able to close, Rescom emailed back and said we wouldn't have any sort of update for another 5 days or so. This is when the sellers started discussing their options to back out.
-When our agent called Burt (the broker who handled our loan) to discuss how to quell the sellers' anxiety, Burt started yelling at our agent. Burt told our agent that he was too inexperienced to understand what was going on (our agent has been an agent for 15+ years) and called him incompetent. Burt then proceeded to call ME to complain about my real estate agent (yes, you read that right.) I was telling him that I needed to go to a meeting, but he continued to rant to me about how it's our fault that we went with such an inexperienced agent. Meanwhile, our agent is emailing to let us know that the sellers are getting nervous but that he's trying to smooth things over with the listing agent, and he's talking to one of his preferred lenders to see how quickly we could get a loan with them if we started over. I truly feel that if it weren't for the efforts of our agent, Rescom would have lost this house for us.
-We were pre-approved on my boyfriend's salary alone, and then when we added me to the loan as well (I make just as much as he does), Burt told us that it wouldn't be a problem to do a VA loan. We told him from the start that if it would be an issue to do a VA loan, we would prefer to do a conventional loan. He reassured us a VA loan would not be a problem, even though we're not yet married. Then, when we were over the close of escrow and had no estimate of when we would close, Burt told me that it's complicated because it's a VA loan, and then specifically blamed the fact that we're not married. He then told me that if I weren't added to the loan, this wouldn't have been an issue.
-From the beginning, we told Burt that we would be receiving a gift from my parents to help with our down payment. I have an email correspondence where I specifically tell him how much money we're receiving and I ask him what they need to prepare on their end. He tells me, in no uncertain terms, that I should not do anything about this until the day before escrow closes and that they will just need to write a letter saying it's a gift. Then, the minute we get the Clear to Close, I send the letter from my parents to Rescom. The two Rescom processors then call me, at a loss for words, because Burt never told them we were getting a gift. In order for us to accept that money from my parents, Rescom would have to start the approval process all over again which would take anywhere from 2-10 days (and at this point we were 11 days over the close of escrow). So, in order to come up with the money for the down payment, I liquidated my retirement accounts incurring thousands of dollars in unnecessary taxes and penalties, all because Burt didn't tell his team that we were getting a gift. But the real kicker here is that I forwarded Burt's original email to the whole Rescom team to make sure everyone understood that Burt knew about the gift this whole time. He then proceeded to take me off the email chain and responded to everyone else to say that it was my fault that I didn't communicate this information to everyone on HIS team. He has still yet to admit his mistake and apologize.
-In general, the entire Rescom team was incredibly difficult to get a hold of. I left 6-7 voicemails for one of the processors and she never called me back once. I would then email my questions and only sporadically received responses. I would have to email the entire team on one chain and ask for ANYONE to give an update in order to get any response.
-Also, we caught the team in multiple lies. They told us the VA had 3 days to respond and that the packet had been submitted. When we called to independently verify, the VA said they have 10 days to respond and that they hadn't received anything from Rescom.
-Burt has spelled my named incorrectly 75% of the time despite me correcting him.
And recently:
-Burt had the audacity to email me (and spelled my name wrong again) to ask me to refer people to him. read more
