I only wish I knew where to begin. My mortgage refinance with this company took nearly 5 months (about 150 days) to close. For the sake of discourse, I was very responsive to requests for documentation, my credit score is north of 830, I have a very low debt to income ratio, and on top of all this, I work in the banking industry; so I get the entire process and have very realistic expectations when it comes to these matters. To put it lightly, this company is a complete joke and missed the mark on every operational category. My mortgage representative was nice enough and fairly helpful, but that is where the positives stop. I was asked for the same documentation multiple times and I am not going to harp on that because I know they have their requirements, but the entire process was incredibly inefficient and had it not been for my incessant nagging, I would probably still be waiting to close on this loan. My processor was non-responsive and the service was poor. You cannot get a hold of anyone in their office. The only extension where you can reach anyone is the sales department (go figure!).
Honestly, my refinance from up to closing was the worst experience that I have had with a company in my life up until this point.. and then after we finally closed on the refinance it got 100x worse. Trident does not service their own loans. The way it works is that you make the first couple of payments to trident while it is processed and sent off to another servicing company (CMC Funding). My wife made our Feb 1, and March 1 payments to Trident and after not hearing anything about the pending transfer, made the April payment on March 31. Sometime around Apr 10 we receive a letter in the mail (dated Apr 7) that essentially reads, [your mortgage is being transferred to CMC funding effective Apr 1, do not make any payments to Trident and make your April payment to CMC instead]. So, wait, what?? You send a letter DATED Apr 7 about the transfer of my loan and tell me that the April 1 payment should be made to another company? What is going on here and why on earth would they not have expected me to make that payment on time? How was I supposed to know to make my April payment to another company if you don't even SEND me the notification letter until April 7?? So one would think that my new loan servicer, CMC, would work closely enough with Trident to figure this out. One would think that Trident would see the payment come in for a transferred loan and simply send it to CMC, or, since my payment was made electronically on March 31, apply it to the loan before sending it to CMC. You would think they would do one of these and, no harm, no foul. All's well that ends well, right? Wrong. In the last 2 weeks, I have received an unexaggerated 20 calls or voicemails from CMC "attempting to collect a debt." Now, CMC has been about as annoying and unprofessional as it gets, but let me be clear that my gripe is not with them - it is with Trident. CMC apparently has to call me at least every day until the "debt", which I already paid to Trident, is fulfilled. They understand the circumstance and have also tried to work with Trident to get this resolved, and to everyone's surprise, Trident has been completely unresponsive. You still can't get a hold of anyone when you call Trident unless you're looking for sales. I could easily just make the April payment AGAIN to CMC funding, but I don't trust Trident and don't know what is going to happen to the payment that I already made. Imagine getting a call or voicemail from a company EVERY SINGLE DAY and some days, twice a day, asking to collect a debt that you have already paid. Trident has zero focus on service or operations. I understand that it looks like that sales drives revenue on paper, but take it from someone who has referred 5 people to "anyone other than Trident Mortgage" in the last few months and tell me that a small focus on service wouldn't benefit them? I am still dealing with this and am close to the point of getting the law involved. I am worried that this situation will ultimately impact my credit. I was told by CMC that I have a 60-day grace period when a loan is transferred and wouldn't suffer any consequences for 60 days, but it has been 4 weeks now since I made the payment to Trident and still have heard nothing, still cannot reach their office, and am still getting calls from
CMC making me feel like a some sort of delinquent. I'm sure this company will attempt to hide behind the pandemic as an excuse, but the reality is that it is just poorly managed.
I understand that there are exceptions and outliers and irrational customers out there. I honestly do not believe that I am any of those three and based on my experience every step of the way, I can't imagine that anyone could be satisfied using this company. I don't know how it is still in operation after my experience. Please stay far away from this company. read more