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Richmond Mortgage Brokers Reviews
Things started well. I liked the Mortgage broker and he was pretty responsive to my emails and phone calls. The closing costs did creep up a bit with the pre-paids, but I was still on track to save money at the 3.75 rate which would have given me a break even in several years and then a lot of savings down the road.
But then my appraisal came in lower than I was expecting. Not by much, just a bit. This is where things started to get a little strange. After my appraisal came in low, I was re-assigned to another person to work up an FHA refinance on Friday. It took several emails and phone calls to get ahold of this person on the next Tuesday. I finally did get ahold of him and he said it had to be FHA again, so I told him to try to work the numbers. I waited a couple more days and no good faith estimate, so I requested a good faith estimate. He said he couldn't give me one yet, only a rough estimate. The rough estimate showed me saving less than 100 dollars a month, so at this point I asked them to stop the process. Note it was almost 1 1/2 weeks after the appraisal at this point, so I was frustrated with how slow things were going. This is why I rate them a 'C' on responsiveness and puncuality.
Not soon after I asked them to stop the refinance process, I also found appraisal actually had some blatant mistakes in it. This to me supports the fact that the appraiser wasn't that good and probably got my house's valuation wrong. For example, I found several errors in the appraisal, such as the appraisal saying I had a crawl space, when I had a full basement, saying I had ceiling fans, when I have no ceiling fans. Even the room count in the appraisal was wrong and there were spelling mistakes. In addition, the appraiser found several comps that were miles away in different neighborhoods and different lot sizes, no basements, etc and used those for comps. To me this calls into question the valuation, since I found so many other mistakes.
I bough this to the attention of the mortgage broker, but by now it was too late. The Mortgage broker wanted to do a valuation appeal, but I guess the guy processing my loan - the "Solution Consultant" was afraid to do this because of the stricter laws now with mortgages.
To sum things up, not bad or terrible, but I felt things could have gone much better. I felt the communication after my loan was switched back to FHA could have been better and gone faster. It just seemed like things took forever after the appraisal came back low. I will also have to complain about the appraisal. I know that
Anyway, this is the 2nd time I have tried to use them and it hasn't worked out. Going forward, I will probably try to use a local mortgage broker to get better service and hopefully an appraisal that is more in line with reality. Note that the
Update: When I wrote this review the first time, I had just told the loan consultant to "stop" with the process because the numbers didn't make sense and they wouldn't try a 2nd appraisal. Then almost a week after I told them to stop, I get a phone call and an email from someone at
Then on 10-5-2012, more than a week after I told them to stop the process, I call to find out when I'm going to get a refund on my initial 500 dollar deposit ( minus the appraisal and credit report fees of course ). I speak with a nice young lady that tells me that my loan HASN'T been stopped, its in a suspended status and it will take another 8-14 days to get my refund! This is after my last loan consultant said he was stopping the process last week and said I would get a refund in 7-10 days! I finally got things closed down later that day.
Update - I finally got a refund of part of my initial 500 deposit. Note that it took until 10-12 to get my refund, over 2 weeks after I told them to stop the refinance. There is no excuse for that. Some people may get lucky with "
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