I was trying to purchase my first home earlier this year. I found a home and found a loan company to work with. At first I had good hopes, and everything seemed fine until about a month and a half later. My loan officer would tell me something and then change the story and it didn't sound right so I contacted Mississippi Home buyer's Advantage program myself to check on some of the things the loan officer told me, I found out he was lying and told me that the government change the law just to cover up that he didn't know what he was talking about. Several times I found myself contacting either the MS Home Buyer's program or the FHA to check on what my loan company was telling me. They were not helping me and working with me. I stayed with them only because I there was the $8,000.00 Tax credit deadline and I didn't want to start over and miss the deadline. At first I was told I would only have to pay $500.00 down and then I was told the laws were changed and I would need $1,500.00 down, so I had to scrape up over $3,000. in one month to pay off a debt they told me needed to be paid off first and to cover the $1,500. for my down payment. In the beginning they never told me that you had to have proof of the down payment before you could process the paperwork, I thought I would have time to save up the money. I had a couple of months where I did not have a bank account because of my debt problem and I was told the government grant programs would not accept cash, I called and found out that was not true. I was not told that I had to prove where every penny I deposited came from, so I had some problems explaining some cash deposits I made. After about 3 months of stress, being broke and frustration I had all the paperwork I needed to process my loan. I asked them several questions or emailed to make sure they received some paperwork; no one would ever answer my questions or let me know that they got the paperwork. I got so frustrated I ended up filing a complaint to the BBB on them, after that I was told that my paperwork would be turned in but that my loan officer could not talk to me anymore. A couple of weeks later my real-estate agent emailed me and said in case I hadn't heard my loan was denied and she listed the reasons. I have yet to hear anything from the loan company stating that the loan was denied or receive a letter stating the reasons it was denied as I know they are legally supposed to do within 30 days". The reasons my real estate agent told me they denied me was because they did not have proper documentation of where certain deposits came from, I gave them proof of all of those deposits and some of the proof that they should have received from other people in emails, I kept asking if they received and they would never answer me/. I have since gotten another loan company and within a week I had my paperwork and it will probably be ready to close within the next couple of weeks?. Because of the time I wasted with the first loan company I have lost the $8,000".00 tax credit/. My first home buying experience for the last few months has been one of the worst times of my life, when it should not be this hard". I have suffered stress, depression, money problems and more because of a company that does not know how to work with and treat its customers nicely;. My second experience is going quickly and I am not having half as many problems.. I want to know if there is anything I can do to recover from my experience or to at least not let this happen to someone else?

I feel that this company has done more illegal activity besides not contacting me to let me know I was denied.

1285025



  Comments (5)
1. Written by hltibbs on January 6, 2012 from dayton, ohio, US
:grin I am not sure which branches the dissatisfied people were working with but I can assure you that the people in the Middletown, OH/Hyde Park, OH offices are TOP NOTCH! 

 

Rob worked feverishly to eliminate all obstacles and granted, it took longer than a normal mortgage would due to unusual circumstances but he was able to get the job done and we closed a few hours ago. I have dealt with a number of banks to get this loan and none AND I MEAN NONE of them worked as hard as these people did to make my dream a reality. 

 

I personally will highly recommend them to people in need of a home loan.
2. Written by ISELLHOMES on October 5, 2011 from washington, district of columbia, US
I have had nothing but positive experiences with PrimeLending. Obviously the three of you do not keep up with the ever changing Lending laws. The laws are so tight right now and there are a dozen laws to go through for each transaction. The days of getting into a home with no money down are going away. If you don't have money, you can't buy a house. The laws and guidelines are very strict about credit now as well. You have to prove everything. To the disgustedrealtor above, for a pro like you with 15 years experience I am quite surprised you obviously have not taken the time to sit with the Lender and see the process from beginning to end. You should try that someday! Your Clients might actually believe you know what you are talking about then.
3. Written by Surprisedbythenegative on September 21, 2011 from -, -, US
I have worked with Primelending in Dallas for several years and have yet to miss a closing. Sounds like their is bad egg or two based on these reviews. I am tired of the big banks sending your file off to somewhere and then not being able to give you an update. The people I deal with answer the phone and have the people working the file right their in the office. My typical turnaround time is 3 weeks although I have begged and had it done it 2 when we got the run around from another bank before.
4. Written by disgustedrealtor on September 20, 2011 from nashville, tennessee, US
Prime lending tells you everything you want to hear in the beginning and quotes all kinds of great statistics on closing times and processing. Do not listen! They are the most incompetant people I have been associated with in my 15 years as a Realtor. They do not return phone calls, when you go to upper management they blow you off. They are highering loan originators like crazy right now in our area, gaining a huge peice of the market share. Bowwower beware! They may quote you low prices on the front end but if your closing is delayed for 2 months like mine was it will cost your clients more money ie..rent,additional house payments,etc...They will tell you that the problem is gov't regulations when it is not! I know the regulations and although they are difficult they should not cause too much of a delay for someone who knows what they are doing.
5. Written by victimizedbyprimelending on November 12, 2010 from milford, massachusetts, US
i completely understand your frustration. try having a perfect mortgage history and then refinancing, only to find out that they did not hold a license to operate in the state. and that the state would do nothing. 106 loans without a license and they were allowed to foreclose.

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