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Guest

I came across this site too late. I am in process of trying to close a loan with MCA and it has been an extremely frustrating process, to say the least. To be clear, this is not my first rodeo; I've closed on 10 prior mortgages, either purchases or refi's, have excellent credit, know the drill and had everything ready to go right off. But I have never been treated this poorly by a lender. Here are the things you need to know. First, they will hit you up right off the bat for appraisal and lock fees -- non-refundable, of course. That way, they will have you trapped into staying with them longer than any reasonable person should. Then, you'll get passed around, with no one clearly in charge. I went from Mr. Young, to someone who may (or may not) be a document specialist, to someone else to yet another person, none of whom have any clear position or title. Yet, despite having four supposed contacts, none of them keep you apprised of the progress of your application or respond to your email or voice messages. Finally, out of the blue, I received an email from the off-brand title company they use asking for more documents (the title company had emailed MCA two weeks earlier asking that MCA ask me for these docs, but MCA didn't bother to send that request to me). But beware; the off-brand title company is no great shakes. Their costs not only far exceed whatever may have been in your GFE but this title company was unique in my experience in that they did not have a roster of residential surveyors in the major metro area they served. Rather, they simply googled for surveyors and starting calling around. I couldn't believe this when the title company rep told me. Needless to say, this resulted in a list of commercial surveyors who only do residential surveys for roughly twice the average cost of such surveys in the market. Thankfully, I was alerted to this in time to do my own legwork and line up reasonably price surveyor who did residential surveys. Okay, so let's say you get through the title company's process and want to close. Well, then the title company tells you that there was some unspecified error in the documents (prepared by MCA) and the papers are back with MCA and you should talk to them. Well, multiple telephone messages and emails later and, not surprisingly, no responses whatsoever. Not from David Young, not from his colleague Mr. Chon, not from any of the other people whose names show up on email. Anyway, maybe someday we'll close. Who knows. What I do know is that, in my experience, you do not save money on closing costs with these guys, their rates aren't that special and the frustration you experience isn't worth it. If I could do it over, I would just go with a reputable local firm.

jameshogg · Posted: Mon May 04, 2009 10:09 pm Post subject:

Hi Lone Star,

Thank you for sharing your experience with the community. You are really having a bad time dealing with the lender. Other borrowers will be aware of their lending techniques and will take appropriate steps to deal with them.

Thanks

Guest

This company is a total mess. I have investment properties and have done several loans recently, but when i found these guys on bankrate, I thought they were reputable. They are a mess. They asked for 27 conditions to be fulfilled 27! They lost the application, they can't find the things to fax them. out of probably 50 phone calls, never has one been returned. The only things you can do is harass the secretaries until they get you to someone. E-mail isn't better. Faxes go somewhere, but no one knows where. "you sent it to the wrong fax number" they say, but the one you sent it to is the one in the e-mail demanding the fax.

Ultimately, they have great rates and fees (it can't be denied) and you might decide to refinance with them (it probably won't go through, but you can try), but DO NOT PURCHASE A HOUSE USING THIS COMPANY FOR FINANCING. 7 weeks, 27 conditions and no sense of commitment. They'll loan to you or they won't and they make no apologies for putting you through the ringer. They tell you that's the way it is in 2009! Not true, there are many good lenders out there. NEVER AGAIN.

BOB

Guest

I am having the same experience as mentioned above. I am refinancing, and since I can't get a response from either email or voicemail, I am in the dark as to if it's actually going to happen. I first called them in early April, I sent every piece of loan documentation and had the appraisal done in one week. Now it is almost 2 months later and I couldn't tell you if I'm going to have the new loan or not. I used this company when we first bought our house 3 years ago, and I did have a good experience then, everything was timely and the email/voicemail response was good. This is an entirely different experience. I'm guessing maybe they handle new loans vs. refinances differently. I don't believe they have charged me anything yet, but I am out $350 on the appraisal. Needless to say, I am very frustrated at the amount of time I spend calling/emailing them with no response.

smithsussane · Posted: Mon Jun 01, 2009 10:53 pm Post subject:

Thanks for sharing your experience. I can understand how much frustrating the situation can be for you. As they are not replying to your phone calls or e-mails, I would suggest you to contact an attorney and let him deal with the lenders. This will at least help you know whether you would be able to refinance the loan with them or not.

Sussane

Guest

IM IN THE SAME BOAT, AND I DONT KNOW WHAT TO DO. THEY WONT ANS. THE PHONES AM PROBABLY GOING TO BE OUT A LOT OF MONEY.. I SHOULD HAVE TAKEN HEED OF THE ADVICES OF OTHER PEOPLE AGAINST THIS CO. MCA

Guest

I got pre approved with these guys and they don't do anything, I sent them all my paperwork for a preapproval and they lost it the first week, then they took a month to get back to me. I finally found a house I wanted to make an offer on and I tried contacting these guys with calls and emails and I still never heard back from them. These guys don't want your business, so to hell with em.

Guest

Do yourself a favor and don't do business with Mortgage Capital Associates. Save yourself the aggravation. I'm out hundreds of dollars, lots of my time and no loan. These people are a joke. Go elsewhere even if it costs you a little more, it'll be worth it no to have to deal with Mortgage Cpaital Associates.

Guest

I read many posts here and I suffered through much of the same things with Mortgage Capital Associates. They're great at first until they have the hook in your mouth then the costumer service goes out the window. They have tons of excuses ready to throw at you. In the end I wish I hadn't used them and I'm going to complain to Bankrate.com for letting them advertise there. All of you that were burned by MCA I suggest you call the Dept. of Real Estate in LA, call your congress person and also call the State Attorney General's office. I know I am.

Guest

I had a similar problem with Mortgage Capital Associates. And their representative, DAVID YOUNG (he responded to one of these posts), was the person that mismanaged my loan.

I turned in all of my documents extremely promptly and they sat on the loan, doing nothing, until a week before the rate lock expire and told me that "processing" took to long and that it wouldn't close on time and that they would only be able to offer the new market rates, which were .625% higher than when i locked in.

Early on in the 45 day rate lock period, I DAVID YOUNG stated in two emails that the loan "would close in 2 weeks or so", in the final month of that 45 day period, he would not return phone calls or emails, and a week before the rate lock was to expire, he finally responded to tell me the loan would not close on time.

It is my preception that either: a) they realized that national rates has risen early in the rate lock period (and their rates rose too) and therefore never intended to close the loan at the rate lock rate in the first place; or b) DAVID YOUNG sat on my file for a month until it was too late to close on time. Either way, they cannot be trusted

Guest

Too many stories just like your's. This company needs to be investigated. Like I said before, complain to the Los Angeles Dept. of Real Estate and to the Attorney General's office.

Guest

DO NOT DEAL WITH MORTGAGE CAPITAL ASSOCIATES!!!!!!!

I CAN'T WARN YOU ENOUGH.

Guest

I had a very bad experience with Mortgage Capital Assoc.
Don't waste your time with them, go with someone else even if their rates are a little higher. I wasted my time and money and never secured a loan. They left me hanging and wouldn't return calls and in the end they sent me an email saying they needed to charge me a higher rate. Go elsewhere, run don't walk away from this company.

Guest

If you had a bad experience with Mortgage Capital Associates file a complaint with the Dept. of Real Estate, Mortgage Capital is a licensed loan broker so they have to answer to the DRE.

Guest

I just called Mr. Young, as we are suppose to close tomorrow. Mortage Capital has not sent the necessary papers to do so. I have been receiving the runaround for 7 days. No returned phone calls, no returned emails. I just saw this blog and found Mr. Young's phone #. He just put me through to the same voice mail from the same people who do not answer. So there it is...Mr Young is full of it as well. This whole thing is a scam. I would stay away!!
Debra Butler

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