Mortgage Capital Associates - Is it good to deal with?

gmakerley · Posted: Thu Jan 07, 2010 11:07 am Post subject:

suregirl, i feel the pain you went through, but i truly hope you don't get your $395 back, unless Amex decides out of the goodness (??) of their hearts to give it back to you out of their coffers.

that fee went to an appraiser, who was being paid to do his/her job. that the lender subsequently fouled up the deal ought not to reflect on the appraiser. i don't blame you for wanting your money back, and i hope you can figure out some way to earn some compensation if you can, but i hope it doesn't come out of the mouths of the appraiser's family.

i'm sure you'll understand my feelings.

Guest

Hi,
Just wanted to add my two cents. I've done two loans with MCA and they both went ok. However, in each event there was an attempt to increase the rate above what was advertised. It was always a bit of a fight to push for the advertised rate. Currently, I'm interested in refinancing my two homes and asked MCA to take a look and see what they could do. Interestingly, after running my credit score they told me that despite my score of 760, and 720, that the third came in at 699. They told me if was because of a 26.00 late payment to a CC recently. I checked with the CC company and they told me it would be removed and off my report in 30days. However, I was told that because my score was below 740, I would not qualify for their best rate. I'm posting this because it appears according to David the min is 650 before the advertised rates are affected. If this is not a blanket statement, it should be posted on their site what the minimum credit score is for each loan. Regardless, I tried a different lender, but their not much better. This bait and switch tactic appears to be an industry wide problem. My best to all trying to get the best rate out there.

gmakerley · Posted: Mon Jan 18, 2010 9:08 pm Post subject:

credit scores are the gauge for all rates these days. if you don't meet a particular level, the rate you'll get offered is different. i don't know what you mean by "the advertised rate" exactly. if you read a newspaper ad for a specific rate, that must have been shown with a caveat that rates are always subject to change. we find mortgage rates change at the drop of a hat, and not unusually, more than once daily.

there may well be a bait and switch mentality among some lenders - not everyone is 100% above board, after all; but you'll find that no lender with any sense whatsoever will guarantee an interest rate until you've locked it in.

Guest

We had bad experience refi with MCA. They did not return calls, asked more documents at last minutes. It seemed that several people touched the documents, but they did not communicate with one another, then they blamed you for missing things. We will never deal with this company again, not worth the hassle and stress that they have caused.

Guest

Do not expect an Appraisal or an Appraisal Review to be done in a day or two. An Appraisal Review is an Appraisal and it takes often as much time or even longer than the original Appraisal to be done correctly. Typical turn time by truly qualified Appraisers those in the buisness 10 or more years will tell you a normal turn time after looking at the property is at least a week. If your loan officer or someone else tells you otherwise, be very suspicious. There are many Appraisers out there unfortunately that do a crappy job, but get them done fast and many consumers who got their loan incorrectly think, that a good Appraisal is one that gets them a loan, when in truth it may be the opposite.

Guest

Most loan officers do not understand Ethics and Appraising and expect Appraisers to do things that are illegitimate. If you want to learn about what Appraisers can and cannot do, join LinkedIn com (free) and become a part of the USPAP, Uniform Standards of Professional Appraisal Practice Group (also free) on LinkedIn(dotcom). What have you got too lose, other than your possible misconceptions?

We have 597 members now and growing. Our members include more AQB Certified USPAP Instructors than any group I am aware of, with the exception of The Appraisal Foundation itself. We also have multiple people in leadership from The Appraisal Foundation, the Appraisal Section of NAR, NAIFA, AI, FannieMae, Freddie Mac and numerous regulatory Appraisers and investigatory Appraisers, truly a unique mix. In addition to those there are many other Appraisers, lenders, AMC representatives, Appraisal school representatives and others with an interest in USPAP and what it is we do.
We welcome your participation and comments, so we might learn from you and share with you our collective knowledge and experiences.

Do you know what constitutes acceptable versus unacceptable business practices? This is required in all 50 States. Follow this link... uspap.org/2010USPAP/eUSPAP2010.htm (see advisory opinion 19) Giving a comp check without an Appraisal IS BANK FRAUD.

Ethics? Do you understand them? Follow this link to learn more about what an Appraiser is required to do and what not to do. uspap.org/2010USPAP/eUSPAP2010.htm Idea

Guest

I worked for this company for several years. Loan officers may be arrogant, however, efficient, deliver rates, they are a direct lender, and lowest fees around. Believe me, you are not getting ripped off and there is no bait and switch with this company. This company is for the internet savvy borrower looking to lock the lowest rate at the lowest fees and close the loan. If you are looking for a hand holding the whole way through the whole process, contact a local broker, they will help. You just may pay a much higher rate and a minimum of 1 point. MCA has a great system and you will win in the end.

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