Posted on: 14th Aug, 2008 12:20 pm
Anyone has experience with aimloan? I'm looking for a lender for my purchase of a property in Orange County, CA. Thanks.
Seems like it's "one up, one down" as far as Aimloan is concerned. I guess that means that anyone considering doing business with them needs to be ultra-careful. Maybe it's getting the right processor, or the right loan officer or maybe it's an attraction thing - you know, where someone's magnetism enhances their options of getting what they want...
I dunno, really...just clutching at straws here. I guess I'd shy away from a company such as Aimloan myself.
I dunno, really...just clutching at straws here. I guess I'd shy away from a company such as Aimloan myself.
To sum up my experience with AIMLoan - torture. For a straight up purchase with a small mortgage (under 50K), with an excellent credit history, they dragged their feet, kept asking to write letters to explain credit inquiries that occurred over 3 months ago, asked for copies of checks of "large deposits" into my checking account. Really??? Who makes copies of checks before depositing them??? Now they are telling me lock is about to expire, and pay up 0.375 points for 15 day extension or 0.5 point for 30 days. I told them that it's been 3 weeks since appraisal was done (via their appraisal mgmt company), they pinned it back on me. So basically they are extorting more money. At this point not sure it's worth it to continue with them and geopardize the closing (it has to occur within next 3 weeks), or should I just go with another lender...
In either case, BEWARE, STAY AWAY FROM AIMLOAN!!!
In either case, BEWARE, STAY AWAY FROM AIMLOAN!!!
another borrower had this to say and my loan was exactly the same story. sent things multiple times and they invented new things a day before we were to go to underwriting. Just requested a hud-1 from our purchase 5 months ago and now are preping us for more fees on rate lock expiration that they have caused. Disgusting company , avoid like the plague.
From the other borrower- Major runaround. They requested the same documents several times. They requested documents at the last minute in order exceed the lock period resulting in our having to pay a higher rate .25%.
From the other borrower- Major runaround. They requested the same documents several times. They requested documents at the last minute in order exceed the lock period resulting in our having to pay a higher rate .25%.
We are beginning to see a consensus attitude towards AIMLoan. That would be, of course, to seek mortgage money elsewhere. Of course, we see all sorts of negativity directed at many (most) of the other lenders discussed on MortgageFit; where does that leave us?
Is there a lender that anyone could trust? Or is it like finding a needle in a haystack? Unfortunately, a great percentage of people are happy with a particular institution, while another group is wholly dissatisfied. Would that we could find a happy medium.
Is there a lender that anyone could trust? Or is it like finding a needle in a haystack? Unfortunately, a great percentage of people are happy with a particular institution, while another group is wholly dissatisfied. Would that we could find a happy medium.
Here's where the problem lies. It's not a case of just finding the right lender. The reason is you can find a good lender but end up with a bad loan originator (loan officer/mortgage broker) or a bad loan processor, a bad underwriter, a bad appraiser or any combination of the above. That's why you will find people applying for loans at the same time with the same lender - some claiming it was a great experience and others claiming it was a complete disaster.
Moral of the story is shopping and getting the right loan with the right rates/fees and terms with the right company is much easier said than done. Unfortunately that's the way it is and likely always will be except for the rare few that understand exactly how the game is played.
Moral of the story is shopping and getting the right loan with the right rates/fees and terms with the right company is much easier said than done. Unfortunately that's the way it is and likely always will be except for the rare few that understand exactly how the game is played.
I can't disagree but I'll point out one thing that has changed over the years.
Originators used to be able to rely on advice from underwriters more than currently. Unfortunately, things have changed so drastically and so quickly that underwriting is just getting used to something when it changes again, and the originator continues to go with the old information, not realizing it's changed until the deal blows up.
I agree that a processor can truly mess up a file - it happened to me on several occasions; most of them, however, were resolved favorably; but that's more because I insisted on being in on everything that happened with a borrower (this was while I was originating, of course).
When I was underwriting, if an originator asked a question, I was always ready with an answer...not by phone, because it's too easy to be miscontstrued on the phone. Email ruled for me. Processors I worked with in that system were also in the know, so that it all worked out pretty decently.
The 21st century has brought us an awful lot of changes.
Originators used to be able to rely on advice from underwriters more than currently. Unfortunately, things have changed so drastically and so quickly that underwriting is just getting used to something when it changes again, and the originator continues to go with the old information, not realizing it's changed until the deal blows up.
I agree that a processor can truly mess up a file - it happened to me on several occasions; most of them, however, were resolved favorably; but that's more because I insisted on being in on everything that happened with a borrower (this was while I was originating, of course).
When I was underwriting, if an originator asked a question, I was always ready with an answer...not by phone, because it's too easy to be miscontstrued on the phone. Email ruled for me. Processors I worked with in that system were also in the know, so that it all worked out pretty decently.
The 21st century has brought us an awful lot of changes.
What also needs to be mentioned is the typical consumer does very little comparison shopping because quite frankly, they don't know how to do it.
Often it is the bigger name companies that are not the most competitive but because of their size, name recognition and ad budget, that get the business. So right from the start, the homeowner is headed in the wrong direction.
Then if they do find the right company, they have to hope they get a knowledgable loan originator that will explain what their options are and which loan best suits their needs. More often than not, that doesn't happen either.
After that you need a loan processor that is responsive and coordinates everything to make sure the consumer stays informed and makes sure things run smoothly. Problem is you don't get to choose the loan processor.
You also need an underwriter who doesn't gum up the works requesting more information that really isn't needed, questioning the appraisal you just paid for or any other number of reasons.
So what should be a fairly straightforward process often turns out to be a long drawn out and trying experience that isn't the result of something the consumer did on their end. It's a shame that in this day of automation and technological advances. the mortgage industry still operates like it is in the dark ages, charging exorbitant fees and causing undue stress.
Yes there have been an awful lot of changes unfortunately few of them have been for the better.
Often it is the bigger name companies that are not the most competitive but because of their size, name recognition and ad budget, that get the business. So right from the start, the homeowner is headed in the wrong direction.
Then if they do find the right company, they have to hope they get a knowledgable loan originator that will explain what their options are and which loan best suits their needs. More often than not, that doesn't happen either.
After that you need a loan processor that is responsive and coordinates everything to make sure the consumer stays informed and makes sure things run smoothly. Problem is you don't get to choose the loan processor.
You also need an underwriter who doesn't gum up the works requesting more information that really isn't needed, questioning the appraisal you just paid for or any other number of reasons.
So what should be a fairly straightforward process often turns out to be a long drawn out and trying experience that isn't the result of something the consumer did on their end. It's a shame that in this day of automation and technological advances. the mortgage industry still operates like it is in the dark ages, charging exorbitant fees and causing undue stress.
Yes there have been an awful lot of changes unfortunately few of them have been for the better.
Sorry for the repost but I forgot to login before.
What also needs to be mentioned is the typical consumer does very little comparison shopping because quite frankly, they don't know how to do it.
Often it is the bigger name companies that are not the most competitive but because of their size, name recognition and ad budget, that get the business. So right from the start, the homeowner is headed in the wrong direction.
Then if they do find the right company, they have to hope they get a knowledgable loan originator that will explain what their options are and which loan best suits their needs. More often than not, that doesn't happen either.
After that you need a loan processor that is responsive and coordinates everything to make sure the consumer stays informed and makes sure things run smoothly. Problem is you don't get to choose the loan processor.
You also need an underwriter who doesn't gum up the works requesting more information that really isn't needed, questioning the appraisal you just paid for or any other number of reasons.
So what should be a fairly straightforward process often turns out to be a long drawn out and trying experience that isn't the result of something the consumer did on their end. It's a shame that in this day of automation and technological advances. the mortgage industry still operates like it is in the dark ages, charging exorbitant fees and causing undue stress.
Yes there have been an awful lot of changes unfortunately few of them have been for the better
What also needs to be mentioned is the typical consumer does very little comparison shopping because quite frankly, they don't know how to do it.
Often it is the bigger name companies that are not the most competitive but because of their size, name recognition and ad budget, that get the business. So right from the start, the homeowner is headed in the wrong direction.
Then if they do find the right company, they have to hope they get a knowledgable loan originator that will explain what their options are and which loan best suits their needs. More often than not, that doesn't happen either.
After that you need a loan processor that is responsive and coordinates everything to make sure the consumer stays informed and makes sure things run smoothly. Problem is you don't get to choose the loan processor.
You also need an underwriter who doesn't gum up the works requesting more information that really isn't needed, questioning the appraisal you just paid for or any other number of reasons.
So what should be a fairly straightforward process often turns out to be a long drawn out and trying experience that isn't the result of something the consumer did on their end. It's a shame that in this day of automation and technological advances. the mortgage industry still operates like it is in the dark ages, charging exorbitant fees and causing undue stress.
Yes there have been an awful lot of changes unfortunately few of them have been for the better
Most of what an underwriter requests these days is due to continuing inconsistencies with Fannie and Freddie and/or FHA. Their QC requirements and their insistence on certain specific things to be included in appraisals, etc. make an underwriter pull what little hair is left on his head completely out.
Well, maybe not quite that ridiculous, but you're hard-pressed to make those agencies happy.
Not only that, but trying to get any information from the agencies is awfully difficult. Call them up, ask your question, and they ask you if you've looked it up in the Guide. Well, of course, you say, and then they refer you back there anyway. Not entirely friendly...and one of them is far worse than the other, but I'll leave it to someone else to name names.
Well, maybe not quite that ridiculous, but you're hard-pressed to make those agencies happy.
Not only that, but trying to get any information from the agencies is awfully difficult. Call them up, ask your question, and they ask you if you've looked it up in the Guide. Well, of course, you say, and then they refer you back there anyway. Not entirely friendly...and one of them is far worse than the other, but I'll leave it to someone else to name names.
Most of what an underwriter requests these days is due to continuing inconsistencies with Fannie and Freddie and/or FHA. Their QC requirements and their insistence on certain specific things to be included in appraisals, etc. make an underwriter pull what little hair is left on his head completely out.
Well, maybe not quite that ridiculous, but you're hard-pressed to make those agencies happy.
Not only that, but trying to get any information from the agencies is awfully difficult. Call them up, ask your question, and they ask you if you've looked it up in the Guide. Well, of course, you say, and then they refer you back there anyway. Not entirely friendly...and one of them is far worse than the other, but I'll leave it to someone else to name names.
Well, maybe not quite that ridiculous, but you're hard-pressed to make those agencies happy.
Not only that, but trying to get any information from the agencies is awfully difficult. Call them up, ask your question, and they ask you if you've looked it up in the Guide. Well, of course, you say, and then they refer you back there anyway. Not entirely friendly...and one of them is far worse than the other, but I'll leave it to someone else to name names.
I recently refinanced with AIMloan. They paid my property twice, once through the escrow firm and once deducted from my escrow account. Then, they made me to pay a higher monthly payment while they are "investigating" it. It has been 20 days and there are no results. I wouldn't recommend using this company for refinancing.
On 2/16/2011 AIMloan accreditation was revoked according to the BBB website.
JUST REFIED WITH AIM. HAD NO PROBLEMS. RESPONSIVE WITH NO SURPRISES. BEST RATE AND CLOSING COSTS. MY EXPERIENCE HAS BEEN GOOD...CLOSED LAST NIGHT. JS TOLEDO,OHIO
Run away from AIM. BBB revoked their accredidation & I see why. They continue to bombard me with rediculous documentation requirements and add new ones daily. It looks like I am going to loose the house purchase because of them and I need to be out of mine in 15 days. I have purchased 11 homes and this company is the WORST by far!
They suck.