Posted on: 29th Aug, 2007 01:06 am
Hi everyone, here's my story so far with Mortgage Capital Associates, Los Angeles, CA when I applied for refinancing my loan. I had actually applied there after shopping online and observing the rates for a number of months, but who knew I would land up in uncertainty. I completed an online application and they emailed me stating that I was pre-approved. The email confirmed the arte that I applied for and asked me to lock the rate.when I tried to do so, they said I'd require a higher rate. I did not agree but they again called back and said they've mistaken my offer for someone else's and hence the higher rate, so I could then get the rate I wanted. Somehow I locked in the rate. But again there was a problem, after repeatedly trying to talk to the loan officer, I could get him to explain a few things but he didn't pick up the phone. I sent emails instead but no response., finally after about 2 weeks, I got call from him saying that they required more documentation! However, I did send the ones he asked for and I'm still waiting for his response. But this whole story is strange, do you think I should carry on??or is there a better company I can look forward to??
Hi Jennifer,
I personally feel that Mortgage Capital Associates with which you are dealing is really behaving strange. Once they are charging you a higher interest rate. Then again they are accepting their mistake of charging the higher rate. I think they may create a problem for you in future. After signing the loan documents, if 3 days are not over, then you can cancel the loan agreement with them.
I personally feel that Mortgage Capital Associates with which you are dealing is really behaving strange. Once they are charging you a higher interest rate. Then again they are accepting their mistake of charging the higher rate. I think they may create a problem for you in future. After signing the loan documents, if 3 days are not over, then you can cancel the loan agreement with them.
Hi Jennifer,
Even if you have been pre-approved by this company (Mortgage Capital Associates) for the loan, you can cancel the loan application any time you wish before the closing.
Even if you have been pre-approved by this company (Mortgage Capital Associates) for the loan, you can cancel the loan application any time you wish before the closing.
Hi, Sounds like they are a broker and are still finding a mortgage company to buy your loan :). If you can wait it out, it is a bit of a headache if it's worth the rate. otherwise, I'd go elsewhere :) good luck!
I did have a bitter experience with Mortgage Capital Associates in Los Angeles. I applied for a refinance loan with the company only after I came to know of their lowest rates from another website. After applying, they somehow tried to change the rate and months have passed and they haven't closed on the refinance.
I have made several calls there wasn't anyone to leave a reply. When I did get someone to respond, they said they've sent loan documents to the closing agent and then what to do. I called the closing agent but it has been over 120 days!! I don't think I should ever wait for the closing to happen. Enough's enough I must start looking for some other company.
it's somehow that i've landed up on this site and i found there's a platform to relate my experiences. Good place to share and let others know whom to stay away from.
I have made several calls there wasn't anyone to leave a reply. When I did get someone to respond, they said they've sent loan documents to the closing agent and then what to do. I called the closing agent but it has been over 120 days!! I don't think I should ever wait for the closing to happen. Enough's enough I must start looking for some other company.
it's somehow that i've landed up on this site and i found there's a platform to relate my experiences. Good place to share and let others know whom to stay away from.
Hi Rex,
Even I feel that you should start to look at some other mortgage company. It is better if you stay away from Mortgage Capital Associates.
Even I feel that you should start to look at some other mortgage company. It is better if you stay away from Mortgage Capital Associates.
I'm glad I found out some info on this company. I was wondering why their rates and closing costs were coming out so much lower than other companies. Sounds like they are trying to pull a fast one on their customers. Thanks again. =) Good luck to those of you who are having issues.
Run, and fast.
Everything points to one of 2 things either you dealing with liers or someone extremly unprofessional. At least contact another reputable lender for comparacing.
If its sounds too good to be true its probably is.
If you going to try with them get a rate lock confirmation and Good faith estimate immediately.
Better yet Run..
Everything points to one of 2 things either you dealing with liers or someone extremly unprofessional. At least contact another reputable lender for comparacing.
If its sounds too good to be true its probably is.
If you going to try with them get a rate lock confirmation and Good faith estimate immediately.
Better yet Run..
Hello Jennifer,
We have come across your note regarding the service you received through Mortgage Capital Associates. I am distraught over your email to say the least as we pride ourselves on our customer service and would love the opportunity to respond to your complaint and attempt to remedy the situation. Please feel free to email me at "dyoung@mtgcapital.com", I look forward to hearing from you.
Regards,
David Young
Production Manager
800-974-4434 ext. 276
[Email address deactivated as per forum rules. Thanks.]
We have come across your note regarding the service you received through Mortgage Capital Associates. I am distraught over your email to say the least as we pride ourselves on our customer service and would love the opportunity to respond to your complaint and attempt to remedy the situation. Please feel free to email me at "dyoung@mtgcapital.com", I look forward to hearing from you.
Regards,
David Young
Production Manager
800-974-4434 ext. 276
[Email address deactivated as per forum rules. Thanks.]
Dear Bloggers,
I have been reading all the bashing of Mortgage Capital Associates and find that most of you are very mal informed. Mortgage Capital Associates has been in business for over 27 years as a direct lender and billions funded. We pride ourselves on our low rates and excellent customer service. Here are the basics:
CREDIT SCORE: 650 (MINIUMUM)
DEBT TO INCOME RATIO: BELOW 45%
LOAN TO VALUE: BELOW 95%
TWO YEAR HISTORY OF INCOME
Anything short of what I listed above would obviously adjust the rate higher.
Regards,
David Young.
mtgcapital.com
I have been reading all the bashing of Mortgage Capital Associates and find that most of you are very mal informed. Mortgage Capital Associates has been in business for over 27 years as a direct lender and billions funded. We pride ourselves on our low rates and excellent customer service. Here are the basics:
CREDIT SCORE: 650 (MINIUMUM)
DEBT TO INCOME RATIO: BELOW 45%
LOAN TO VALUE: BELOW 95%
TWO YEAR HISTORY OF INCOME
Anything short of what I listed above would obviously adjust the rate higher.
Regards,
David Young.
mtgcapital.com
Mr. Young,
It is nice that you decided to join us to clear up this situation. Perhaps you could provide some additional details as the ones you have given are very basic.
Will you accept any 650 or above score no matter what the credit?
What type of income do you accept?
Who decides the final value?
Does w-2 or s/e matter?
Do you respond to customers this way all the time? The poster was expressing a problem he is currently having. The rest of the forum was expressing that if he/she is not getting help, then to move on. That is not "mal informed" as you stated, it is as real as it gets.
I understand that you don't want to hear negatives about your company. But the way to handle it is not to put down those trying to help and bellittle the problem at hand. The best way is to face the problem, acknowledge it, and fix it.
"Anything short of what I listed above would obviously adjust the rate higher.
"
Obviously? To who? A client? Or maybe people like me who have been doing this for a long time? If you advertise an unbelievable rate and can't honor it, the only people it is obvious to is people like me who talk to lenders and shop rates on a daily basis. It is most certainly not obvious to Joe Consumer just trying to get the best deal possible.
It is nice that you decided to join us to clear up this situation. Perhaps you could provide some additional details as the ones you have given are very basic.
Will you accept any 650 or above score no matter what the credit?
What type of income do you accept?
Who decides the final value?
Does w-2 or s/e matter?
Do you respond to customers this way all the time? The poster was expressing a problem he is currently having. The rest of the forum was expressing that if he/she is not getting help, then to move on. That is not "mal informed" as you stated, it is as real as it gets.
I understand that you don't want to hear negatives about your company. But the way to handle it is not to put down those trying to help and bellittle the problem at hand. The best way is to face the problem, acknowledge it, and fix it.
"Anything short of what I listed above would obviously adjust the rate higher.
"
Obviously? To who? A client? Or maybe people like me who have been doing this for a long time? If you advertise an unbelievable rate and can't honor it, the only people it is obvious to is people like me who talk to lenders and shop rates on a daily basis. It is most certainly not obvious to Joe Consumer just trying to get the best deal possible.
Hello Mr. Matthews,
Thank you for your response. My posting was not intended to attack Bloggers as my intent is to try to resolve any issues that may be posted in any venue including this website.
As far as guidelines are concerned I would not begin to note every possible scenario that would affect a borrower's qualification for a loan. As a loan officer yourself I am sure you can understand this. My rational behind my response to the criticism is purely in the interest of our clients. I am happy to respond to any and all complaints or concerns regarding Mortgage Capital Associates. I have worked for them for Mortgage Capital for many years mainly because there long standing reputation in the industry and their low interest rates. In my experience borrowers are looking for low rates and low fees and this is what we have been doing for the past 27 years.
Lastly, I would like to invite everyone to visit MTGCAPITAL.COM and see what we have to offer. There are few companies that advertise rates and fees and actually deliver them, well we do!
Sincerely,
David Young
Thank you for your response. My posting was not intended to attack Bloggers as my intent is to try to resolve any issues that may be posted in any venue including this website.
As far as guidelines are concerned I would not begin to note every possible scenario that would affect a borrower's qualification for a loan. As a loan officer yourself I am sure you can understand this. My rational behind my response to the criticism is purely in the interest of our clients. I am happy to respond to any and all complaints or concerns regarding Mortgage Capital Associates. I have worked for them for Mortgage Capital for many years mainly because there long standing reputation in the industry and their low interest rates. In my experience borrowers are looking for low rates and low fees and this is what we have been doing for the past 27 years.
Lastly, I would like to invite everyone to visit MTGCAPITAL.COM and see what we have to offer. There are few companies that advertise rates and fees and actually deliver them, well we do!
Sincerely,
David Young
Hi David,
Welcome to our forums.
I can understand what you're trying to say. Mortgage Capital Associates, no doubt, has a good reputation in the industry but probably there has been some lapses somewhere which is why perhaps Jennifer has had some problems.
It's good that you have responded to the complaints here. This is an open community where people can give their opinions and share their problems on various issues and if there's someone to address it with a proper solution, then that's really going to help them.
good luck
Welcome to our forums.
I can understand what you're trying to say. Mortgage Capital Associates, no doubt, has a good reputation in the industry but probably there has been some lapses somewhere which is why perhaps Jennifer has had some problems.
It's good that you have responded to the complaints here. This is an open community where people can give their opinions and share their problems on various issues and if there's someone to address it with a proper solution, then that's really going to help them.
good luck
I was not trying to put you down. Just a little poke to see how you reacted. I was impressed by the response, it was professional. I don't see any unusual complaints on your company. Everybody gets the same type of complaints in this business. And I am not trying to discount the original poster either. But it is very common to have these sort of problems and 95% of the time it is just a miscommunication. That is why I and others simply say to move on and get a new lender.
I will give you this. This company has an A rating with their Better Business Bureau. The thing for customers to keep in mind is this... Companies are always going to advertise their lowest rates available. The programs are often not a good deal even if you get the rate. It is important to shop around and get the best total package that you can find. Don't pay for an appraisal before you get a good faith estimate and you are sure you trust the loan officer you are working with.
To be fair, I don't have any experience with this company. And I deal with some of the largest lenders in the country... some are mentioned here often, ie. Taylor Bean and Whitaker, Countrywide, BOA, etc. etc. and if I only paid attention to the negatives that I hear about them I wouldn't be able to do business with them.
What it comes down to is... starting with the loan officer.... you need a good team working for you. From LO all the way to the closing agent at the signing of the final documents. If you get 1 or 2 morons in your process you will get a bad experience.
Best of luck Jennifer and David. I hope the best for both of you. At least Mortgage Capital has people looking to clear up their name. Maybe will keep hearing from him on his banking experiences. However please read the guidelines and don't ask for business. Your knowledge can definately be used if you want to though.
I will give you this. This company has an A rating with their Better Business Bureau. The thing for customers to keep in mind is this... Companies are always going to advertise their lowest rates available. The programs are often not a good deal even if you get the rate. It is important to shop around and get the best total package that you can find. Don't pay for an appraisal before you get a good faith estimate and you are sure you trust the loan officer you are working with.
To be fair, I don't have any experience with this company. And I deal with some of the largest lenders in the country... some are mentioned here often, ie. Taylor Bean and Whitaker, Countrywide, BOA, etc. etc. and if I only paid attention to the negatives that I hear about them I wouldn't be able to do business with them.
What it comes down to is... starting with the loan officer.... you need a good team working for you. From LO all the way to the closing agent at the signing of the final documents. If you get 1 or 2 morons in your process you will get a bad experience.
Best of luck Jennifer and David. I hope the best for both of you. At least Mortgage Capital has people looking to clear up their name. Maybe will keep hearing from him on his banking experiences. However please read the guidelines and don't ask for business. Your knowledge can definately be used if you want to though.
Hi David,
You mentioned that one of the basics that you are looking at to determine the interest rate is the DEBT to INCOME ratio which you said should be below 45%.
Can you give me an idea on how do you compute this? What are the debts that should be included? I've been researching and every site has different ways to compute it. Some sites would say do not include groceries, utilities, gasoline and other similar expenses but is asking for the monthly credit card payments. The above expenses are normally charged to credit cards. Some would ask the minimum credit card payments times 2. Some simply would ask for monthly rent/mortgage, car expenses and other loans such as student/credit union loans.
The reason why I am asking you this is because I am considering your company to refinance my loan and I would like to understand upfront where I stand before having applying to lock-in my rate. Do you have a tool that computes for this in your website?
Thank you
You mentioned that one of the basics that you are looking at to determine the interest rate is the DEBT to INCOME ratio which you said should be below 45%.
Can you give me an idea on how do you compute this? What are the debts that should be included? I've been researching and every site has different ways to compute it. Some sites would say do not include groceries, utilities, gasoline and other similar expenses but is asking for the monthly credit card payments. The above expenses are normally charged to credit cards. Some would ask the minimum credit card payments times 2. Some simply would ask for monthly rent/mortgage, car expenses and other loans such as student/credit union loans.
The reason why I am asking you this is because I am considering your company to refinance my loan and I would like to understand upfront where I stand before having applying to lock-in my rate. Do you have a tool that computes for this in your website?
Thank you