Eagle Nationwide Mortgage

i can't say that there's a specific guide, although there are tons of websites around that have pointers available. just do an internet search - beware of who you click on, of course - and you'll find lots of pretty decent beginner-type information.

if you haven't spent any money with these guys, i'd bail out if i were you. to not know who your loan officer is rather confuses me - do you at least have the name of a processor?

I just came across this thread and I have recently closed a loan with Adam Ellis at Eagle Nationwide. It was a good experience! The loan closed with better terms than when we had statrted, I gave Mr. Ellis some hoops to jump through and they succeeded. I would reccomend Adam Ellis and Eagle Nationwide to anyone.

I recently looked into a VA streamline refinance with Lee Foland who works for Eagle Nationwide Mortgage Company. The paperwork had the Chadds Ford, PA address on it.

I have a fixed 5.25% 30 yr VA loan that I've been paying on since October 2009. If I pay off my current loan at $1526 per month, I will pay $275,343 in principle & $273,015 in interest. The loan he offered me was a hybrid ARM 3/1 starting at 3.75%; it cannot go up more than 1% per year w/ an 8.75% cap. Under the ARM, worst case scenario, I will pay $280,995 in principle & $422,848 in interest. Initial payments would be $1301, but could go up to $2087. Over the long haul, that looks very, very bad.

I told him I do not intend to sell or move, & asked about whether or not this would be a good idea for long term planning. He said I could refinance any time I wanted to, just not during the first six months of the new loan. He said VA loans weren't like the conventional loans that everyone else was getting burned on because they were 'entitlements' and I could refinance whenever I wanted. I wasn't sure if this was really the truth.

He also said that "historically, interest rates do not increase more than a quarter or a half of a percent at a time." He used the term "historically" a lot, which kind of bothered me, because that seemed pretty subjective & sounded like a sales pitch. I couldn't seem to get a straight answer as to whether or not there would be anything that would prevent me from refinancing again before the ARM ended.

Considering that a streamline refinance can cost around $10K, you have to figure out if it's really worth it to actually refinance too. Our economy hasn't been this bad since the Great Depression, so I can only assume that interest rates will go up as the economy improves. Once the economy starts improving, will I still be able to get a VA streamline refinance?

I ended up not doing business with him because a VA streamline refinance isn't supposed to require a credit check and he had me unfreeze all three of my credit reports and did repeated credit checks on me. Now I have to put the freezes back on, and I'm not happy about the additional work and expense that I had to go through for nothing, not to mention the hits to my credit report.

I would still like an answer to my question though - if you get a VA ARM, is there any reason I couldn't refinance again before the ARM ends into a fixed rate mortgage? I'm scared to lose my 5.25% if things really skyrocket 3-5 years from now.

As far as I can understand, you'll be able to get a refinance once you get a VA ARM. You'll not have to wait till the ARM ends.

There is no good reason on the face of the earth to refinance a 5.25% fixed rate to a hybrid arm unless it saves you a substanstial amount of money, like 800 a month, and you do not intened on living in the property for very long. 10,000 in closing costs? For a streamline refi? Thats laughable at best. Run, run fast, and do not make a very grim decision for your future. Rate are going one way. UP...UP...UP... There is no way to stop this with the current economic situation. Good luck,..and take head...

i have just had aproblem today (4/21/10) with eagle nationwide mortgage in columbia, md. i had submitted information for a refinance and in the process was asked which credit card i would use for the appraisal. not thinking i gave the agent, andrew rosen the number. i was also looking at another company for their offer as well. i got what i considered to be a better offer and notified them only to find out that i had been charged for a $400 appraisal that i never authorized or signed anything for. they have refused to refund the fee as they state it went to the company and not them. andrew was polite but put his manager, david harris, on the phone. he became really verbally abusive and treated me like i was an idoiot and told me that i could not possibly get a better offer unless i paid for it in the laon. the interest rate i got from the other comany was half a poin more and the closing costs were half of what eagle charged.. when i insisted that my money be returned he refused. the conversation escalated between us and he eventually hung up on me. because of this- even if my other offer turns out not to work for me, i would never work with or recommend them. i will fight to get the fee back, but was told that there was no one i could talk to above mr. harris.

we were trying to do an FHA with Eagle and our property was 'flagged' by the FHA, because of a large barn that they say has no market value, but we like it, as well as there are no comparables nearby to value it. From what I understand, FHA indicates that the loan can not be insured, so essentially we can't do an FHA loan. Is this true? Is there some way to get around this flag?
- we appreciate any thoughts on this...

If the mortgage cannot be insured, then you won't be able to get a FHA loan. You can apply for conventional loans and check out if you can get one.

I wonder why so many folks are complaining about how they were lied to and ripped off in mortgage deals but none are telling about the resolution. One person even complained that to do anything about it would cost them more in attorney fees than the problem had cost them. I occasionally heard the same kind of thing when I was in the insurance business, yet all people had to do was contact the office of the state Insurance Commissioner -- no attorney needed.

I don't know about other states, but I live in North Carolina and I'm sure that the NCCOB (NC Commissioner of Banks) handles complaints like the ones brought up here. My advice is that after you give the mortgage company the chance to do the right thing, tell them that you're going to go to the regulatory agency in your state.

But let me say this: Things DO happen outside a Loan Officer's or Mortgage Broker's control -- and a bank's control, especially when they are brokering a loan. Lenders DO go out of business and leave the broker or L.O. high and dry, and that has not been uncommon in recent history. Appraisers disappoint buyers, sellers, brokers, loan officers, etc., but we mortgage professionals have no control or influence whatsoever over the way an appraiser does his/her job, or even over the choice of appraisal company. I don't know about the folks at Eagle, but I do my very best to get it right, yet there is much outside my control. Some of the complaints on this thread reflect an understandable ignorance on the part of borrowers. The general public simply doesn't understand the loan process, and complex (and counter-intuitive) changes in laws and regulations make it difficult even for the professionals to stay on top of things.

That being said, don't just complain: do something. If a lender lied to you or charged you a fee without disclosure or consent; if they won't make it right, file a complaint with the regulatory agency, and let your tax money work for you.

The reason I'm even on this thread is that a man I respect works for Eagle Nationwide Mortgage and I've considered employment with them; so I've been checking out the company. I was just on the BBB web site examining the data on Eagle Nationwide Mortgage offices across the country. I've looked at more than half of them, and there are generally zero complaints in the three-year BBB reporting period. I saw only two offices with any complaints; one complaint each, and in both cases the BBB verified that the company had done everything they should have done to satisfy them. There were no marks whatsoever against any of the offices I checked (the offices here in the southeast) except for the BBB's lack of information about those local offices, or because they simply hadn't been open in that location long enough -- however long that is.

In any case, I'm thinking it may be that decent company is getting a bad rap here because of one or a few bad branches or Loan Officers.

I am in the process of a refi right now with Eagle Mortgage out of Maryland. So far, the process has went great and I should close the sometime next week...knock on wood. I will let everyone know how it comes out.

1800-385-0030 is how we can be contacted

Want to Talk to a real Eagle nationwide professional call. 1-800-385-0030

I forgot to post on here after I closed, but ENMC was great. It took an extra week than I wanted, but overall it was a great experience working with them. The people I worked with a man named William and a woman named Jamie. I would highly encourage other to give them a call using the 800 number above.
:D

I closed on a loan out here in Maryland. I was quoted a -.05 interest rate. They had this new program that paid me to go get a house. I found a trailer and moved in before closing. Low and behold, when I get to the table, my rate was even better!! I got a -.75 interest rate, no closing costs, no appraisal fee, and it only took about 3 days to close!! Awesome! My loan Officer would come over to my home and give me a back rub, clean my toilet and pooper scoop my lawn. All this, and he didn't even make any commission on my loan! What a nice person. With all the new laws passing, I am sure this scenario will become common place, but remember, I qualified for the loan.

Here were my qualifications for the program.
850 credit score
I make $14,000 a Mo and my DTI was 1%
I had 4 million in reserves
I put 97% down on the home which left me with a $10,000 stretched on a 40 year term.
I provide all necessary documentation.
1999-2010 W2 forms along with tax returns signed by 5 separate accountants
Pay-stubs for the last 7 years
I provided a letter of explanation why my Aunt three times removed filed a Bankruptcy back in 1945
My social Security Card, the actual card, they wanted to hold on to it for me.
My driving record and my cholesterol count.
I exercise daily, and plan to live to 200.