Arvest Central Mortgage Company
Little Rock, ARConsumerAffairs Unaccredited Brand
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This company never paid my insurance, property taxes on time. I received notices and late fees assessed and had to pay out of pocket. "They never received statements from insurance or county". It was false and they never reimbursed me for the late fees accessed... I almost lost my homeowner's insurance and it affected my credit. I had my house broken into and they wanted my insurance check to set up an account and they would reimburse me for my cost... in other words they were in control of my money that I have paid on my insurance. Of course that was after 3 different phone calls and letters and each was different. I would stay away from this company. I am going to refinance with a stipulation that it will never be transferred to this crooked company. They do not have customer service, accounts payable or even a type of pay-day cash receivables. Consider yourself a pawn in this company not a customer that matters!!!
My mortgage was transferred to this company immediately following my closing. I received an email from my insurance company stating that they had not received my escrow payment and would be charging me personally. I logged onto the Arvest website to update my info, and it had my insurance company with my policy number and amount owed; it also had my escrow balance, just sitting there, not sent to the insurance company. Also, if you want to do anything besides one automatic draft each month for your payment, expect to pay "service fees."
I called and spoke to customer service, who was very polite, regarding setting up 2 automatic drafts per month. That is how I have always paid my mortgage, never been an issue. They stated that they could set it up for a $200 fee that does NOT go toward your mortgage, and a $3.50 fee for each draft. There are other payment options too, such as paying over the phone with a representative, and that will cost you a $10 fee.
Immediately after buying my house, they took over my mortgage. One year later, I lost my job and got behind a payment, but even when I got a new job, I stayed one month behind on payments for several months. During that time, and still to this day, even though I am now fully current, they call me ever three days, without fail to ask if I will be making a payment, remind me my payment will be due by the 17th, and then again, and again as a "courtesy". It was very stressful to have them insist I go through their list of questions and confirm for them everything every couple of days. Then the fees they charged for my being late... legal fees, late fees... yes those would be expected, but even after catching up, they continued charging them. They had me stressed out and one caller even told me I could only be late so many times before they took my house. Had my credit not been ruined by this, I would have already refinanced my mortgage. Awful.
Provident sold our account to this shady company in 2016. Ever since we have had a horrible experience. They keep raising and lowering our monthly payments. They miscalculated our insurance payments and made it look like we pay $2000 instead of $1331 in insurance. They don’t log any of the info I have given them to try and correct my account. They offer no assistance to try and fix the problems we're having with their mix up. Total F grade company.
Arvest Central Mortgage took over my mortgage within months of closing, this is fairly common. However there should be a law in place allowing you a choice. If there was, I would never have chosen Arvest and I strongly suggest anyone reading this post to steer as far away as possible as well. I have PMI insurance on my mortgage, as required when you put down less than 20%, no problem. But here's what is the problem. I waited two years and paid all payments on time (auto withdrawal), I also waited until the value of my home went up 25% more than what I owe, but in Arvest's infinite wisdom, they base their percentage not on 25% of what you owe, but on what your purchase price was. This makes absolutely no sense since all other companies out there base it on a percentage above your current balance.
To top it off you pay them (their appraiser, you're not allowed an unbiased one, if your own choosing) top dollar for the appraisal and if they under appraise your home based on Arvest's screwy way of telling you what it has to appraise for, not only are you out $450 dollars for the appraisal, but you're still stuck with the PMI until you pay your mortgage down over the next 8-10 years until it reaches their prescribed 25 % of what you paid for the house. After speaking with two other banks, I was told that this is common practice with unscrupulous mortgage companies. I am sending a letter to the Arkansas and Florida Attorney General's office, making sure they investigate this companies practices. Who knows what other legal but unethical and immoral practices they use in their daily dealings with the general public. I also am writing an editorial to make people aware, so they don't get trapped like we did.
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They took over my mortgage part way through, so I did not select them as my provider. I wish that the mortgage companies didn't do this, but the consumer's wishes never seem to count for much, do they? As of this month (April 2018), I think that they have withdrawn the last payment from my checking account. I received an inscrutable letter congratulating me about my loan approaching its payoff date. It goes on to mention that they have enclosed a "Payoff Letter for your loan", but immediately follows with "Receipt of this letter by no means obligates you to pay off your loan before the maturity date". Huh? So what am I supposed to do? The tone of the letter suggested that it was some sort of come-on to pay the loan off early. So I just ignore the letter and they will take the final payment automatically from my account, right? Like they have for the past upteen years?
Then someone called and left a message about paying off the loan. I called back and got some guy with a backwoods accent, who wasn't able to explain (at least to my admittedly untutored ear) what was going on. Something to do with a title release at the county recorder's office -- I guess. I got fed up and mailed them a check for what he said they wanted plus a little more, about $190. Meanwhile, they sent the letter again, same date. Now that I read the letter more carefully, I noticed that they won't accept a personal check to pay off this final amount... no, in fact, they charge an additional $25 if you try to pay them in this manner. So now I will get my check mailed back, plus a fine of $25 for paying them, plus (no doubt) interest? After years of having them withdraw money directly, like a needle in one of my arteries, what kind of a joke is this? Yet another industry sorely in need of more regulation.
I wish it was possible to give zero stars. I'd like to personally call out Jim in customer service for an 11/21 conversation. As well as Paisley and Rosanna on 3/30/18. All interactions require excessive hold times, lack of cooperation and refusals to put things in writing. They refuse to send out any notification letters (like your mortgage payment has changed) via anything other than snail mail. They lack accountability, honesty, and integrity. Speaking with them gives one that same icky feeling of greasy haired used car salesman. I have told my broker and realtor to stop sending their customers to them, and, I will go out of my way to never use them as a mortgage company again. You only have to glance at the other posts to see the track record of customer service that can only be described and dishonest and imbecilic, with a complete disregard for efficiency or logic or respect for customer's time.
Unfortunately, this company purchased the mortgage on my new house. They are horrible. Previously I had a mortgage through Chase (on a different property) - and it seemed like good service... Now I know how amazing Chase was... And just how HORRIBLE ARVEST is. They collect double escrow - and they also don't do an accurate escrow calculation (because if they did - my taxes wouldn't have been $2000/yr lower for the two years I have had them as my mortgage company).
And yes, don't ask if you can pay the taxes yourself - they want a $1000 to "evaluate" that. Complete crooks. This isn't just bad customer service - these people are crooks. (And I pay extra for my principal every month - so I am not a customer who has been tacked with late fees, etc and is just complaining). I am someone who wants decent fair service - STAY AWAY if you can. I seriously believe there should be a law prohibiting this type of purchase of my mortgage with such different policies and procedures as the originator.
This mortgage company is the worst company out there. I am a seasoned real estate broker 25 years in the business and I say do not do business with them. I had homeowner's insurance and they keep sending me letters saying they are going to tack on their insurance. And my insurance company sent them proof but I am still getting harassing letters from them. Now they want the previous year's policy that is basically expired. STAY AWAY FROM THIS COMPANY.
This company just bought out my mortgage. They charge to take payments unless you set up auto draft and charge you more to talk to a person. Never heard of them before and there was probably a reason for that.
Arvest Central Mortgage Co are the most crooked mortgage co I've ever dealt with, they mis-managed my account, charged me late fees for payments which were not late. I was forced to contact the Texas & Arkansas Attorney Generals on this dis-honest company. Steer clear of them if you can.
My mortgage was just bought by these idiots and in a month of having it jacked my payment by a couple of hundred dollars. They say they need to keep an extra $3000 in escrow to cover any possible overages in taxes. This is new construction in Illinois, a full tax bill is still 18 months away. By that time with the new rate I’ll have like $7000 extra in the escrow account when my taxes are $12500. Thanks for stealing my money... Oh and if I don’t want them to escrow my taxes, I hustled need to pay them $1000 for that honor. Crooks, every last one of them!
Unfortunately this company purchased my mortgage from another, so the only way out is to refinance and hope they don't purchase it again. They paid our taxes incorrectly last year which was the first problem, but I got over it. Then this fall, when Hurricane Harvey hit, I paid my mortgage in two payments a week apart because I was unable to pick up one of my paychecks from my place of employment due to being closed from the hurricane.
The mortgage company sent back the first check which I received two weeks later (after my payment was due). They then proceeded to charge me a late fee. I paid the account in full even though they kept half of the previous payment. I contacted Customer Service and NEVER RECEIVED A REPLY. I explained the situation and asked for them to kindly remove the late fee. Finally three months later, they decided to apply the overpayment and charged me the difference, but still collected the late fee at that point. Customer Service is a joke.
This company hasn't done nothing but harass me and sending me threatening letter about just every month. Lying that they receive information I haven't paid my taxes then sending me threatening letter that they don't have my Homeowners Insurance (they are annoying, disrespectful and will not leave you alone). I can imagine how they treat people that have miss a payments. OMG. Poor folks. I also ask them to send me a payoff 5 times in last 2 years. Not once did they honor my request. Their Escrow department are nutcases. They should be stopped of sending untruthful threatening letters to the customers. This week I am refinancing. They obviously don't want a perfect customer.
I don't understand all the negative reviews. My husband and I had a great experience with Arvest. We just refinanced at a lower rate and are saving over $300 a month. We also get to skip our November and December payment. I recommend Emanuel ** for you refinance guy. He is very knowledgeable and explains everything. He has made our lives better.
I bought a new construction house in June 2017 at which time the taxes were assessed on the value of the land at 12/31/16. When they reassessed my escrow they used the wrong tax amount ($6800) instead of the $5.67 for the winter. The summer taxes (which are always the higher amount in MI were only $30, so anyone with common sense and a brief understanding of taxes would know this is wrong).
I'm a CPA and when I attempted to explain to them and ask them to call the Township, they claimed the bill wasn't available until December 1st (only 2 weeks away) and asked me to pay an additional $3800 into my escrow that was unnecessary. After 4 phone calls I was told that I could send them a letter to request the amount I wanted to pay into the escrow. In effect, I recreated an escrow analysis using the proper figures. I'm not interested in these idiots holding onto my money in their bank account. If I could switch right now I would. I have no interest in ever being associated with them again.
Our experience with Arvest Central was one of the first we had in town. We were shocked that when we walked in the tellers said good morning, and treated us just like we banked there weekly. The mortgage representative was friendly and helpful. It's been over 4 years now, and she still sends my husband and I birthday cards... Not a big deal? It is, when they are signed yearly by her!
I've never had a problem with Arvest Central Mortgage. I've been with them for about 15 years with no issues. I'm in the process of refinancing now and they have been nothing but very nice and professional to work with! I recommend them.
They charge a 10-dollar fee to pay over the phone and a 5-dollar fee online. My loan company recently sold my loan to this company and they have never sent me statements or coupons to pay. They won't waive the fee and can't rush payment coupons to me. They are difficult to get on the phone and rude when you can. DO NOT purchase a loan through this company!
We bought our home in 2013. It was supposed to be our retirement home. My partner of 31 years passed away and left me with one income. I applied to Central Mortgage 8 times for assistance. 8 times they turned me down. They called, sent letters and even came 912095 to my house. This went on every week for over 1 and a half years. They constantly harassed me. I was stressed to the max. I had gotten behind by 2 payments. For a year and a half after getting behind I sent payments with late fee the first of month. I couldn't get caught up and they would not assist me tho I knew they could. They jerked me around until I could no longer put up with the stress. I sold my retirement home at 65. They destroyed my credit and now I have no choice but to rent. This in my golden years. Just know this. Karma is a **.
This is the second time a mortgage I have/had was transferred to this company. One time with a previous house I owned and now with my current house. Customer service is a joke. The company is very unprofessional in handling affairs such as escrow. They over collected on the escrow account and ignored my calls to tell them they were doing so. When they supposedly returned the overage the check by mail it never arrived at my house.
When I called to inform them of what happened they said they did their part by sending the check, and that I'd have to fill out some forms to cancel the one they sent and reissue another. The amount of the check was over $1,300. They tried to blame the post office for not delivering it, then suggested someone stole it out of my mailbox which by the way is a locking mail box and isn't possible without damaging the box. Bottom line this money belongs to me and was over collected on purpose. I believe it is their responsibility to get this money to me and their obligation doesn't end with a "the check is in the mail" comment. They did not of course offer direct deposit.
Arvest Central Mortgage is like a cheap virus, they don't go away until they get all their money and then they laugh in your face and this is what they tried to do to us until we were able to pay off our old mortgage. Well this is for central mortgage: You suck big time and I really feel sorry for those who are dealing with your stinking blood sucking company and I hope one day you go down in flames and rot in hell!!!
I bought my home in 2004 from German American Bank. By 2005, CMC had the loan. Over 10 years of me pressing to get insurance and the initial property tax esterline paid. I'm a disabled American Veteran living in Indiana. Veterans in Indiana get benefits for property tax on homes and vehicles. Initially, I had to pay taxes so they escrowed that money in. But after the first year with Homeowners and VA benefits the taxes we $0. It took 10 months of sending document after document proving this. It also took 10 months of me sending documents and my insurance sending and resending documents to get them paid.
Every September I contact my insurance company first to see if the bill is ready, put them on hold, call CMC, put them together and stay on until CMC verifies they have the bill and tell my insurance company what date it will be sent. Then I call my insurance company on that date to ensure they have it. Pretty ridiculous process but I got tired of it 12 years ago. I'm just now hearing about the superfluous legal fees. I'm going to start digging into them after September, they total 3 times one monthly payment. If I have any luck I will post again.
Approximately 5 yrs ago Central Mortgage offered us a modification loan and we accepted but they didn't tell us the hidden surprises that followed soon after. Each year of the 5 yrs period they kept increasing the monthly payment and now they recently send us via Fedex an offer they called ‘take it or we foreclose your house’! They're more than doubling our payment now and if we don't accept their offer they will start foreclosure proceeding so we're using the equity in our home to pay them off through a specially equity loan from a different lender so it will free our home and we can stay put. If you're with this company may god help you. They really suck big time! We wish we could sue them but that's just a pipe dream now.
I am extremely upset & disgusted on the way my short sale process has been handled!!! I am upside down on my mortgage, because I now owe more than what my home is actually worth. I applied to do a short sale in September, when my home was placed on the market. There is a young lady named Bri that has been nice and helpful each time I have talked to her, and when I asked about a Deed in Lieu (DIL), the request was granted by the processor. However, nearly 2 weeks later, I called to check on the status of the DIL, and was told by a woman named Debbie that they cannot do the DIL because I have a secondary lender... NOT NEW NEWS! Having a secondary lender is information I have discussed with them before, so why is it all of a sudden a surprise!?
Fortunately, even when I thought they were going to grant the DIL, I never took my home off the market, and I ended up receiving an offer. On October 14, 2005, my realtor emailed CMC a 16-page document including information needed for the short sale offer. I just called today to get an update, and I was told that my case has been closed because they have not received any documents! I go into my email and read the email response from CMC saying the information has been received. She then speaks to Brian, the assigned processor, and he says the file had been closed, and there was no contact number for the realtor... to which I point out page 2 of the document which includes my handwritten "Letter of Authority" on the realtor's company letterhead! How do you not notice a phone number on company letterhead!?
What this means to me is that you did not look through the packet, and/or you are very incompetent and have no idea of what you are doing, especially since the young lady looked at the packet and saw the number! This is already a difficult time for me due to everything I have going on, and the fact that this process is being handled so poorly just adds more stress and is very upsetting! I am so disgusted right now!
I called and got someone who knew nothing and said that I had missed payments just before getting a loan mod and they tacked them back on. I'll check but I don't think I did miss any. I asked her if she knew that to be fact about my account, or was it just a likely scenario. She finally admitted she fabricated it. I think it was more of an answering service.
I got a printout of a few year's worth of payments, and man, do they tack on fees! There are random attorney and inspection fees. What? The worst thing is that my payments are inflated by $200/month beyond what's needed for principal, interest, and escrow items. They just tap into that for anything they want. When I add it up I am probably going to blow a gasket. They did modify my loan, but, my payment went up because they forced the escrow and added that $200/month. The rate I got was not that good - 4.5% and they extended the term which might mean I'll pay more than I was before.
After we bought our new home, the mortgage was sold to Central Mortgage Company. We were having property tax and insurance impounds, however, during this first year, we got more than one property tax bill - and Central Mortgage only paid the first one. When we discovered this, we had to pay $500 in penalties in addition to paying the subsequent tax bills. I called and wrote to Central Mortgage and told them I didn't want this to happen again and requested that I pay the insurance and property taxes myself. (Which I had done with my previous residence.)
I have a very high FICO score, low debt to income and a very low loan to value. In other words, there is little to no risk for Central Mortgage Company to allow me to pay my own taxes and insurance. They said that they would do it, provided that I pay .25 point. (Oh, and I have to wait until I've had the loan for one year as well.) In other words, they insist on charging me $$ to lessen their workload! I have decided that I am simply going to pay off the mortgage and be done with them.
I've had a CMC mortgage for 2 months and they've sent back payments both months. They do not accept partial payments. Ok, but when the check was for an obvious transcription error, WTF. The check was off my less than .01%. The first time they called to say that they just sent back my payment, but they needed a payment for the exact same amount. What? The guy who called hated his life and demanded to know the date that I was sending in the payment for the exact same amount.
They charge $5 for online payment. How much does it cost for a guaranteed payment that is automatically processed to the correct account? Yet, they charge. They are trying to force people into issues or charge late fees. They are terrible. I have had 4 mortgages with local backs and three with BOA, Wells Fargo and UMB. This is the worst mortgage company I've ever dealt with. Ask your lender, particularly PrimeLending, if they are planning to sell your loan to CMC. If so, run away. I hate CMC.
We were behind 3 months. They said we qualified for a loan mod. We did the 3 months. Husband wasn't home to sign the documents. Next thing they are saying we are 7 months behind and it went to a foreclosure lawyer. Never once were we told that we didn't accept it we would get butt ** for those 3 months.
I have seen many reviews bashing this company for some their practices. My experience has been just the opposite. Central Mortgage has done everything correctly on my home mortgage from paying real estate taxes and my homeowner's insurance a month ahead of schedule. Automatic payments are posted correctly. Their website clearly shows how the payment is posted for principal, interest, and escrow. Escrow reviews are clear. Expect your payments to go up as property taxes and insurance increase. Central Mortgage does not make any money out of this. In fact they will pay you some interest on extra money if there is a surplus.
Looking at the complaints appears to be largely with homeowners with shaky financial situations. Never start missing payments or defaulting on your mortgage. This is worst thing that a homeowner can do. Your house can be seized in as little as 3 months of non payment of your mortgage. The deck is stacked against you if you slip up. Every mortgage company had the right to do this. It is in the documents you sign. If you can't afford the mortgage you should not be in the house.
Arvest Central Mortgage Company Company Information
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- Arvest Central Mortgage Company