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About Arvest Central Mortgage Company Reviews
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Arvest Central Mortgage Company (NMLS #186891) is a subsidiary of Arvest Bank, a community-based financial institution serving Arkansas, Kansas, Missouri and Oklahoma. The company, based in Little Rock, Arkansas, offers home and refinance loans, including conventional, FHA, VA, USDA and jumbo loans. It lends in all states except Delaware, Maryland, New Hampshire, New York and Rhode Island and services 99% of the loans it originates.
Pros & Cons
- Competitive rates
- Services 99% of its mortgages
- Useful mobile app
- Not available in all states
- No rate quote without completing an application
Arvest Central Mortgage Company provides purchase and refinance mortgages in 45 states. It has branches in Arkansas, Kansas, Missouri and Oklahoma, but you can apply entirely online. In addition to offering a variety of loan types, it services nearly every one of its loans, so you don’t have to worry about a service transfer.
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Reviewed Dec. 19, 2020
We refinanced our home through another bank in July to take advantage of the lower interest rates. We were told that we would receive a refund on our escrow balance within four to five weeks. It has now been six months and they have every excuse in the book. It's our money. This is totally unethical and dishonest.
Reviewed Dec. 3, 2020
According to Wiki and other inform online Arvest is owned by members of the Walton Family, probably among the top 10 richest family US. Yet they still feel the need to charge you $5 for making payments online. That's $60 dollars a year, even some well know online publications dont' charge that much as subscription fees. No other mortgage servicer I have had charged ridiculous fees for making online payments, because it doesn't really cost them anything to make the electronic transaction with your bank. Really shocking. This Bank needs to shamed by the media and investigated by the Consumers bureau. Normally if I had choice I wouldn't do a business with such entities. But you don't have a choice of whether to do business with them because when you refinance your loan gets sold to them and and you are saddled with them for however long.
Reviewed Dec. 1, 2020
Unfortunately my mortgage was sold to Arvest shortly after we bought our home. There are fees for everything. $200 fee to set up bi-weekly payments, $3.50 for processing auto draft fees for the bi-weekly payments, $10 fee to do a payment over the phone. The only way to avoid these fees are to mail in a check every month or to set up auto draft for a 1 time withdrawal every month. It's not a very user friendly company. Hopefully they sell my mortgage to someone else.
Reviewed Oct. 5, 2020
Arvest Mortgage reported me late to the credit bureaus after my loan was transferred to them the first month they took over. IT IS ILLEGAL TO DO WHAT THEY ARE DOING AND THEY DON'T CARE. The Federal Housing Finance Agency states a loan that is transferred cannot be reported to the credit bureaus late for 60 days, this company reported me within the first 17 days of servicing my loan. You can't make this company go away, when they sell your loan you are stuck with these criminals. I have reported them to the Attorney General, maybe they will actually do their job and shut them down!
Reviewed Oct. 1, 2020
They took my loan over and now they charge 5.00 to make an online ACH payment. I've never heard of such a thing. Straight up thievery. Every other company I have dealt with does not charge a fee to make a payment out of a checking account.
Reviewed Sept. 28, 2020
Joy ** reached out to me abt a mortgage, stated after credit review I was approved and outlined the terms (interest rate, years, etc.) I was asked to pay a $500 deposit that in the email they stated was refundable. They highlighted and bolded that word, REFUNDABLE. Mind you, this is after they approved me. So I paid it. They then didn't contact me for several weeks. So I had to reach out. Joy stated they found something on my credit report and couldn't move forward, I had to initiate this communication! I'm not sure how they didn't see that at first when they stated I was approved? She then stated they would be holding half of my payment back.
After two more weeks of no refund or reply, I followed up again and she stated they now would be holding back more money for a credit report. It occurred to me that I was being targeted. They cant charge people for a credit report that hadn't paid the $500 yet, so how was this legally being passed on to me? It's almost as if they wanted me to pay the money, then decline me, just to profit off that. Disgusting business practice, hence the title of my review. Joy seemed genuine and kind at first, but I was clearly duped. Do not work with this company, at this rate they will be out of business like Countrywide for their shady business practices. I still have not seen a refund.
Reviewed Sept. 22, 2020
So my mortgage was sold to Arvest central mortgage about the same time we changed insurance companies. So my previous insurance company would only release a escrow refund to the mortgage company so I called Arvest and spoke with a gentleman to get the address to send my refund check to them. I then called the previous insurance company and they mailed a check... So I checked on it about 3 weeks later and was told that was the wrong address so I had to call the previous ins company back and they stopped payment and reissued another check, that was 9/6. The check was mailed to the correct address on 9/6 so I called to check on it last week and was told they still don’t have it.
I called the previous insurance company back and they gave me the check number and amount. I called today only to be transferred to 5 different people and was told again no check. I called the previous insurance company back and was told they cashed it on 9/16. Now I was so upset me having to deal with the laziness of their employees.
I finally spoke to a lead which said she would call the insurance company for me and then forward a copy of the check. Then I paid my mortgage on the 9-15 and paid a little more than the amount, late fees apply after 9/16. Got my bill today and they charged me a late fee on 9/15 so I had to call them again and the girl was not sure why it charged me a late fee but she would take care of it. This company needs to be investigated... They should not be dealing with people’s mortgage and have a 1/2 ** attitude!! What a nightmare, I have never had any problems with any other mortgage company so I guess now we have to refinance to get our loan with someone that knows how to handle it!
Reviewed Sept. 12, 2020
My original mortgage lender sold my loan to this company, I did not choose them. The company charges $5.00 ($60.00 a year) to make online mortgage payments or even a telephone automated payment. You can sign up for an automatic payment but if you receive your paychecks other than the 1st and 15th, this option is not ideal. Your last option is to actually mail in a paper check. In the year 2020, this seems like a rather poor option. They are using these payments as a money grab. Go anywhere else if you can.
Reviewed Aug. 12, 2020
With all the negative reviews, it surprises me that they have not been investigated for these irregularities. In an attempt to decide on re-amortizing a loan with a partial pay off, I have received incorrect information, unwillingness to provide direct extensions claiming they are not available. Incorrect answers to documents I received, which in my experience, are intentionally misleading. Also, a refusal to send terms and conditions of the agreement they expect to be signed. Instead telling me to just send in my money and fees and if I don't like it they'll return it. Wouldn't tell me where the money would be held during that time. I may have to hire an attorney to get it done.
Reviewed Aug. 5, 2020
I asked for a payoff. They ignored the last two payments on the payoff paperwork. They don’t seem to care about their customers once they have purchased their mortgage. Is it even legal what they are doing? I do have proof of what I am reviewing.
Reviewed Aug. 4, 2020
Arvest Central Mortgage Company purchased my Home Loan from my original lender. The process to change was incomplete and incredibly disappointing. I did not know that my loan had been purchased by Arvest until I went online to make my mortgage payment with my original lender and it would not go through. No information received by mail from Arvest! I had to google and contact Arvest to obtain a loan number in order to set up my online account with Arvest Central Mortgage Company. It took 3 months and numerous calls to Arvest to get them to sort out things on their end so I could get access to my account. I had to call every month and go through the lengthy phone circus to get to a person on the phone to make my payment. I still have never received anything in the mail with regards to mailing in a payment.
Finally after 3 months, I was able to get an IT person to fix the issue and all was good. I made 2 payments online and then this month, the online access has been locked with no one able to figure out why. Now after 2 phone circus experiences to get the issue resolved, they offered to take my payment over the phone with an additional fee. Absolutely Stupid! Why would I pay ANYTHING extra to give them my money since I am unable to mail it in or go online and make payment. Come on, you can not seriously think this is appropriate.
I actually used to bank with Arvest Bank when I lived in Tulsa Oklahoma and had to close my account when moving to Texas as there are no local branches here. I was OK hearing about Arvest buying my loan as I had good experiences with them in the past. It can not be that hard to either fix YOUR issue in the IT Department for online access or apologize for the inconvenience and waive any fees you might normally have for making payments by alternate methods.
Reviewed May 4, 2020
We just refinanced. We were told the payoff was short. Gave us an amount. Called to get explanation. Got a different answer. By the time I got this settled I had been given 5 different amounts. Which I believe is still incorrect. We are so happy to get away from this company. I have sold real estate for many years and I refinanced several times. This company charges you for everything. No one there knows what they are doing.
Reviewed April 22, 2020
I had a mortgage with Arvest and didn't like the fact that you have to pay extra to pay on-line. Sure, it's not bank breaking, but why are they so greedy?? I mailed my checks and they kept holding them. I knew they would eventually hold it long enough to charge a late fee (to make up for not paying the on-line fee). And they finally did it. I put the check in the mailbox on the 4th and they finally acknowledged it on the 19th (the 15th is late fee day). So it took 14 or 15 days for my check to reach them, I don't believe that for a minute. The next day I started refinance procedures with a better company. I had to still pay Arvest the next month, so I had the mail certified to be sure. They got the check in 2 days and cashed it 2 days after that.
Greedy and unethical, they definitely are not there for us that have the mortgage. After that loan was paid off, Arvest sent me a letter to let me know they had accepted the pay-off and my loan with them was done, it was worked like 'look how great we are, we let you pay-off your loan with us, we're so awesome'. Awful! Before you get a mortgage, make sure they will not be selling it off, especially if Arvest is on the list.
Reviewed April 13, 2020
I refinanced my home and the original mortgage company sold my loan immediately to Arvest. Their website does not allow you to set up your payment on a bi-weekly basis. Actually, it does not let you set it up at all. When I tried calling customer support, I was on hold for over an hour without anyone answering. I tried on another day and was told to Press '1' for a call back. I did not receive a call back. Now on my 3rd day of trying to reach Arvest, I waited for 30 minutes, then again was given option to Press "1" for a call back. So far, I have not received a call back. I am very worried about this company after reading all the horrible reviews. I hope this is not the start of something bad :(. Since I did not have a choice in who the Atlantic Bay Mortgage Group sold my load to, I feel like I have been scammed.
Reviewed April 9, 2020
So I have my Mortgage with them. During these hard times this is their way of helping. You can take up to a 6 month mortgage break but after 6 months you have to either pay it all back or agree to a repayment plan which runs along side your existing mortgage payments. They won't tell you what that plan would look like UNTIL the end of the possible 6 month extension. Basically they are putting the Burden Straight back onto their customer not like 99% of all the other Lenders that simply let you take a three month break and add that to the end of your mortgage end date. They obviously add the missed Interest onto your existing loan over the remaining period so you get a slight increase on the original monthly amount which is fair. I WILL BE LEAVING WHENEVER I GET THE FIRST OPPORTUNITY!!!! Shame on you.
Reviewed March 24, 2020
This company is ridiculous. First of all they charge you to make a payment on THEIR website. To avoid this, I send them a payment through my bank. I refuse to pay someone to take my money and I also REFUSE to give them my banking information. Then I make payments every two weeks for budgeting purposes and they charge me a late fee because they can't figure it out. I am actually AHEAD of my payments that are due. They have the audacity to tell me that the only way I can make payments every two weeks is to be on their special program where it auto deducts every other Friday. Again tell them, "No, I'm not giving you my bank information." It really isn't hard people....
Reviewed March 15, 2020
We made our normal mtg payment, their system will go into your bank account and attempt the draft every so many minutes until it is confirmed. They attempted to draft mine 4 times in one day, on a weekend, and the bank paid them twice. They overdrafted my bank account. When we called to see what was going on. They said they didn't get a response from the bank so they kept drafting. They showed they got two payments. It took 3 days to get them to return the ed extra payment, and then they sent them both back, charged us a late fee and dinged our credit report with a late payment. They would not cover any of the overdraft fees. It was all our fault. They have a canned response for every situation and it all ends up being your ** fault and costs you money.
Reviewed March 9, 2020
My mortgage was also sold to Arvest Central Mortgage. On my first payment I made a huge additional principal payment. I checked my account after it was applied and noticed not all of the funds were applied correctly (only about $40.) I sent a nice email asking where the additional funds had gone since I was following an amortization schedule I got at closing. A few days later I got a response apologizing for the mistake and correcting it. Since then I have had no issues with payments or having my taxes and insurance paid correctly and on time. I don't work for this company but I can't help but wonder why all these other folks are having issues. I have only made my payments with a check so haven't used any online payment opportunities but like I said, my first check which was over $100,000 was accepted with pretty much no problems.
Reviewed Feb. 7, 2020
FEES!!!! They will charge you a $5 fee for each extra payment you make on their online website via EFT. Never ever has a mortgage company, car or government website has charged extra to make an online payment for a loan of any kind. This is a principal payment to buy down my loan. They will also charge an $10 fee to make an extra home loan payment over the phone. These guys are greedy and money hungry!!! You should be encouraged to make extra payments not try to steal money from homeowners making extra payments!!!
Reviewed Dec. 30, 2019
Well the one positive review they have was probably by an employee. I not only pay my mortgage on time, I pay extra principal ever month. I own a ton of property. Worse than Regions, which is saying a lot. They have screwed up the escrow account, taking more money every month then overpaying the insurance (just got a check from the insurance company.) They post payments incorrectly on a regular basis... their favorite column is "unapplied payments." Half the time their online payment system doesn't work. The information on the billing statement that you get online doesn't always reflect what is actually going on... Like I sent two payments in one month, so they added a late charge to the next statement... Why? I guess they assumed it must be late rather than early? You can write them multiple letters, they send you a form letter and then don't do anything at all. I'm contacting the Better Business Bureau.
Reviewed Dec. 10, 2019
Eagle Mortgage sold my mortgage to them. THEY SUCK!!! Setting up automatic draft is a total pain in the butt. Then, they are retarted with my escrow. Because, they want more money than what taxes that I will owe for next year. I pray that this company will go bankrupt.
Reviewed Nov. 12, 2019
I have contacted them at least 10 times about a change to my payment. I have gotten at least 10 promises of a "call back". I have never gotten 1 one call back. This company is a scam and they will do anything to nickel and dime you from your money! I will be doing everything I can to get away from this horrible company and their horrible customer service!!!! If I could give them zero stars I would have! BOA was a dream compared to this nightmare!
Reviewed Oct. 17, 2019
If I could give zero stars I would. They charge a fee to pay the mortgage payment electronically even when it is paid early. Total greed. I am so sorry that my loan got sold to them. They argue that charging a fee is a reasonable thing to do. I have never had a loan processor charge a fee for an EFT.
Reviewed Oct. 4, 2019
This company has given me the run around for MONTHS denying paying my taxes late when it's obviously public record showing the delinquency penalties!!! I have always paid my mortgage on time and my tax bill is sent directly to them and my mortgage payment includes the tax fees. There is no excuse yet they keep denying they are in the wrong! Arvest NEEDS to be investigated. I am going to be all over it! I see my issue is not extreme as these other complaints online, but I promise I am NOT going to let them get away with this. I am calling the news channels and will get an attorney if I don't get my money back today!
Reviewed Oct. 4, 2019
I send an email whenever I send additional principal payment but they always apply the payment as regular payment. This company has very difficult payment system. Looks like they just customer to not to do early payoff. I have never dealt with such horrible mortgage company. I wish I can move my loan to some other company.
Reviewed Sept. 10, 2019
I've been making regular on-time payments that are more than my principal for over 4 years. Never late. Never missed a payment. Recently I have tried to make principal only payments but Arvest chopped the payments and applied some of the principal only intended payments as a regular payment. I've called multiple times with one call lasting almost an hour only to get a team lead who could not understand why the payments were allocated that way and didn't know how to fix them. Complete incompetence. Do not choose Arvest.
Reviewed May 1, 2019
My grandmother had the company prior to it selling. She passed willing me with the house and my uncle as the executor of the estate. We hired an attorney for the probate, followed all of the proper steps in order to simply put me as an "authorized contact" to straighten out the account due to it being behind a few months prior to her passing. We provided Central Mortgage with everything they needed in order to make this SIMPLE change to the account until the probate is finalized.
Each time I have spoken to someone from the Little Rock location they were hateful and down right rude telling me nothing, but if I went to Arvest in my home town they went above and beyond for me giving all information to my lawyer then he would in return give it to me. A bit of a hassle but it works for now as a temporary fix. Needless to say once the probate is finalized I WILL NOT refinance with this company period! Counting down the days to do business with another company!!!!
Reviewed April 22, 2019
I would give this company a ----0 if it were available. Our mortgage was bought out by this inept company. Constantly saying they did not receive proof of insurance and then adding coverage to our loan along with an escrow account. We paid our insurance on our own and did not require insurance. Not only did they add escrow but then would change the amount every other month causing my payment amount to be short, trickle down now they add on late fees and property inspection fees. Even after sending proof of insurance, continued to request escrow and add fees.
Made numerous calls to correct the issue that has now gone on for over 18 mos. Filed complaints in writing as I was told you could not talk to anyone directly in the escrow department with questions, I had to go through client services. Their written response regardless of my complaint was the same - our escrow department cannot find any fault on our end. Their activity should be illegal and investigated. Moving our loan from this company and will never allow them to service any loan we have in the future.
Reviewed March 16, 2019
This company is a horrible company. They charge for online payment. They do not charge for automatic draft but setting up automatic draft is a pain. They will send out a form to fill and return with voided check. I view this as nothing more than a means to delay or discourage people from setting auto draft and squeeze as much money as possible from customers.
Reviewed Feb. 3, 2019
Mortgage was just sold to this company. Not off to a good start with them at all. Could not easily use their online payment system since it does not quickly and clearly show payment setup has been made and pending. So I tried again then I see payment pending 2x. Today I go back. Their site says processed 2x. So contacted my bank. They cannot help me until it actually withdraws from my acct. They suggested calling this company first except you can never get a hold of anyone. So I guess I’m paying 2x this month. Or I can dispute but that’s a process too so I will just let it go. Awful. What if I could afford this right now.
Oh and they charge a fee of $5 to make your own payment online yourself. I have owned houses before, never off to such an awful start. Bootleg cut-rate experience and with excellent credit, zero financial challenges, how did I end up with this horrible place. There ought to be some kind of tier system so this place can be rated and presented to customers and a Choice can be made.
Arvest Central Mortgage Company Company Information
- Company Name:
- Arvest Central Mortgage Company
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