Mortgage Lenders of America
ConsumerAffairs Unaccredited Brand
I am a realtor in PA and have had one of the best experiences with Erik ** Mtg. Originator of Mortgage Lenders of America and the transaction he made come true. Erik is professional and experienced in the mortgage business. He had the understanding of my buyer's needs. This was my buyer's first home purchase. Erik took the time to explain the process and worked with the buyer step by step to get us to closing. He took challenging buyers and made them home owners, meeting deadlines and state regulations. Without his help this deal would never have happened. When referring lenders I do not hesitate giving Erik's name to my clients.
This company search me out after I went house shopping online. Greg ** contacting me, offering to get preapprove. I did so. 2 months later, after going into a contract on a home Greg told me I didn't qualify for the loan. His call came 2 hours after I mailed the diligence and Earnest money. He had looked at a VA loan when my wife and I did not have military experience. He then looked at another loan and said it looked better and it should work. A long story short, after signing disclosure and sending all the documents the underwriter ask for, he told us we did not meet the qualifications. We are out of the $500 diligence money, and now Greg won't answer the phone. STAY AWAY FROM THIS COMPANY!!! THE ENTIRE EXPERIENCE WAS MISERABLE!!!
Speaking from the seller's point of view, MLOA has dragged out this loan process way too long for the couple I am selling my house to. It has been almost 4 months they have been strung along and still no closing date. I do not know if the loan officer is too inexperienced or she takes too much time off from work but this loan is obviously not a priority for her or this company.
My loan officer, **, was on top of everything from the beginning. Easiest transaction I've ever had. Closed in three weeks, and I even got most of my money back from the escrow deposit (1st time my realtor had seen that). ** answered all questions and addressed things I hadn't thought of... Very professional, personable, and all around easy to work with. Highly recommend these folks!
I submitted a full contract with them on March 4th, 2010 and everything was good. Then two days before closing, they sandbagged me with a last minute change which forced me to lose a $8,000 homeowner tax credit last minute. They said my financier can no longer be on the settlement statement. She was the only one who qualified for the tax credit.
They were aware of this and didn't inform me intentionally until the last minute in order to endure I wouldn’t leave. If I did, I wouldn't have enough time to close with another lender in order to meet the Tax Credit deadline. They performed very poorly and I suggest going to the other 9 million lenders out there than gamble on this one. Bad faith and very poor business ethics, do not do business here. I had $8,000 tax credit lost, thanks to Mortgage Lenders of America.
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Mortgage Lenders of America Company Information
- Company Name:
- Mortgage Lenders of America