Tomo Mortgage Reviews

I applied with Tomo Mortgage after seeing their offer on Bankrate.com, showing a 4.375% 15-year fixed rate, 4.565% APR, 1.503 points, and $6,509 upfront costs. After submitting my application, the Loan Estimate I received showed 2.731 points ($8,302) and over $22,000 in total closing costs, which is drastically higher than advertised. This is false and misleading advertising. The lender also contacted my fiancé’s employer without authorization, attempting to verify his remote work status. This is a serious privacy violation under CFPB and RESPA guidelines. They kept requesting additional documents even after receiving everything listed, and the communication was inconsistent and stressful. I canceled my loan immediately after discovering these unethical practices. Consumers should be warned that the advertised rates and costs on Bankrate do not reflect the real fees in the official loan documents.

They messed up the underwriting. They failed to file an appraisal. They messed up in the HOA doc reviews. They pulled the approval because of an issue on their end the day before signing. Absolute clown show. Then when we went to a different lender they refused to send over any docs that we paid for.

I'm supposed to close tomorrow and I've gone through 2 processors with no notice. Today, the latest processor had an out of office message that just said they would be back. TBD. WTF? No communication whatsoever either time on the changes. They constantly asked for documents that had already been submitted. They have a portal to upload docs and provide "todo's". Instead of providing any todo's, they hid some document requests in a PDF that I knew nothing about. Then when I answer all of their redundant questions, they never responded to let me know if the documentation was sufficient. That was processor number one. Total nightmare with me having to control the situation through the loan process.

Tomo went above and beyond in matching a low rate from a competitor. That low rate combined with a super low origination fee made a big difference as to why I choose them. The icing on the cake was the great working relationship that followed. They were understanding and patient when my closing date got pushed back twice. I had a good experience working with Tomo and would definitely recommend them.

Just closed on a property using Tomo (first time using as lender) and it was easily the best transaction I could have asked for. Have used many other lenders in the past and there have always been issues - with communication, errors, confusion on timing, etc. This is often a confusing part of the real estate buying process - I've done this five times now and still have questions on how it all works. My broker walked me through all my options in a clear and understandable manner, and answered all my questions (as dumb as they might have been). It can be time consuming to go through all of these financing options, but my broker was patient and willing to spend the time to work through all the scenarios with me. Rest of the process was a breeze, closed on time. Very pleased and would use them again.

Company denied my application due to they can’t verify my information… I provided them social security number and my bank documents and my information and my pay stubs. It’s weird that they can’t verify you but you have my personal information. If I don't exist then I wouldn’t be able to open up a bank account in my name... this company needs to be shut down.