In September a mass mailing reached me, and I foolishly called to ask about the loan refinancing option NFM Lending was advertising. After persuading me they could practically deliver the moon, a loan originator named Bruce Dorsey began emailing me nearly every day to pitch their services. In my first conversation with Bruce, I told him that my husband and I planned to refinance a house in my husband's name, and that we had the chance to pay down a substantial part of the principal balance. I asked Bruce specifically whether we should do that before applying for the refinancing, and whether we should also transfer the funds to my husband's account beforehand. He said neither was necessary and that they would let me know what money to bring when we settled.
NFM had us pay from our own pocket for an 'independent' appraiser, one appointed by them, and then dragged the process out by asking for more and more papers. After about two weeks of silence, they left a message saying the mortgage was ready and we could close, but that they had slightly restructured it, which meant hitting us with extra fees. I would not close on the 'restructured' loan carrying the new fees and requested an explanation, but they simply rejected the application, giving 'no gift funds allowed' as the reason.
0 comments