We first contacted the company to refinance our home in the beginning of May, 06. My husband and I left work early to drive from Corona to Irvine (about 45 miles each way, during rush hour traffic) to sit down and talk with them. Kamrann, the original guy was very helpful. He gave us breakdowns of what we were looking at for payments based on a few different programs. Due to our Credit Scores (average scores 713), we would have no problem getting our payments lowered by $1200 a month. This was including a prepayment penalty, which we had on both loans currently as well as estimated closing costs.
A couple of weeks passed, and we contacted Kamrann to make sure we were still on track. He told us the underwriters had it and it would be done soon. A few more weeks pass, and we called Kamrann; no answer. I sent an email; no response. Finally, around the end of June, I just started punching in any extension for their office in hopes of finding someone. I finally got a hold of the Loan Manager, Brian Chaplin, who informed me Kamrann was "in an accident". Because we were already working on over month, he took over our loan.
Around the end of July, we were all anxiously hoping the loan would be closed so we could get rid of the high payments we were dealing with. I would call Brian every day, and hear the same thing every day; I'm very sorry, I don't know what's going on, the underwriters have it. He went on to say Kamrann didn't know what he was doing. He kept asking me for information that Kamrann had already received from us, such as the payoff amount for our house, bank information, etc. When a Manager has NO CLUE what's going on with your loan, that's a bad sign!!!
We didn't close in July, so in August, I decided to call Brian EVERY DAY until we knew what was happening. Every time, it was the same response; I don't know what's taking the underwriters so long. Finally, when I asked honestly what could be done to finish up our loan, he smuggly responded with "well, we can cancel your loan!!!" I acted like we were working for them, not the other way around!!! I then called and spoke with another person, requesting to speak with someone above Brian and ended up with the Branch Manager. He proceeded to tell me that he couldn't say anything without speaking to Brian and seeing our loan info, which is understandable.
When Brian called back and yelled at me that if I have questions, I don't need to go to anyone else beside him, I said "I just need an answer! What the hell is going on with our loan?" He then said he just finished talking to the underwriters and was going to give me our payment information. He told me after the prepay and closing costs, our payments would be $3,200 per month!!! When we spoke with Kamrann, and asked him estimated cost per month (INCLUDING PREPAYMENT PENALTY AND CLOSING COSTS), he stated $2,224 per month.
THREE AND A HALF MONTHS WORKING ON THIS PAINFUL SITUATION FOR HIM TO TELL ME WE'D SAVE $150 PER MONTH?!?! I casually told him to F-off and that we wanted any money back that we had put into them.
About a week and a half ago, I started speaking with another lending company, and told them this information. Their jaw dropped because they could not believe ANY company would have a hard time with our loan. With our credit scores, income and Loan to Value ratio, this should have been done in no time. We'll be done by the end of this month, smooth sailing, and saving ourselves a nice amount per month!
Please, NEVER use American Direct Lending!
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