I signed up with Pacific Bancorp on or about June 6th. When i signed up online i had a confimation email then i was contacted by Jacob Beechler. Upon our conversation he mentioned that they had a list of about 50 lenders that we can work with. To my surprise they had less, some of them went out of business, some incorrect contact information. The mortgage firm that I previously worked for charged us a per file fee. Pac Banc charged a monthly fee. We close about 10 loans a month with our previous Broker, so it made sense to pay a flat fee.
On June 16 we submitted 2 loans with borrowers with great credit scores, credit history, verifiable assets, and one of them was giving 10% and paying closing costs, and the other was just paying closing costs. We have this fail proof procedure of getting loans closed asap, we submit all conditions at once. And usually closings come along within a work week at the most. To our surprise the lenders that they have none of them are familiar with Texas Law, so everything was taking 3-5 business days for conditions, we would get what they request then they needed something else. We had a loan fall through it took almost 2 months to get to closing, taxes were pro-rated higher by 1400 per year more, she had to pay 18 months worth of hazard insurance, etc, borrower walked out of closing. I called the lender, and they said that they do things differently in CA. Called Corporate spoke with Jim, and he asked that if I had submitted TAX CERTS, anybody in the mortgage business know's to send them as a standard proceedure. Well long story short, borrower walked out.
The other borrower was still in the pipeline, also with the same issues, I spoke to the VP of the lender and he said that the reason they are having such difficulty with the loans is because they have never worked with Texas before. Up until Yesterday - August 13 I still had the borrower back and forth with conditions from the lender.
On July 19 I sent a very detailed message to Jim Verity in corporate about what was going he said for me to get him a list of the lenderst that We think we would do better with. So I did. For almost a month now, i didn't hear back from him. I wouldn't recommend anybody from Texas to sign up with them, I had a terrible experience. I only have a 2 thumbs up for a lady by the name of FAYE who works there, she helped me out the most and she was a branch manager at another location. I just hanged up with my borrower and he's very upset. Can you believe this madness? If anybody has any questions please feel free to contact me. Please consider this report as a warning, it was a 7k lesson that I will never take again.
0 comments