I was initially told that this company is a Mortgage Banker and they give the mortgages by themselves and does not need any third party approval.
I got a mortgage rate of 4.5 and they said it is locked in (When I enquired with other bankers, I was told it is under Market rate and if I can get that rate, it would be really good and I decided to go with this company).
They had me to send all the financial documents and then had me to sign many disclosure forms, document releasing letters etc.
I was told that they reviewed all my documents and my refinancing is a done deal (My refinance is only for 40% of the value of the home). I was in contact them for every week and every time, I call them they said it is in the process and every now and then they ask me another financial document for the past 2 months.
Today they told me that they cannot do for that rate as their investor did not approve for the rate and they can't do anything about it.
Conclusion..
Following are the reasons that makes me to think this is a scam.
1) The rate they gave me was under market rate and nobody could do it at that time.
2) What they have being telling is a lie (They don't lend but they find the lender).
3) They kept saying my rate was locked for 2 months and all of sudden they said that they couldn't extend for 2 more days (Based on them, the file was given for the underwriting two days before the date that they said the rate expires)
4) They got every bit of financial records from me.
5) Even after asking multiple times not to send my financial records by email, they keep doing it. I don't know if any Mortgage companies use the unsecured emails to send the financial records.
They are now renamed to equitysrvs
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