Fairbanks Capital purchases loans with high interest rates and fees and doesn't everything within their power to keep them.
My loan stipulated that once 80% was paid pmi would be dropped. I brought my mortgage below 80% in December and it took them until June to stop the insurance. Every month when I called they said it was being researched.
In January I requested a payoff. They didn't respond for 28 days and then rather than faxing as requested, they mailed it. The payoff was good for one day from the day it was mailed so it was obviously no longer valid by the time it was received.
When I questioned them they said they didn't have a good fax number and didn't have my phone number so they had to mail it. (The same phone number they ask for everytime you call in!).
I requested a new payoff but they never sent it to me. (Must have lost my fax number, phone number and address).
I had a refinace closing set for June 26 and a request for payoff was sent in on June 17. They did not respond and when the title company contacted them, they said in Utah they have 30 days to provide a payoff.
They are obviously interfearing with any attempt to refinace so they can coninue to collect their 10.75% mortgage.
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