To start, I have been a real estate investor for the past 10 years. I have been through the refi process multiple times. However, I have found that Crossline Capital at best to be unprofessional.
First issue was the GFE. We all know that the Good Faith Estimate is just an estimate of the closing costs. However, when the origination fees were not included in the original GFE, the response was: "It was omitted because it couldn't be calculated"?!?! When I did finally get the "True total closing costs", it wasn't until at the time of closing - 60 days later.
Second issue was the procedure to lock the rate. With this company, the point to lock a rate on a cash-out refi was as soon as the appraisal was completed. However, after the appraisal was completed, the rate couldn't be locked until after UW, underwriting!?!?
Third issue was entire breakdown of communication with the "Senior" mortgage officer. After I decided to lock, the "Senior" mortgage officer informs me that my debit to income ratio is too high and he will need to subordinate the HELOC to process the loan. Even after informing him that the property was free and clear, which he agreed, he still insisted that the open HELOC on another property would need to be subordinated. At this point, I was already in the process of reapplying my refi with another firm, so I said "Please do. Continue processing my refi." The next email back from him had the comment: "What is it worth to you?" What is it worth to me?!? With much effort, I informed him that the loan processing fees and the origination fees should more than enough cover to complete this loan. His statement was: "No, this loan is harder than most and we need more money. I will meet you half way and only charge you an extra $500." Wow! I said: Go forward and process the loan. If subordination isn't needed, the extra "Fee" won't be part of the closing.
Bottom line: I did close with Crossline Capital (Fees were $500 more than the other firm) with a good lesson.
Best part, Now they want me to sign about 6 pages of disclosures that was some how forgotten during the processing of my loan. Do you think I will sign these off? I wonder "How much is it worth it to Crossline Capital?"
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