I started my loan process for two rental buildings in Oregon in August. They asked for insane amount of info but to which I complied immediately, (sometimes in 10 minutes of their request) They asked for some info twice if not three times (that should have been a clue as to their stupidity) One building appraised very high and the other very low, which is odd since they are right next to each other. So after paying for appraisal for both, I accepted the fact that I could only refi one.
Then the real problems began. The idiotic loan officer wanted to help me out and opt me out of the locked loan and begin with another program, she said I can get both loans approved since the other program did not need the higher appraised value of the building. I said are you sure? I wanted to go ahead with the one building because at that point it was already two months since we started and we were so close to closing but she said this would work, "I don't know why I didn't think of this before", she said. I said, "As long as you don't ask me for another piece of information, go ahead".
6 weeks went by, I left two messages and nothing. I finally got a hold of her and she said she was sorry. Something about the program would not accept my application and by the way I needed to get two more months of info to her. I said work with what you have and just get me the ONE loan that I wanted from the beginning. 4 more weeks and nothing and today I get a letter saying that I cancelled my application. I did no such thing! ARGHH...
I missed out on such great programs with other banks and the sheer stress this company has put me through has been utter nonsense. Please be aware!!
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