I opened escrow on Feb 13th of this year and had already spoken to my loan officer, Jim Mulica, in length about my situation. He rated me at 4.5 with no points and a lenders fee of $1500 which I accepted. I proceeded to fax him all the necessary docs he asked for on Feb 17th and my appraisal was sent to Jim on Febraury 26th. And from there, it all went downhill.
I am not sure what happened between the time they recieved my appraisal and April 9th, but my loan was clearly mishandled. Although I made several attempts to contact Jim's manager and the owner of the company by phone and email, I did not get any response from them. There was no clear and reasonable explanation to the delays and on top of that, Jim Mullica was rude and showed no compassion to my position as the buyer and the seller's position in his 1031 exchange with another seller.
When the appraiser's manager called Jim Mulica to release the appraisal to a new lender on April 13th, he refused to comply insisting that they would be able to close the loan. Not only did his decision caused me further delays, Jim called me the next day to tell me that I will now be charged 1 point on top of the lender's fee of $1500. On top of that, he was not confident regarding when I can sign docs.
The last time, he told me and my escrow officer that I would be able to sign docs on Friday (April 9th) or Saturday (April 10th). Not only was I not able to sign docs, he did not even give me a courtesy call to let me know that there would be further delays. When I called him on the afternoon of April 9th, he told me that he would have to cut the conversation short because he has someone else on the line.
When I asked him to confirm whether or not the docs will be ready for me to sign, he advised me they are not, but he does not know the reason for the delay because his processor has already left for the day. When I called Jim on Monday, he advised me that I would have to wait another 48 to 72 hours. This is 3 additional weekdays on top of the 55 days the seller and I have been waiting already. When I told him that his deadline to get back to me would be Wednesday morning at 10AM, he told me that he does not start work until 11am.
During the entire loan process I always made sure I provided all my documents on time as requested by Jim. When he failed to return some of my voicemail messages and emails, I proceeded to contact his loan processor. The day after I spoke to his processor, Jim called me to tell me that I should not call his processor. He did not mention anything about the status of loan because when I asked, he advised me that he was not sure and that he will get back to me after he checks with his processor.
I paid for my own appraisal, so I expect the company to give me back my $350 good faith deposit. I am still waiting to hear from someone for an apology for mishandling my loan. If I do not get my refund of $350 or a correspondence regarding their intension of refunding me the amount, I will proceed to file a report with the BBB.
I saved all my emails and I have a log of all my calls.
Thank you for taking your time to read this report and I hope that you do not have to go through what I had to go through.
Melody
92115, California
U.S.A.
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