| 09/27/2016 |
Yes |
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- Credit decision / Underwriting
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Web |
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On XXXX XXXX, 2016, I began the VA mortgage application process with XXXX XXXX XXXX Mortgage 's loan originator XXXX XXXX. XXXX XXXX XXXX, my loan application was submitted to Majestic Home Loans with the expectation of closing mid XXXX. I maintained contact with XXXX to XXXX on the application status & was told on XXXX XXXX they were hopeful to have my application out of Underwriting the next day. Tuesday, XXXX XXXX, I received a written copy of my appraisal from Majestic Home Loans via USPS. On XXXX XXXX, I reached out to my processor XXXX XXXX with XXXX to XXXX who confirmed Majestic was in fact the lender and that she received loan approval but had been discussing payoffs of old collection accounts with them since the previous day. On XXXX XXXX, I received an email from XXXX with the estimated closing disclosure and was instructed to request my funds for closing from my XXXX provider which I did on XXXX XXXX. On XXXX XXXX, I completed a conference call with XXXX ; a XXXX XXXX agency to address the old collections accounts & notified XXXX XXXX inquired about the next steps. XXXX informed me she was waiting for XXXX to return her call on XXXX XXXX and would keep me informed. On XXXX XXXX, I received an email from XXXX requesting I contact her to discuss XXXX of the collection accounts. I provided the information that was needed. On XXXX XXXX, I received a call from XXXX at XXXX that the closing disclosure was sent to my work email address & had to be signed prior to midnight of the same night in order to close Friday, XXXX XXXX. I came back to my employer 's office, signed the closing disclosure and sent XXXX an email confirming the action was complete. On XXXX XXXX, XXXX, my construction contact with my builder, XXXX XXXX contacted me to complete the final walkthrough prior to closing. I reached out to XXXX to confirm Friday 's closing date on this same day. She informed me she was still waiting on the clear & that Majestic had spoken to her but had not provided the ok for the charge offs ( but if you recall back on XXXX XXXX, I was told loan approval was given & had signed the closing disclosure the previous day ). While out of the office Friday, XXXX XXXX under the impression I would be closing, I was copied on emails sent between XXXX XXXX ; XXXX. Escrow Coordinator with XXXX XXXX, XXXX XXXX ; Retail Underwriting Manager & XXXX XXXX and XXXX XXXX ( XXXX XXXX XXXX 's titles were not provided in the email ) with Majestic Home Loan and XXXX XXXX XXXX with XXXX to XXXX. The emails dated back to XXXX XXXX & discussed how the Underwriter incorrectly conditioned the loan application regarding the charge offs. On XXXX XXXX, XXXX advised XXXX via email " We ca n't underwrite and assume something is going to be a judgment. I had already started the conversation on Friday with my manager about this. '' He further went on to say ( paraphrasing ) " we do n't have the official overturn on the underwriter 's crazy condition. I am very confident that 's being waived. I know we got the XXXX out today, give me a few more hours and I should have this resolved. There is no such guideline that the underwriter is making up, so it will be removed. If I can get it XXXX today, we should n't have a problem closing Wednesday ''. XXXX explained to XXXX via email Friday morning at XXXX " Being told the condition would be waived is how the XXXX would have gone out in the first place. I believe you need to hear from XXXX XXXX ''. On XXXX XXXX, I received a phone call from XXXX stating that Majestic was now denying my loan application but we would be starting the process over with another lender. At the time of this submission, I have yet to receive any correspondence from Majestic regarding a credit decision and now facing my sales contract being cancelled & forfeiture of my security deposit.
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| 12/14/2015 |
Yes |
- Mortgage
- Conventional fixed mortgage
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- Credit decision / Underwriting
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Web |
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Hi, My loan officer submitted our loan to Magestic home loans around XXXX of 2015. Magestic home loans have made number of mistakes on every level of the loan and kept charging us for their mistakes. Their mistakes were as follows.
1. Our appraisal value came higher than initially expected. Our LTV came down from XXXX % to XXXX %. The underwriter forgot to adjust our LTV. at XXXX % we were getting 4.750 so we floated for almost 1.5 months for rates to come down, finally we decided to lock at 4.750 % the file went to the doc department, Doc department realized that LTV is lower than it should be, which underwriter forgot to adjust. Now our LTV was changed to XXXX % and our rate came down to 4.5 %. Had the underwriter adjusted our LTV we did not have to wait 1.5 months floating.
2. Our HOA master policy was provided to the underwriter she signed it off along with all other pre doc conditions. Since all conditions were signed off our loan officer locked for 15 days to sign docs and fund. ON THE DAY of the Funding underwriter realizes that she forgot that the master policy did not cover XXXX in walls. Our lock expired, our file went for redraw. we were charged for relock, and redraw fees.
3. our file was impound, and on the original docs lender requested 3 months reserves. on the redraw docs, for some reason 2 more months of reserves were added. Which means they had miscalculated the reserves on the initial docs as well. Now since reserves came high we decided to not impound the file anymore. we signed redraw docs and were told the file will fund on Monday, the last day of our lock extension.
4. On Monday on the day of funding and our last day of our lock extension we received news that they can not fun and they will redraw again because the doc drawer forgot to add the price adjustment for taking the file off of impound. Now they have to redraw again, re lock again.
They are keep making mistakes, and keep charging us for their mistakes. The lender is not bearing any cost of all these mistakes and they are keep passing all the costs to us. We are beyond frustrated. The management or lender is not responding to our email, or to our loan officer 's emails. We get no apology 's no explanation of why we have to pay for their mistakes instead of the lender themselves. We have paid for the appraisal and other if cancel we will bear costs, if we do n't cancel we will pay for host of their mistakes. Please advice.
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| 07/25/2016 |
Yes |
- Mortgage
- Conventional fixed mortgage
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- Credit decision / Underwriting
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Web |
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Applied for a home loan to refinance our home with RMK Financial Corporation or ( Majestic Home Loans ) we received our Closing Disclosure on XXXX/XXXX/2016 with a 4.0 % interest rate. Then 4 days later on XXXX/XXXX/2016 I get a call from my Broker saying they now want to increase our rate to 7.25 % based on late payment history. This is 4 days after our " CD '' Closing Disclosure had been signed and dated ( XXXX/XXXX/2016 ) by my wife and I agreeing to the terms at 4 % for a 30 Year Fixed. Also, according to the Closing Disclosure we were supposed to Close on XXXX/XXXX/2016 and then have our Dispursement and Sign-Offs on XXXX/XXXX/2016. Well it 's now XXXX/XXXX/2016 and nothing has happened. We have not received any new terms in writing from RMK Financial Corp. / Majestic Home Loans in regards to their proposed interest rate hike. I 've tried to call the Lender, Majestic Home Loans direct, but have had to leave messages for the Accounts Manager two days in a row. And still have not received a call back. So as of right now my wife and I still assume we have a loan at the 4 % interest rate that we signed, dated and agreed to on XXXX/XXXX/2016.
And according to other lenders I 've called for advice and friends in real estate that I know, they all say that Majestic Homes Loans is doing some illegal practices and trying to bully us into a high rate loan. Our LTV " Loan to Value '' of our homes is 30 %. Which means we have over 70 % of equity in our home. Should we walk away???????? Please Help!
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| 11/23/2015 |
Yes |
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- Settlement process and costs
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Web |
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On XXXX XXXX, 2015 me and my wife closed on a refinanced loan with Majestic home loans ( which is now serviced by XXXX ) which agreed that my mortgage payment which was at the time XXXX monthly an owned by nation star mortgage would be lowered to XXXX monthly if we agreed to a refinance offer with there company because of the change in lower fha mortgage insurance rates and requirements.. We did agreed and signed documents to cloan our new loan. On Friday XX/XX/2015 we received a letter in the mail dated XXXX/XXXX/2015 thats states " At the time of closing your loan, your taxes were calculated on the land valude only instead of the entire property ''. For that error majestic home loans stated that our monthly mortgage payment will increase from XXXX monthly to XXXX. So now we are paying more for a mortgage than we were initially paying for our original mortgage which i think is totally wrong and we certainly would not have agreed to this had we know this would be this issue. We even had other offers and GFE 's from different lenders but chose to go with majestic home loans. I think this was very deceitful on there part and most likely fudged numbers to get our business. Instead of saving money we are now having to spend more money which is not right.
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| 10/15/2016 |
Yes |
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- Settlement process and costs
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Web |
Older American, Servicemember |
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This is concerning loan # XXXX with R.M.K.FINANCIAL CORP. D/B/A MAJESTIC HOME LOAN. IN XXXX I COMPLETED A LOAN APPLICATION AND WAS EXPECTING TO CLOSE THE LOAN IN XXXX, 2016. AT THAT TIME THE CLOSING COSTS WERE APPROXIMATELY {$10000.00} AND WE WERE GETTING AN ESCROW CHECH FOR APPROXIMATELY {$1000.00}. THE LOAN DID NOT CLOSE IN XXXX AND FINALLY CLOSED XXXX XXXX, 2016. CLOSING COSTS HAD RISEN TO {$14000.00} AND THE ESCROW CHECK WAS {$56.00}. I WAS NOT ASKED FOR ANY FURTHER INFORMATION DURING THIS PERIOD AND CAN NOT UNDERSTAND WHY THE LOAN TOOK SO LONG TO CLOSE AND THE CLOSING COSTS ROSE {$3000.00}. WOULD APPRECIATE YOUR LOOKING INTO THIS MATTER. SINCERELY, XXXX XXXX XXXX, XXXX XXXX XXXX, XXXX, FL. XXXX TEL. XXXX E-MAIL XXXXXXXXXXXX. XXXX XXXX XXXX XXXX XXXX
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| 08/12/2015 |
No |
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- Credit decision / Underwriting
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Web |
Servicemember |
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constanly receiving harassing phone calls and mailings I have asked to stop several times.
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| 03/09/2020 |
No |
- Mortgage
- Conventional home mortgage
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Web |
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| 08/06/2019 |
No |
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- Trouble during payment process
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Web |
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| 08/03/2017 |
No |
- Mortgage
- Other type of mortgage
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Web |
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| 07/12/2017 |
No |
- Mortgage
- Conventional home mortgage
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- Trouble during payment process
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Postal mail |
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| 10/26/2016 |
Yes |
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- Application, originator, mortgage broker
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Web |
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| 03/27/2015 |
No |
- Mortgage
- Conventional fixed mortgage
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- Application, originator, mortgage broker
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Web |
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| 11/18/2013 |
No |
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- Application, originator, mortgage broker
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Web |
Older American |
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| 09/17/2013 |
Yes |
- Mortgage
- Conventional fixed mortgage
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- Settlement process and costs
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Referral |
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| 08/27/2013 |
No |
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- Loan servicing, payments, escrow account
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Referral |
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| 09/11/2012 |
Yes |
- Mortgage
- Conventional fixed mortgage
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- Loan servicing, payments, escrow account
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Phone |
Servicemember |
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