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They were one of the places I called a few weeks back when shopping for a mortgage. The guy I spoke to seemed nice enough and answered all my questions during our conversation, but I don't think he returned a subsequent call or picked up at the extension he gave me.
I found names of 2 local officers for WF and BoA from another RE forum, and they were both so responsive and efficient that it completely challenged the stereotype of a big or giant bank. They were willing to waive a large part of the lender fees, while PenFed said they'd refund most of them at closing. Those 3 would probably be my first calls next time. I know some people say to use a local bank like Hudson City Savings or a local credit union, but a communicative individual at the local office of a national institution works just as well for me.
If you're going to worry a lot about the 30-day timeframe, then use the attorney review period you're in now to change that to a date 35, 40 or 45 days from now.
I did a re-fi with American Federal a couple months ago. It went really well; I will definitely recommend them. I got a rate I wanted. Locked in with them through fax and emails. Put down my locked in fee, deposit, etc. Everything just proceeded smoothly.
The only thing you need to know that is they do sell the loan to other banks. They will send you a letter and let you know they are doing that. Mine went to Chase.
I'm also dealing with Joe Mancuso. I am supposed to close tomorrow morning at 10am. He is on vacation so I am now talking to Richard Ramaci.
However, at 4pm today my agent called frantically "They pulled your mortgage."
My first response was "What?" I have a 780 credit score, about 2x as much liquid cash in the bank than I need to close, and a solid income/debt-income ratio.
The problem? I asked Joe if I changed my job (I had an offer I couldn't refuse) would it impact me. He told me it would be no problem... just bring a paystub in at close. So I did that... didn't hear a thing about it.
That brings us to 4pm today when underwriting decides to pull their commitment 16 hours before I am supposed to be closing. Mind you, I travel for work so I am in the airport about to board a plane in an hour or two... I frantically find out who I need to contact (Rich) and he tells me that he needs a few documents (pay stubs, offer letter, date I started, point of contact, etc). I get them to him within the hour.
I'll hand it to him, he seemed like he wanted to help and said he would try and expedite me through underwriting. I doubt I'll be able to close tomorrow, so I'm pretty bummed/annoyed/stressed.
Could I have been more proactive about making sure they had every single thing? Yes. But they could have been, too.
I shopped around for a reputable direct lender and thought I found one in American Federal. After all was said and done I was turned down for a conventional loan refinance because my debt ratio was right on the edge (I am an independent contractor so I have to right off everything possible to save on taxes). I asked about an FHA loan and my processor said I didn't qualify so I asked for a copy of my appraisal for my records which I have not received yet. Another lender contacted me with the end result I am being refinanced with a FHA loan saving $600 a month. Am Fed seemed more interested in getting the $350 application fee and $350 appraisal fee than actually exhausting every option for the customer. They probably don't make much on FHA loans so why bother? I will never pay an app fee up front ever again or a commitment fee, refundable or not. Shop elsewhere.
Just completed a refinance with cash out with American Federal and also worked with Jim Russo. We've done several initial and refinance mortgages on our two homes over the last 30 years and this was by far both the fastest and easiest. From time of my initial call saying I wanted to work with them to signing off on the committment was 15 calendar days- including an hour long walk through appraisal. They needed a lot of documents from us but everything was done by fax, e-mail, and phone. There were some new things-disclosures, requirements-since last time we refinanced but Jim always responded to my calls or e-mails within the same day and answered all our questions with clear explanations. It took another two weeks to close but that was only because appointments were being booked that far out by the title company-which was their "sister " company Allied Title. Fees were as promised, some things even came in a little lower than quoted, our rate was dropped due to the appraisal coming in a bit higher than expected, and our lock in and appraisal fees were refunded at settlement because of our good credit scores. All in all a VERY positive experience with this company.
Original Poster's final thoughts on AmFed experience (after closing)
OP here... I know this is long overdue, but I wanted to report back that everything DID go smoothly with our mortgage from AmFed and we DID close on time (November 17th). All required documents were emailed or faxed back and forth, and there were no delays or surprises. We reviewed all the closing paperwork and there were no hidden fees whatsoever from AmFed -- an excellent experience! Not sure if I can post our rep's name here, but he was great. PM me for his name or if you have other questions...
Bank of America only charged me $400 in "lender fees". All the other fees are basically set (government, taxes, title insurance, etc) so you're only comparing "lender fees" right?
BoA normally charges $1,000, but the guy was a friend of my BIL and said he'd give me the best deal that they give when customers negotiate. so it was no hassle to me.
I was able to meet one of the principals of the company in one of the CFP,CPA,MORTGAGE forums.
They are definitely AHEAD of the CURVE compared to 90% of mortgage lenders. They already anticipated as early 2009 the Major Changes that were coming in the mortgage industry once the Obama administration came to power. The principals were very pro-active in being Pro-Consumer & doing a lot of Self-Regulation before President Obama started pushing the industry into much better Protection of homebuyers and ZERO TOLERANCE of FRAUD & EXCESSIVE FEES.
The Great news for homebuyers is that virtually ALL mortgage lending by 2011 ( once the Financial Reform bill signed the Obama Adminstration takes full effect) will be 200% better than last 6 years of Abuse, Excessive fees, bloated fraudulent lending practices.
The cost of getting a mortgage will be MUCH MUCH less for the average consumer. The safeguards in place will REDUCE FRAUD significantly in years to come. And ONLY PEOPLE who can REALLY AFFORD to get a mortgage will get one.
The days of the mortgage industry as a 'CASH COW" for loan officers and mortgage brokers is OVER. We are back to Responsible lending.
As a CPA, our industry was Amazed on the hundreds of millions that the Insurance & Banking Industry SPENT to TRY & STOP the the Consumer Protection Reform bill. There 500,000 million dollars succeeded in REDUCING some of the consumer protection of the bill BUT it is still 200% better than before.
95% of american consumers will benefit, while the 5% in the lending & insurance industry will have to "Always have the Consumers Interest First"
Top Insurance & Mortgage producers will still make a lot of money. ( which they should)
It will be those that relied on " Questionable Sales techniques" that will really feel it.
The homebuyer or Annuity buyer will know MUCH MORE DETAILS Upfront. No more hidden fees or you lose your license.
OP here... I know this is long overdue, but I wanted to report back that everything DID go smoothly with our mortgage from AmFed and we DID close on time (November 17th). All required documents were emailed or faxed back and forth, and there were no delays or surprises. We reviewed all the closing paperwork and there were no hidden fees whatsoever from AmFed -- an excellent experience! Not sure if I can post our rep's name here, but he was great. PM me for his name or if you have other questions...
glad you had a good experience - i did too (i probably said it earlier in this thread).
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Great experience!
