1st Midwest Mortgage Corporation

I refinanced with this company just last year and I thought they were very helpful. They got my loan done fast and efficiently. They answered all of my questions and were very friendly. They kept me up to date every week. I never had any problems with communicating with any of the staff. They told me I would get a lower rate and a lower payment. I was able to get everything they promised. I would recommend this company to anyone who doesn't want to do any work with their loan company because they will take care of it all.

1st Midwest Mortgage Corporation was prompt, accurate and a pleasure to work with!

Review: The mortgage broker promised a 3% interest, 15 year streamlined FHA refinance of our mortgage. That was in early May, 2013. We signed papers, and waited for a closing date. Then we received paperwork from a bank saying the loan was for 3.25%. I tried calling the broker for two weeks, and we would not return the calls. Then yesterday I received a letter from the broker saying he could not complete the loan because there is "no benefit" to us. When pressed for an explanation, [redacted] of the brokerage firm said FHA will only refinance if the borrower can save 5% or more of the principal+interest portion of the monthly mortgage payment. I replied to the company's owner that by the broker's own estimate my savings would have been well above 5% - about 15%. The owner has not responded.Desired Settlement: I would like an honest explanation for why

- First Midwest Mortgage backed out of the refinance offer

- First Midwest avoided my phone calls and emails for two weeks

- First Midwest lied about my savings being less than 5% ($65) when its own figures show a savings of more than $150.

Business

Response:

When we took the initial application the clients told us a higher rate they were at. When we received documentation we ordered (their Note and Pay history) we saw they were actually at a lower rate then what they had told us. So we then had to re do the umbers and found out there was no benefit. FHA says we have to save clients 5% that being the Principal and Interest added with the monthly MI. We are not allowed to add in the escrows for a savings. So on paper it may look like $150.00 savings but we have to use the figured FHA says (PI + MI current payment) compared to the proposed PI + MI payment must be the 5% savings. I am very sorry you were unable to reach or speak with the Loan Officer. I think we were also waiting for docs to come back for about 2 weeks so we could start the file. Once we ran all the final numbers we found out there was no benefit and had to deny the loan. I am very sorry you had a bad experience and we never want a client to feel this way

Consumer

Response:

I have reviewed the response made by the business in reference to complaint ID [redacted], and have determined that this does not resolve my complaint. For your reference, details of the offer I reviewed appear below.

[redacted] writes:

"It doesn't seem anything we say the client feels (sic) is acceptable but we are stating the facts of what happened and it doesn't seem we will be able to resolve this with the clients."

Mr. [redacted] is not stating the facts, and is unable to offer a shred of evidence to back up his claim. If that is acceptable to the Revdex.com, then I will drop this matter.

His "position", simply put, is that I misrepresented the interest rate of my existing mortgage, and that he rescinded his refinance proposal as soon as he became aware. He has no evidence this is the case. I have offered evidence that it took him eight weeks to rescind his offer after his loan officer became aware of my present interest rate. Mr. [redacted] has been caught in a lie, and once again, he blames the client.

"It doesn't seem anything we say the client feels is acceptable ..."

Tortured syntax aside, it would be acceptable to this client if Mr. [redacted] acknowledges that I provided documentation to his office in mid-May that my existing interest rate is 3.875%, and further that it took his office eight weeks to notify me that there would be no benefit to refinancing with a streamline FHA loan.

Thank you for refereeing this dispute. It angers me that five years after the real estate bubble paralyzed the American economy, that boiler rooms like First Midwest Mortgage are still allowed to exploit homeowners with bait and switch sales tactics and sleazy denials of wrongdoing.

I have worked with this company on a few different occasions and I have always had a positive experience. My first experience was doing a refinance with Steve Morrison and his assistant Danielle. They helped my wife and I refinance our home saving us $230 a month. A year later we decided to sell our home and we got in touch with Steve again. He was very helpful in getting everything set up with the lender for our purchase of our new home, even getting us a lower rate and payment then we had with our previous home. Steve's assistant even went so far to help us find better insurance! Then this past December Steve reached back out to us letting us know of some changes made in the market and offered to help us refinance again. After the last few experiences with this company we jumped at the offer. We were able to get an even lower rate, save money and drop a year off our payment term. This is a well respectable company and they have been very helpful in all of our refinancing endeavors. The girls that work there are very helpful in answering any questions and keeping us up to date on what was going on with the process. I would have no second thoughts on sending my friends and family to First Midwest Mortgage for refinancing or purchasing a home.

This company contacted our home with a cold call back in December, 2015. I spoke with them, and they were very pleasant to deal with, and we decided to move forward with a refinance. On December 22, 2015 a Fee worksheet was created for us, and we were told we would close in Feb. In Jan they sent someone to the house to do some paperwork review, he was very nice, however after that point things started to get difficult. We did not receive timely responses to our questions, and we wound up chasing them for information. They indicated that they never received information from our current lender, but assured me in the beginning of Feb that we would close and not to make a Feb payment. Ultimately, the loan did not close in Feb, and we did have to make the payment. I decided to look at my existing lender for the refi, got a better rate and they can close in less than four weeks. I was told by 1st Midwest Mortgage that the delays were due to not receiving paperwork on time from my current lender. I am not saying that this is or isn't true. However after nearly 3 months of getting pushed out, and finding a better deal, I exercised my right as a consumer to do what was best for me. When I called to let them know that I would not be moving forward with them, the response I got back was deplorable. Under no circumstances should I have been called a, and I quote, "[redacted] Hypocryte" and a "[redacted]" by an irate Steve [redacted] (the owner or manager of this place). When I called to state that I was moving on with a different lender, I was berated over the phone, and ultimately he called me these names and hung up on me. No matter how nice they seemed, the true colors came out today, and I am happy that I did not close with them. The fact that they have an A+ rating on here is, quite frankly, a complete misrepresentation of the treatment I received.

Contacted by this company for a re-fi. After filling out all paperwork, I waited weeks without hearing a thing. After 2 emails and 3 phone calls, I finally got a response from [redacted] who said he would check and get back to me. NEVER did. After 6 weeks, I got a form letter in the mail that said I had discontinued the action, which I had not. Very unprofessional business. Certainly not a company that I would ever want to do business with or recommend to anyone.

I made the mistake of refinancing with this company a few years back. I had to have a lawyer call them to get my questions answered. The rate they quoted me was not, in fact, the rate I received. No one told me the price, and unfortunately I was too stupid to ask. No one told me that in order to GET the rate that was promised, I would have to pay money upfront, because apparently they assumed I didn't have the money. They were rude throughout the entire process. And if that wasn't enough, they have called me EVERY YEAR since, sometimes twice, to offer their "services" again, despite my requesting several times to be removed from their phone list and even giving them the reasons why. If any of you use this company, you must be seriously desperate. If I could rate them lower, believe me, I would.

We dealt with Steve [redacted] and the whole experience was awful. Not only did we have to fax paperwork repeatedly, but the closing date for refinancing kept getting put off. Our mortgage payment was even late in December because they kept changing the closing date. The worst part about it was having an unrelated party show up to close and to be told that we would have over $5000 in closing fees. This had never been mentioned to use. When we called to ask about it, Steve stated that his employees ran the numbers wrong. He is a scam artist that tries to get away with stealing people's money. I don't know how he is in business.

Despite the reviews I saw for this company I decided to go through with contacting this company for my home refinance. The man I was working with was very professional and did a great job of explaining how the process worked, what my rate would be and the credits I would receive from my new lender. His processor was very good about keeping in contact with me and letting me know where we were at with my refinance and when it came time to sign all the final docs my broker called me and went through all the numbers so I was well informed for the closing on exactly what I was signing. The whole process took less than a month to complete. With this whole process I am now saving $150.00 a month and I got to skip 2 months which was really helpful after the holiday season. I would defiantly recommend this company to my friends and family and have.

We were very satisfied with the services offered by 1st Midwest Mortgage Corporation.