Great Western Financial Services

I'm not usually a "review kinda person", but if there's a chance that I can help somebody avoid the horrible experience that I just had, then it's worth my time I just closed a 108-day loan process with Great Western Financial! I have obtained refi's in my life and this was, far-and-above the worst, most ridiculous mortgage experience I've ever had in my life The loan is a Jumbo, 30-yr fixed, cash-back mortgage It is a take-out loan for a new construction loan Perhaps a slightly more complicated loan, but it was presented to my other tried-and-true lenders who had no problem with it at all This should've been a squeaky clean loan; FICO well over 800, personal assets at 4x loan value, income to support a loan twice this size Up front GWL assured me we had a rate lock of 3.50% with 0.125% origination fee for days and that days should be ample time to close this loan They also assured me that they were the lender days came and went and the agent assured me that the rate lock and terms were extended An appraisal was done but the lender, JPM Chase (GWL put the loan with Chase despite their commitment to be the source of funds) wanted a second opinion; understandable on a loan this size, except it took them days to reach that conclusion So another appraisal was ordered, and after four more weeks we discovered that the second appraisal had never been completed; it was sitting on the appraisers desk this entire time when he decided that he wasn't going to do the appraisal GWL obviously was not driving this process, nor did they even know that the request had been shelved for weeks Meanwhile, I had to resubmit updated, current documentation three times When we made that discovery we were at days and I had a builder waiting to be paid and my construction loan had termed so I had to spend $to renew the construction loan so that it wasn't in default At days and at days GWL convinced me to continue with the loan saying that they were expecting loan docs to be drawn "next week" If I had terminated this loan and started again with a new lender I would certainly be waiting another days At each of these points in time, the GWL agent assured me, in writing, that I was still locked in at the original terms So with that assurance, I continued to wait for completion A second, half-assed, appraisal was finally completed, the cost of which GWL picked up Then finally, at day GWL informed me that they were ready to get loan docks from Chase, and btw, I am still locked in at 3.50%, but with $10,in lock extension fees!!! His comment was, "well don't worry about the $10k because it doesn't come out of your pocket",,,, it will be rolled into the closing fees!!! The only other option to paying the $10k additional fees was to accept the loan at 3.75% and $ A week earlier, no longer trusting anything that was told to me by Chase or GWL, I shopped rates again and discovered Wells Fargo would lock at 3.75% and 0.00% pts and UBS Mortgage would lock at 3.625% with $origination fees; I initiated another loan process with UBS Mortgage Then, finally, after days, Chase produced the closing docs, we signed them, and the loan funded on day I then, regrettably, terminated the UBS loan process This was the most unprofessional, half-assed, shady, loan I've ever experienced And to top it off, I'm now, because of fees, going to be stuck with this loan for another years, at which time, rates will have increased I would urge you to NOT use Great Western Financial or JP Morgan Chase, EVER

I'm not usually a "review kinda person", but if there's a chance that I can help somebody avoid the horrible experience that I just had, then it's worth my time.

I just closed a 108-day loan process with Great Western Financial! I have obtained 9 refi's in my life and this was, far-and-above the worst, most ridiculous mortgage experience I've ever had in my life.

The loan is a Jumbo, 30-yr fixed, cash-back mortgage. It is a take-out loan for a new construction loan. Perhaps a slightly more complicated loan, but it was presented to my other tried-and-true lenders who had no problem with it at all. This should've been a squeaky clean loan; FICO well over 800, personal assets at 4x loan value, income to support a loan twice this size.

Up front GWL assured me we had a rate lock of 3.50% with 0.125% origination fee for 45 days and that 45 days should be ample time to close this loan. They also assured me that they were the lender. 45 days came and went and the agent assured me that the rate lock and terms were extended. An appraisal was done but the lender, JPM Chase (GWL put the loan with Chase despite their commitment to be the source of funds) wanted a second opinion; understandable on a loan this size, except it took them 60 days to reach that conclusion. So another appraisal was ordered, and after four more weeks we discovered that the second appraisal had never been completed; it was sitting on the appraisers desk this entire time when he decided that he wasn't going to do the appraisal. GWL obviously was not driving this process, nor did they even know that the request had been shelved for 5 weeks.

Meanwhile, I had to resubmit updated, current documentation three times. When we made that discovery we were at 80 days and I had a builder waiting to be paid and my construction loan had termed so I had to spend $1200 to renew the construction loan so that it wasn't in default.

At 60 days and at 80 days GWL convinced me to continue with the loan saying that they were expecting loan docs to be drawn "next week". If I had terminated this loan and started again with a new lender I would certainly be waiting another 60 days. At each of these points in time, the GWL agent assured me, in writing, that I was still locked in at the original terms.

So with that assurance, I continued to wait for completion. A second, half-assed, appraisal was finally completed, the cost of which GWL picked up. Then finally, at day 94 GWL informed me that they were ready to get loan docks from Chase, and btw, I am still locked in at 3.50%, but with $10,000 in lock extension fees!!! His comment was, "well don't worry about the $10k because it doesn't come out of your pocket",,,, it will be rolled into the closing fees!!! The only other option to paying the $10k additional fees was to accept the loan at 3.75% and $1200.

A week earlier, no longer trusting anything that was told to me by Chase or GWL, I shopped rates again and discovered Wells Fargo would lock at 3.75% and 0.00% pts and UBS Mortgage would lock at 3.625% with $860 origination fees; I initiated another loan process with UBS Mortgage.

Then, finally, after 105 days, Chase produced the closing docs, we signed them, and the loan funded on day 108. I then, regrettably, terminated the UBS loan process.

This was the most unprofessional, half-assed, shady, loan I've ever experienced. And to top it off, I'm now, because of fees, going to be stuck with this loan for another 7 years, at which time, rates will have increased.

I would urge you to NOT use Great Western Financial or JP Morgan Chase, EVER.