Hamilton National Mortgage Company

This is the most unprofessional group of lenders I've ever dealt with. Do not use Hamilton. They will lie cheat and steal at all costs. They will sell your loan and still tell you that you owe them money. They will harass and insult your intelligence. They will threaten you after they commit to you that you don't owe anything and the mortgage was sold. Please save yourself the time and aggravation. I've purchased and sold many homes and currently own two different homes. I will never deal with them again and suggest you don't either. If I had the option to give negative starts I would.

[To assist us in bringing this matter to a close, you must give us a reason why you are rejecting the responseIf no reason is received your complaint will be closed Administratively Resolved] Complaint: [redacted] I am rejecting this response because: I was never informed of reason other than that under writing had these concerns, not sure why they couldn't explain this beforeWhere can I see the guidelines? I have had my home refinanced and no else seemed to have an issue with the appraisalAlso the appraiser is independent of hamilton mortgage but they are the ones who select the company to get the appraisal, so surely the appraiser saying there is no affect on the price of the home should have been enough for them The whole process I went through was shamble and unprofessional Regards, [redacted] ***

March 5, 2014I am responding to your letter dated March 5th 2014 related to the complaint from **. [redacted]. **. [redacted] applied for a loan secured by his house.   His property was appraised using a third party appraisal service completely independent of Hamilton National Mortgage...

Company. The attached credit card authorization signed by **. [redacted] clearly states that the appraisal cost isnon-refundable. The characteristics of **. [redacted]’s property and the comparables available were analyzed. His property was determined to be unacceptable collateral as defined by [redacted] and [redacted] underwriting guidelines. This is not an issue of extending the rate lock.Hamilton National Mortgage would have been willing to extend the rate without cost to the borrower had we been able to use the appraisal report. The report stated that there was a church behind his home; therefore we had to have other homes, according to [redacted] guidelines, with churches next to them to establish that the situation showed no lack of marketability. No other comparable homes were available, therefore **. [redacted]’s home was unacceptable as collateral for the loan.When we enter into an application with a borrower, our interests are always aligned: we both want to close the loan. Hamilton National Mortgage Company invests time and money on behalf of all our applicants in an effort to approve and close their loan. When a loan does not close, we suffer a loss. As a responsible lender, however, we accept that losses may be necessary from time to time as not every loan is going to meet the underwriting standards set by [redacted] and the secondary mortgage market. This was the situation with **. [redacted]’s loan. We understand that **. [redacted] did not get the result he was seeking, but we cannot compromise our risk management standards. Please feel free to contact me if you have any questions. Regards,

[To assist us in bringing this matter to a close, you must give us a reason why you are rejecting the response. If no reason is received your complaint will be closed Administratively Resolved]
 Complaint: [redacted]
I am rejecting this response because: I was never informed of reason other than that under writing had these concerns, not sure why they couldn't explain this before. Where can I see the guidelines? I have had my home refinanced and no else seemed to have an issue with the appraisal. Also  the appraiser is independent of hamilton mortgage but they are the ones who select the company to get the appraisal, so surely the appraiser saying there is no affect on the price of the home should have been enough for them. 
The whole process I went through was shamble and unprofessional.
Regards,
[redacted]

Review: I applied to do a refinance with hamilton mortgage after shopping around for rates on [redacted].com

I found a rate for 2.75% so I applied to hamilton mortgage and got assigned to loan processor [redacted]. He sent me an email of all the items I need along with a credit card for the appraisal fee. I knew I easily qualified for the refinance and thought it should be a simple straight process. I submitted all the paper work and paid for the fee. All the paper work and income verification checked out and I qualified for the loan.

Once hamilton mortgage done the appraisal and got the report back I asked for a copy. They initially said they couldn't send it to me until the loan had cleared (which they are not allowed to do since I paid for it). Then they sent me a copy of the appraisal. The price on the appraisal was a little lower than I thought but that had no bearing since I still had 180k equity in my house and the loan was for under a 100k.

[redacted] then got back to me saying there was a problem with the appraisal report, it had mentioned there was a church behind me. He said it affected the value of the property so they needed to reach out to the appraiser with some questions. They did and the response they got they didn't like, so I called the appraiser and asked the question and he told me that it doesnt make a difference and he told the mortgage company that too.

I spoke to [redacted] and he said the under writer does not like the response and asking for another appraisal that I have to pay for, I said what if they say the same thing... his response was simply I don't know then. After that he bought enough time of saying I will get back to you, I will find out that the rate lock had expired.Desired Settlement: They couldn't honor the rate at least I would like my appraisal fee refunded to me since they wasted all my time.

Business

Response:

March 5, 2014I am responding to your letter dated March 5th 2014 related to the complaint from **. [redacted]. **. [redacted] applied for a loan secured by his house. His property was appraised using a third party appraisal service completely independent of Hamilton National Mortgage Company. The attached credit card authorization signed by **. [redacted] clearly states that the appraisal cost isnon-refundable. The characteristics of **. [redacted]’s property and the comparables available were analyzed. His property was determined to be unacceptable collateral as defined by [redacted] and [redacted] underwriting guidelines. This is not an issue of extending the rate lock.Hamilton National Mortgage would have been willing to extend the rate without cost to the borrower had we been able to use the appraisal report. The report stated that there was a church behind his home; therefore we had to have other homes, according to [redacted] guidelines, with churches next to them to establish that the situation showed no lack of marketability. No other comparable homes were available, therefore **. [redacted]’s home was unacceptable as collateral for the loan.When we enter into an application with a borrower, our interests are always aligned: we both want to close the loan. Hamilton National Mortgage Company invests time and money on behalf of all our applicants in an effort to approve and close their loan. When a loan does not close, we suffer a loss. As a responsible lender, however, we accept that losses may be necessary from time to time as not every loan is going to meet the underwriting standards set by [redacted], [redacted] and the secondary mortgage market. This was the situation with **. [redacted]’s loan. We understand that **. [redacted] did not get the result he was seeking, but we cannot compromise our risk management standards. Please feel free to contact me if you have any questions. Regards,

Consumer

Response:

[To assist us in bringing this matter to a close, you must give us a reason why you are rejecting the response. If no reason is received your complaint will be closed Administratively Resolved]

Review: [redacted]

I am rejecting this response because: I was never informed of reason other than that under writing had these concerns, not sure why they couldn't explain this before. Where can I see the guidelines? I have had my home refinanced and no else seemed to have an issue with the appraisal. Also the appraiser is independent of hamilton mortgage but they are the ones who select the company to get the appraisal, so surely the appraiser saying there is no affect on the price of the home should have been enough for them.

Review: I applied to refinance my mortgageI was charged a $rate lock deposit and a $appraisal feeI was told that the rate deposit would be refunded if the loan did not go thru but the appraisal fee was non refundable if I did not go thru with the loanAfter the appraisal was done, I was told that the loan would not be underwritten because one of my bathrooms was not finished( I had pulled out the toilet, basin, shower enclosure and carpet because of previous owner's uncleanliness)They said I needed to remodel it to get the loanI told them I was in no rush to reinstall new fixtures since I had other bathrooms to useI also cannot afford to pay someone to do this work; I would eventually get it done myself in my spare timeThey denied my loan and have refused to refund the appraisal feeAs of this writing, I have yet to get my rate lock fee refunded tooIf I had been told that I could not have any unfinished rooms in my house, I would have never applied for the loan nor would I have paid for an appraisalI was never told about this, nor was there any written mention of it in any of the loan documents I signedI spoke to the loan officer about this and his manager, but they both told me that I would not get a refund of the appraisal.Desired Settlement: I believe that I should get my rate lock deposit back since they said I would and a refund of the appraisal since they failed to disclose pertinent information on the conditions of the loanA total refund of $($rate lock and $appraisal fee)
Business
Response:
August 6,
**[redacted]
Revdex.com John FKennedy Blvd Suite
Philadelphia, PA RE: ID # [redacted]
**[redacted] -
I am responding to your letter dated July 24, related to the complaint from **[redacted]**[redacted] applied for a mortgage 6/14/At the time of the initial interview with the loan officer, [redacted] inquired whether there were any renovations or repairs taking place to **[redacted]'s property**[redacted] indicated there were none**[redacted] was provided his application disclosures, among which is one titled "What to Expect”**[redacted] electronically signed the disclosureA copy is provided for the Bureau's reviewOn the disclosure, under 4d, it clearly states that any properties subject to completion are ineligible for financing
Also at application, **[redacted] was provided a disclosure stating clearly that the appraisal cost is paid to a third party and is not refundable**[redacted] electronically signed and agreed to that disclosure as wellThe appraisal was performed by a licensed appraiserThe appraisal vendor company is Street links and a copy of the receipt from Streetllnks is also provided to evidence that the appraisal fee was paid to them, not Hamilton National Mortgage Company,
The appraisal was reviewed by an underwriterThe unfinished bathroom was noted and photographed by the appraiser**[redacted]'s loan was subsequently declined because the collateral was unacceptable due to the unfinished bathroom
After **[redacted] was informed that Hamilton had declined his application based upon the condition of his property, **[redacted] spoke with a manager, [redacted]In that conversation, **[redacted] admitted that **[redacted] may have asked him about renovations or repairsThe unfinished bathroom mentioned in **[redacted]'s complaint was a project that was begun shortly after they purchased the home three years agoHe stated that they do not use the bathroom and the door to it remains closedThey had adapted to not having itBecause the situation was not a priority to correct, it didn't occur to **[redacted] to disclose it to **[redacted] when the question about renovations was raised
**[redacted] did receive a refund of the $lock deposit that was taken at applicationThe credit was processed July 24th, A copy of the merchant credit is attached
As a company we take steps to ensure that the loans we originate conform to Fannie Mae/Freddie Mac guidelinesOur loan officers are trained to ask questions and gather details at the point of applicationbefore collecting any moniesOur interests are always aligned with our customers: we both want to close a loan**[redacted]'s situation is unfortunate, but every effort was made on **[redacted]'s behalf to determine whether his loan would qualify before having an appraisal performedRequiring the appraiser to refund their fee after they performed a service would not produce an equitable resolutionAll parties worked on **[redacted]'s application in good faith**[redacted]'s omission about the bathroom was the critical barrier to approving his application
Please contact me if I can provide any additional information to the Bureau
Regards,
[redacted] President
Consumer
Response:
[To assist us in bringing this matter to a close, you must give us a reason why you are rejecting the responseIf no reason is received your complaint will be closed Administratively Resolved]
Review: [redacted]
I am rejecting this response because:
I do not believe **[redacted] ever asked me if there were any unfinished rooms in the home**[redacted] stated that he probably asked me but why would I then tell him "no" knowing there would be an appraisal? When I spoke to **[redacted], I never admitted that **[redacted] asked me about any repairs; I told him that I did not remember being asked about repairs, but if he had, why would I not tell him about the bathroom? **[redacted] also claims that the bathroom was a "project" that was begun shortly after moving inI stated that I had recently removed the toilet, vanity, and shower stall because of their conditionI did tell him that my wife refused to use it because of the condition it was in but I did not have any plans to renovate it since it was not urgent to do soHamilton National in their response keeps stating inaccuracies in what I told them and in what they claim I saidThey keep insisting that **[redacted] asked these questions during the initial phone interview but I do not believe he did; once again, it makes no sense for me to say all rooms are finished knowing I am throwing away $In respect to section 4d of "what to expect", I have a Certificate of Occupancy from the township so I assumed that part was coveredIn conclusion, I do not feel Hamilton National Mortgage disclosed all necessary facts with respect to the appraisal and I believe that they should have to refund my cost of the appraisalFurthermore, failure to disclose all facts by **[redacted] has cost me the opportunity to refinance my mortgage at a lower rate therefore causing me to have to pay a higher rate to refinance
Regards,

Review: I started the loan process with [redacted] of Hamilton National and they were unable to continue due to an issue of the type of home owners policy I have. When first talking to [redacted] he never asked what type of home owners insurance I had. He simply asked if my property was a farm since it is over 3 acres and I have farm animals. I told him I had farm animals he said it would NOT be an issue because we did not operate a farm.

When the mortgage process got as far as a few days from closing he said the transaction could not continue because of the type of home owners policy. He then said my deposit would be returned because the process was not completed due to NO fault of my own.

This was around Dec. 8th. I called multiple times and spoke to multiple people. Each time they say it will happen. First by the end of the month (Dec.) then by the end of the week. Then in the next few days.

So far nothing.Desired Settlement: Return the $500.00 deposit as promised.

Business

Response:

January 15, 2014

**. [redacted] -

I am responding to your letter dated January 14th 2014 related to the complaint from **. [redacted]. **. [redacted]'s request for a refund of his $500 lock deposit has been processed. A refund takes time to process. Unfortunately, **. [redacted]'s card issuer may have assigned him a new account number recently and this may have delayed the credit appearing on his statement. The credit to **. [redacted]'s credit card was processed 1/13/14. A copy of the credit is included in this response.

Please feel free to contact me if you have any questions.

Review: The mortgage lender was fully aware that I have work being done in my basement at my home when I started the refinance. It was one of the first questions asked when I completed my mortgagee application. They said it would not be an issue. Now they are saying, six calendar days before the rate lock expires, that the work must be completed prior to completing the refinance. I told them it will take months to do that. Before that they were saying the work was creating a safety hard, but they back off those claims. They also are making statements trying to suggest they understand codes, electrical safety, permits and building inspections, when they clearly have no clue how the proces works. The rate lock will expire and I will lose lots of money in fees and payments, plus additional thousands because interest rates have climbed. This doesn't take into account the literally tens of hours I spent supplying everything for the mortgage and that I will need to do it all againDesired Settlement: Finish my application prior to October 31st and back off the insistence that the work in my basement be complete.

Business

Response:

December 6, 2013

[redacted] -

I am responding to your letter dated December 2, 2013 related to the complaint from **. [redacted]. **. [redacted] applied for a mortgage 10/2/2013. At the time of the initial interview with the loan officer, [redacted] inquired whether there were any renovations or repairs taking place to **. [redacted]'s property. **. [redacted] indicated that work had taken place in the basement, but that it was in the final stages. **. [redacted] was provided his application disclosures, among which is one titled "What to Expect". **. [redacted] electronically signed the disclosure. A copy is provided for the Bureau's review. On the disclosure, under 4d, it clearly states that a property is not eligible for financing if it is not 100% complete.

The appraisal was performed by a licensed appraiser. The appraisal vendor company is [redacted] and has no affiliation with Hamilton National Mortgage Company. The appraiser noted that there was unfinished electrical work in the basement.

The appraisal was reviewed by an underwriter. **. [redacted] was informed that before the loan could be closed, the electrical work needed to be completed and a final inspection be performed. **. [redacted] refused to comply with the request. His loan was subsequently declined because the collateral was unacceptable due to the unfinished electrical repairs.

**. [redacted] did receive a refund of the $500 lock deposit that was taken at application.

**. [redacted] requests that we close his loan and "back off the insistence that the work in the basement be complete". As a company we take steps to ensure that the loans we originate conform to Fannie Mae/Freddie Mac guidelines. Our loan officers are trained to ask questions and gather details at the point of application before collecting any monies. Our interests are always aligned with our customers: we both want to close a loan. **. [redacted]'s situation is unfortunate, but every effort was made on **. [redacted]'s behalf to determine whether his loan would qualify before having an appraisal performed or beginning an application. All parties worked on **. [redacted]'s application in good faith. **. [redacted]'s omission about the state of completion related to the electrical repairs and refusal to cure the situation was the critical barrier to approving his application.

Please contact me if I can provide any additional information to the Bureau.

Regards,