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Mortgage Capital Associates, Inc.

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Reviews Mortgage Capital Associates, Inc.

Mortgage Capital Associates, Inc. Reviews (3)

Issues that popped up early in the process of my refi, began to paint a unflattering picture of MCAWith a promise of low rate and a 2-week close I took the bait In choosing between two rates, I opted for the higher one with less out of pocket costs
I received my rate lock confirmation notice and what information I needed to provideI submitted the required docs the next business day but never heard a wordLate the following day I get a email asking if I wanted to lock the rate!
By this point, rates had climbed to the highest (and fastest) point in Due to their lack of proper internal systems, the client is the one who takes it on the chin, while they get higher commissionsDespite a written confirmation (issued by them), they won't stand by their word and honor the rateTheir attitude? Oh well
I'm beginning to understand that age-old adage - ifs its too good to be trueit is
Proceed with caution, and a plan B

HORRIBLE EXPERIENCE! If you want to waste your time with a company that is either too unethical or incompetent to take you through the loan process...here you go.

I had the displeasure of dealing with an individual who called himself David Y[redacted]. I am not a stranger to refinancing, having done it several times, and I cannot recollect another incidence where I have dealt with such incompetence and lack of professionalism.

I still am not sure if this was an incidence of promising more than he was able to deliver (a bait and switch, if you will) or simple incompetence but this was not a large or complicated loan and it should have been a cake walk. After almost 2 weeks of Mr. Y[redacted] dodging phone calls and failing to respond to emails, I feared that we would not be able to close the loan w/in the lock period because of the upcoming holiday and my travel plans. Mr. Y[redacted] assured me that he would relock the rate, allowing us enough time for the appraisal and closing. Although I had already provided ALL of the requested documentation, Mr. Y[redacted] got belligerent when I pressed him for WRITTEN confirmation of the new rate lock before moving forward with the order for the appraisal (without the extension on the rate lock we would never have been able to close the loan in time and the money spent on the appraisal would be wasted).

Mr. Y[redacted] suggested that we part ways the day before the elections, and, as anticipated, rising interest rates, and he cancelled out my loan application -- his ineptitude has cost me a good loan opportunity at rates that I probably will not see again in my lifetime. Thank god the health of my finances or a potential property purchase did not hinge on this loan.

To further illustrate the ridiculous level of incompetence I had to deal with, even after Mr. Y[redacted] said that he had cancelled my application, I was contacted by an appraisal company seeking access to my home (I was out of state at the time) and my credit card company has informed me that there is a $535 charge to a valuation company -- needless to say, this charge was not generated by me and is under dispute.

If I could rate my experience with David Y[redacted] in negative numbers, I surely would. I don't know what criteria this company uses for their employees, but they need to reevaluate it.

In my experience this company was very slow with their service. I was told the loan would be processed in 1 month. After two months, I had to call daily to ensure the loan was being processed. Their loan was very well priced. I guess you get what you pay for.

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Address: 11150 W Olympic Blvd #1160, Los Angeles, California, United States, 90064-1826

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www.mtgcapital.com

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Shady, yet now dead: once upon a time this website was reported to be associated with Mortgage Capital Associates, Inc., but after several inspections we’ve come to the conclusion that this domain is no longer active.



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