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Nationwide Direct Mortgage Reviews (4)

Review: [redacted] COMPLAINT[redacted]

Hi,

My Name is [redacted] and my mortgage application (Loan #[redacted]) was open with [redacted] of Nationwide Direct Mortgage. I was promised that my application fee of $195.00 will be refunded should I choose to cancel my application. I have written emails to that I can provide stating the same. After a long process once we were not able to find a house, it has been over 2 months that we have called the process off and have been requesting our fee back. After contacting multiple people no once calls back or follows up.

I appreciate your help in the resolution of this issue.

thanks,

[redacted]Desired Settlement: My application fee be refunded as promised. I can provide all emails in which Nationwide Direct employee ([redacted]) promises full refund if we do not purchase a house.

Business

Response:

I spoke with the borrower. This was an accounting error. The borrower received a reimbursement for the $195 application fee.

The complaint has been resolved .

Review: In August 2013, I was trying to refinance my “Cloud Condo" with [redacted] from Nationwide Direct Mortgage. The result is absolutely unacceptable service with irresponsible loan officer, teasing rates, and lack of internal controls at the Nationwide Direct Mortgage.

First, Mr. [redacted] changed the origination costs of the loan even after the rates were locked in a Good Faith Estimate. He justified this change saying that he erroneously estimated the house value at $885,000. For me, it was the first red flag in the process since from the very beginning; I was giving Mr. [redacted] the recent, one-month old, appraisal estimates of about $840,000. Later, Nationwide appraisal also came at $845,000. Unfortunately, Mr. [redacted] did not stop at this point. His further justification was that his mistake had dropped my loan-to-value ratio below 60% whereas the lower home price of $845,000 would increase this ratio to 62%. This lame excuse is absolutely unacceptable, particularly given the fact that the mistake was of his making. It also shows lack of internal controls if loan officers can change the origination fees as they please after giving Good Faith Estimates.

To my dismay, this was only the beginning. Three weeks in the process, Mr. [redacted] revealed that there were problems with this loan and we had to increase the interest rates. I agreed since I had no other option available. We originally locked the interest rate at 3% for my 5/1 ARM loan and the rates already increased to 3.5% by that time. Two days later, Mr. [redacted] went further and told me that Nationwide cannot approve this loan since no banks would be willing to deal with “cloud condos”, when Nationwide decides to resell this loan. This startling revelation was late by 3 weeks and 50 basis points of higher interest rates. Even now, this new development looks very doubtful to me since my current loan is approved by Fannie Mae and the loan-to-value ratio is only about 60%. Also, both my wife and I have always kept our credit scores above 740.

I also believe that Mr. [redacted] has shown absolute lack of responsibility on his part. From the very beginning, I kept telling him that "cloud condos" are not typical in mortgage industry and require special attention. I also sent the materials to the loan processor. Despite this, Mr. [redacted] kept his overly positive stance telling me that Nationwide is a direct lender and he sees no problems with closing this loan. It was three weeks later that he changed his tune. His new explanations about the requirements for "cloud condos" were equally mind-boggling. He revealed that the owners of "cloud condos" can dig to the center of Earth while normal condos limit this ability to 150 ft. Is this the reason why the loan was not approved? Why was it then approved before by Fannie Mae? Mr. [redacted] also mentioned that the decision to decline this loan application was made by the senior management. Could it be that Mr. [redacted] and Nationwide were not interested in closing the loan at the time that the rates went up measurably? I even agreed to the new interest rate of 3.375%, to no avail.

As a result of this absolutely irresponsible behavior and lack of controls, I had to turn to another lender. All I head from Mr. [redacted] was "sorry, other lenders would have the same problems". He did not even bother to send me any answer when I requested that Nationwide pay back my direct expenses in the origination fee and appraisal.Desired Settlement: Minimum solution: full reimbursement of my fees in the amount of $630.

Consumer

Response:

From: [redacted] <[redacted]>

Date: Wed, Sep 25, 2013 at 2:44 PM

Subject: please remove my complaint [redacted]

To: "[email protected]" <[email protected]>

Dear Revdex.com Team:

This is to notify you that the company, Nationwide Direct Mortgage, contacted me directly and we came up with a mutually agreeable solution to this matter. Therefore, I would likje to close my complaint with no further action and no publication.

Thank you.

Review: I have been victimized by their unethical practices.

The scam went like this.

• I paid loan origination fees and Appraisal out of pocket. They had me financially committed now

• Somehow my lock was no good and that amazing rate is no longer available. All this despite being emailed a "Rate Lock Conformation" and being told my lock was good via email.

After being told I did not have a lock I checked the rates again and found the original promised rate online. I called Nationwide Direct Mortgage like a new customer and talked to the Regional Sales manager (J. Thompson). I inquired about the rate being advertised and was told that it was a real rate but could not be guaranteed today because they would need to check my credit and home value. If that rate was still available when that was done I would get it. He did offer me a rate 0.125% higher that he could lock today.

To me this was all good news, I was sitting in their system with Credit score 800+, completed appraisal, 37% equity and all my paperwork ready to go.

I called the broker I was working with, explained that we really didn't have a problem because the “Regional Sales manager” just told me that our original rate is available right now. The response was, “this is a system error, we are looking into why bankrate has the incorrect rate”. WHAT A SCAM! They wasted my time, got me financially committed then switch to a higher rate.

In fact their "bait and switch tactics were still in effect a week later with updated online advertised rates the same as originally promised and "locked" for me.

In the end I had a candid conversation with someone who stated, "that rate was never really available". I was refunded my out of pocket expensive but that does not undo the, Time, stress, "bait and switch" and credit hit from their inquire. This is a very unethical and possible illegal sales practice.Desired Settlement: Honor the original rate lock of 4% no out of pocket expense (PREFERRED OPTION)

or compensate for your unethical practices that cost me time, credit score reduction, and undo stress.

Time 40hrs ($8/hr minimum wage) = $320

Credit score reduced to inquire = $300

Interest on $640 (loan origination fee and appraisal; 20% @1mo) $11

Lost opportunity of securing other funding while rates were reduced (can only assume 3mo due to future rates being unpredictable 3mo 285K @.25%) = $178

UndoStress= no monetary value

total = $719 - $200given

Actual $519

Business

Response:

This consumer complaint has been resolved. The borrowers desired result was to close his loan at a 4% interest rate with no out of pocket expenses.

We listened to the consumer's concerns and honored his request. His loan has been successfully completed to his satisfaction.

Review: The lack of support and responsiveness from this organization was unacceptable. After being contacted by [redacted] to secure the loan I was handed off to [redacted].

[redacted] sent me a list of items to complete and I completed them in a timely fashion. She moved forward to order the appraisal. It was 3 weeks before the appraisal occured. After the company decided to not move forward with the loan (more on why to follow) I found out that over a week into ordering the first appraisal they cancelled it and went to order from a different more expensive company. The only reason I uncovered this was after the fact I asked based on multiple charges showing up on my credit card statement.

With the delay in the appraisal we had a very short window to close. I provided more items that the underwritter had requested. One of the items was the home inspection. They asked for this even though the home inspection was waived on the purchase agreement. In a hurry I sent it along as part of a few more items I had to send (letters identifying recent deposits etc).

On the Friday before we closed (5 days prior) I was told by [redacted] that the roof of the home needed a certificate. I moved forward to get that certificate and [redacted] said this would be the last item and all the paperwork looked great.

Then on Monday at 1:38pm I got a call from [redacted]. The call said that they needed every identified item on the inspection report repaired. This included window seals, refinishing wood floors, a roof (which I was getting a certificate on the new roof) etc. We needed to close on Thursday leaving me no time to complete these repair items.

[redacted] and Nationwide Direct were inflexible in moving forward. They had charged me the appriasal and application fee and were happy to walk away from the loan.

[redacted] and [redacted] apologized and said that the president would be calling me (Debbie) to explain there stance and determine if they would refund me the money.

I am now with another lender after re-writing the purchase agreement. I will be moving into my new home in 2 weeks and still have not heard from the president at Nationwide like [redacted] and [redacted] promised.

There are many lenders in the marketplace. This is one I would steer clear of...no matter how attractive the rates.Desired Settlement: Refund me the money for the appraisal and all other fee's related to you attempting the loan.

Business

Response:

This was a misunderstanding with the borrower and has been resolved. The borrower will be rescinding his complaint.

Please contact me directly should you have require any additional information.

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Description: Mortgage Bankers

Address: 2530 Vista Way #F, Oceanside, California, United States, 92054-6174

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www.guaranteedrate.com

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



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