Complaint Review: Aegis Lending Corporation

My husband and I THOUGHT we were in the process of purchasing a new home. We chose a reputable and honest builder, real estate agent, real estate attorney and mortgage consultant. However, neither my husband nor I thought to check the actual lender themselves, who on their website stated that they were one of the top 30 mortgage lenders.

We actually signed all of our closing documents on Friday, August 3rd. But then learned on Monday morning, August 6th, the loan was NOT paid by Aegis, to the builder.

On the same day, 08/06, I looked on the internet for Aegis Lending, and found their website. It displayed nice pages, stated their company mission, how to contact them, office locations, etc. Actually, if you go to their website for mortgages, http://www.aegismtg.com/, it is still there - all nice and appearing to be legitimate.

Today, I found another website, http://www.aegislending.com/. It displays, Aegis is now longer accepting applications, EFFECTIVE JUNE 20th! Why is Aegis JUST NOW advising any party involved, that they are no longer accepting applications?!?

Here is the e-mail from Aegis, advising of the latest development:
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Sent: Monday, August 06, 2007 12:58 PM

We will do everything possible to assist you. We are in a bit more than a "predicament" as I'm sure you can understand. Several thousand people's lives have been affected by the closure of Aegis, in addition to your loan.

We are in a holding pattern until the pipeline is assessed and we are told what we can & cannot fund. However, loans with wires out on purchases that have signed are the highest priority items.

We will update you as soon as we are given direction.

Area Manager - Texas
Aegis Wholesale
Prime Products, Prime Service
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I am so thoroughly disgusted with a lender that cannot be upfront with any party involved, with such a large transaction at stake.

Signed,
Disgusted in Baton Rouge LA

New BR homeowner
Baton Rouge, Louisiana
U.S.A.