Mortgage Investors Corporation Scam | Complaints REVIEW: Mortgage Investors Corporation / Amerigroup Mortgage Corporations clients, feel safe, confident & secure when doing business with MIC. MICs 100% commitment to client satisfaction, exceptional client experiences & success. Commitment to Rip-off Report Corporate Advocacy Business Remediation & Customer Satisfaction Program, ..A program that benefits the consumer, assures them of complete satisfaction & confidence when doing business.
SPECIAL UPDATE: May 2 2012: Mortgage Investors Corporation remains committed to increased customer satisfaction and has improved their business practices over the years to better serve their customers. Mortgage Investors Corporation is truly dedicated to making sure their customers are satisfied and that any complaints which do arise are addressed promptly and fairly.
To date, Mortgage Investors Corporation has made good faith efforts to resolve all complaints reported on Rip-off Report. Based on our experience, the member business has proven to be among the top members of the Rip-off Report Corporate Advocacy Business Remediation and Customer Satisfaction Program as a Verified Safe Business.
Over time and since becoming a member, Mortgage Investors Corporation has remained actively engaged and improving the way they address customer service complaints. As an active and current member of the Rip-off Report Corporate Advocacy Business Remediation and Customer Satisfaction Program we are happy to report that now more than ever Mortgage Investors Corporation remains committed to improving customer satisfaction.
Remember, no company or individual can ever satisfy 100% of the people 100% of the time. There are no products or services that will always be perfect for everyone and even the best companies will receive complaints from time to time. However, by participating in the Corporate Advocacy Program, the member business has made a commitment to working with its customers to resolve complaints quickly and fairly whenever possible.
Please keep in mind that as a consumer you have some responsibilities as well. Success has many definitions that based on your past experiences, current situation and your perceived expectations. Success with any product or service is always based on the proper application and understanding. The fastest car will not run if you never turn the engine on. Look at how you used the product or service that was provided in relation with the instructions that you received. The Corporate Advocacy Business Remediation and Customer Satisfaction Program will help you get your voice heard but please be prepared with documentation and fair representation of your concern, also have an idea of how the company can fix your concern. Can they offer additional services, extend warranties, offer a fair refund or just get you talking with someone that can help. ..let them know and let us know!
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Mortgage Investors Corporation MIC DANGER, As a PRM disabled Viet Nam Vet, licensed WA. state loan originator,and retired Bellevue Wa. Police Officer I consider This a duty to alert my comrades and relatives to say no to MIC !!! St. Petersburg, Florida
As a permanently disabled veteran, with the ethics of retired Police Officer, who happens to have a current state of Washington loan originators license, I am compelled to alert other veterans that may be considering a IRRRL (streamline) refinance with MIC (mortgage Investors Corporation) ; to stop and think, before you sign anything! Here is why. Last week, I got a cold call about lowering my mortgage rate to 3.5 % my first reply was, is this a Adjustable Mortgage rate? I was told no it is a fixed rate (meaning a rate that will not change for life of the loan). I allowed an apointment to be scheduled for yesterday to hear more. Boy did I .
Like other filed complaints, my short appointment turned into hours, and I felt an enormous pressure that this loan rep was camping in my house until he got a closed loan. I was shocked that this one size fits all program was nothing more than an ajustable rate mortgage (ARM) program that he touted as a specific program that MIC had with full backing of the Veterans Administration. When I mentioned, that I was told it was a fixed rate by his appointment setter, he stated there job is to get me in your door. He added, this loan should be called a hybrid. A Hybrid does not exist. Truth is, it is a 3/1 ARM. He pointed out many bells and whistles that may sound good in a sales moment but in all reality was common knowledge to me because of my license. This is why I am posting.
The long and short of the interaction was the MIC representative was trying to sell me a refinance loan that would have cost me an extra undisclosed $15000.00 cost over my present loan to save $201.00 a month for 36 months. The worst part, after 36 months my new loan's interest rate could increase by one percentage point a year for five years. That could be BYE BYE home and my credit for along time. If you have any questions about this post or want to verify my Wa.state LO info please email or comment and I will respond. Please be aware these guys are really adept at playing on the strings of our isolated ranks. be safe and God bless.
3 Updates & Rebuttals
mortgage investors employee 88
United States of AmericaPlease Read with an open mind
#4UPDATE Employee
Sat, December 18, 2010
Mortgage Investors uses sale tactics, yes. They call a lot, yes. Are they a scam? No. This corporation is legitimate; as is the Streamline Refinance Program. Just because it doesn't help some people does not rule it out as an option for our Military Veterans. It disheartens me that some Military Veterans would rather risk losing their home, incurring bad credit amongst other things before they even take a look at what is available to them. Mortgage Investors ultimate goal is to put the Veterans & Active Duty Military Members in a better financial situation than they are currently in. All we ask is an opportunity to show you what we can do for you. If you don't find a benefit we understand that, but please don't ruin the chance for others to save money by venting on the internet, running others down for the sake of whatever animosity you have towards our mortgage company. I stopped watching the news recently due to an abundance of negativity. I don't believe everything I see, everything I read nor everything I hear. I just wish that our vets & active duty could use their own judgement to determine whether or not our program is right for them, not the judgement of others. If I let others determine my opportunities I probably wouldn't work & still live at home. Does this make sense? If not I would love to elaborate a bit more. Thank you for reading & have a Merry Christmas!
Wilphart
Kansas City,Missouri,
United States of America
Thanks for the Warning
#4Consumer Comment
Wed, December 08, 2010
I had a similar experience. They said they could offer me a better rate and that got a representative in my door. When I discovered it was an ARM, they went on and on about how this was a "Hybrid" and endorsed by the VA and was better than a fixed. The presentation was actually pretty good - the theory behind it was that the interest rate starts so low that a load more principal gets knocked off early, even with lower payments. Then, when the rate goes up (and the rep stressed that it was just as likely to go down as up, based on the Fed Reserve rate), that the payments would still go down because the principal has decreased more than the fixed. Each year is a refinance, you see, recalculating the payments based on the remaining term, the changed rate, and the remaining principle. The rate change is maxxed at 1% up or down per year, and the rate caps at 5% more or less than the starting rate. They said the first 3 years would be at 3%. Just like what you said: I assumed that this meant it would go to 4% the 4th year until it was at 8% the 8th year. Even in a worst case scenario, the rep explained, the principal reduction would be so significant that the payments wouldn't get more than what they are for my fixed.
Of course, the lower payments AND principal reduction seemed too good to be true, and the rep didn't seem to want to leave, just like what you said. I told her I needed to figure out how to crunch the numbers myself, but I needed to research how to do it first. Wouldn't really take "no" for an answer - because she couldn't lock me in at 3%, you see, if I hesitated.
I started to sign papers because I figured I'd still have time to research the company before closing. Ran into a snag because one paper said that the house needed to be in equal or better condition than when purchased, and I refused to sign it on account of some minor roof damage still unrepaired - unethical to do so, you see. I've researched the company since and I won't be signing any more papers.
I haven't crunched the numbers yet (rep only came by a couple of days ago), but they were calculated based on the current loan, not even including the added $4K in closing costs that would be rolled into the principal. Common sense says that the lower payments would negate the lower interest rate at the start, and when it goes up to 8%, it would end up costing much more out of pocket. The numbers seem like a lie, but I can't believe they could get away with such misrepresentation. The rep told me flat out that even if the rates increased by 1% per year to 8%, the payments would never be more than what we're currently paying. If I crunch the numbers and prove that this was a lie, I will will report back.
kamalktk
las vista,New Brunswick,
USA
The police are ethical? hahahahah
#4Consumer Comment
Sat, July 03, 2010
You have the ethics of a retired police officer? What a joke. I hope you got bent over on a refinance like you no doubt tried to bend over real people when you were a pig.