Network Capital Funding Initiated refinance without permission - had their name added to my homeowner's insurance instead of the actual mortgagee! Miami FL
I took a telemarking call from Joshua Stevens about a VA IRRRL. Since I already had a 3.625 rate, I did not think it was worth the money they were going to charge for their fees (which would be added to the principal balance). They then came back with a greatly reduced funding/origination fee, but I was already distrustful of them because of the numerous mistakes they continually made on every loan scenario they emailed me. Josh was obviously in a 'boiler room' - lots of background noise, and he had to put me on hold while he found out what 'points' were when I asked about the rate he was offering.
We've gone through a half dozen real estate closings and know how much is involved in correcting mistakes mortgage processors make, so I wasn't enthusiastic about working with this company from the mistakes in the loan scenarios presented. I stopped taking their calls and told them I wasn't interested, then hey offered a cash out scenario, but I didn't like that, either. Then I get an email about a new document in my homeowners insurance account and see that this company had made themselves the primary mortgage holder! I had not signed ANY paperwork authorizing any refinancing with this company. I would never trust this company with what is typically the largest transaction of a lifetime.
1 Updates & Rebuttals
NCF quality department followed up.
#2Author of original report
Wed, November 30, 2016
Stephen Carroll from NFC called to get my side. A week or two later, he called and said he listened to the recorded calls and agreed there was not even a verbal okay to lock in and persue funding a loan with them. He said that when he asked the manager about the 'loan' that she was reluctant to turn over any paperwork, and that she had just pushed the loan ahead to make her numbers, which is not their policy, and that she has been let go and no longer works at NFC. He offered to send a hat, t-shirt etc. I appreciate that this could be just one 'bad apple', but there are too many other brokers available, and I would still have to go with another broker if rates were low enough to justify refinancing or if I decided to cash out equity.