Complaint Review: WCS Lending

I would strongly recommend the mortgage brokerage services of Matt Weaver at WCS Lending located in Boca Raton.  I say this despite the fact that in a previous blog I had misgivings about Matt Weavers services.  Mr. Weaver was kind enough to engage in several conversations regarding the issues that I perceived with my experience with him as my broker.   I have completely changed my mind about Mr. Weaver and think very highly of him and the work that he performed for me.  I realize that my misgivings were based on my limited understanding of all of the facts and circumstances of the transaction. 

I understand now that he not only represented my interests well but in fact went well above and beyond.  An example is the down payment.  Though I had the ability to put down more than 30% I mentioned to Mr. Weaver that it would be ideal for me the put down less than that figure as I would not have to liquidate investment holdings.  I did not realize until recently that Matt was working feverishly through additional paperwork and Fannie Mae requirements to secure a loan with the lower down payment.  Unfortunately through no fault of Matts the project was declined.

As well, I originally thought that WCS fees were high but found that they were very competitive.  I had double-counted origination fees when the Good Faith Estimate broke out origination fees into its processing and underwriting components.  I now realize that the processing and underwriting fees are the origination fee.   I had similar misunderstandings with any other perceived issues that I described.

My original comments regarding Matt Weavers work sadly did not reflect well enough on the fine work that I now know that he did for me.  He is not only very experienced and knowledgeable about the Florida lending market but is truly an outstanding individual.  The fact that he cared enough to reach out to me and guide me through these misperceptions showed me the kind of integrity and decency that he has.

I would strongly recommend the mortgage brokerage services of Matt Weaver at WCS Lending located in Boca Raton.  I say this despite the fact that in a previous blog I had misgivings about Matt Weavers services.  Mr. Weaver was kind enough to engage in several conversations regarding the issues that I perceived with my experience with him as my broker.   I have completely changed my mind about Mr. Weaver and think very highly of him and the work that he performed for me.  I realize that my misgivings were based on my limited understanding of all of the facts and circumstances of the transaction. 

I understand now that he not only represented my interests well but in fact went well above and beyond.  An example is the down payment.  Though I had the ability to put down more than 30% I mentioned to Mr. Weaver that it would be ideal for me the put down less than that figure as I would not have to liquidate investment holdings.  I did not realize until recently that Matt was working feverishly through additional paperwork and Fannie Mae requirements to secure a loan with the lower down payment.  Unfortunately through no fault of Matts the project was declined.
 
As well, I originally thought that WCS fees were high but found that they were very competitive.  I had double-counted origination fees when the Good Faith Estimate broke out origination fees into its processing and underwriting components.  I now realize that the processing and underwriting fees are the origination fee.   I had similar misunderstandings with any other perceived issues that I described.

My original comments regarding Matt Weavers work sadly did not reflect well enough on the fine work that I now know that he did for me.  He is not only very experienced and knowledgeable about the Florida lending market but is truly an outstanding individual.  The fact that he cared enough to reach out to me and guide me through these misperceptions showed me the kind of integrity and decency that he has.

I would like to drop a note to express my thanks to Matt Weaver and WCS team for helping me become an homeowner in US for the first time. I am originally from Europe and buying a home in US is a completely different process than back home.   Matt has found the ultimate way of arranging my finances to suit the guidelines of FHA and tailor his services to my individual needs and goals and successfully close a townhome in Boca Raton in less than 15 days. He will never know how glad I am that I have found a person like him to be my mortgage broker- professional and courteous, someone I trusted all the way in my corner. Matt, you are definitely in the right business. Best wishes, I look forward to working with you in the future again.

I apologize for any grammatical mistakes I have made in this letter; the plot of it is what's important to my opinion.

Matt Weaver himself offers a pretty good glimpse of his lack of intellect through his response to my initial commentary.  His poorly written response includes numerous misspellings, grammatical errors, and typos.  Poor grammar notwithstanding, I still stand by remarks regarding his lack of professionalism and high fees.

Early in the mortgage lending process, I was very clear with Mr. Weaver that I was flexible regarding the amount of the down payment.  Mr. Weaver indicated that a 25% down payment was perfectly sufficient.  He either knew or should have known that 30% was a critical threshold for Fannie Mae financing. 

I am happy to share with any interested party the final Good Faith Estimates that I received from both American Southern and Matt Weaver at WCS Lending.  Fees charged by WCS were over $2,000 higher than those of American Southern.  American Southerns Origination Fee of $895 was much less than the $1,490 charged by WCS Lending.  In addition, WCS added a Lender Fee of $1,390. 

The 4.875% rate offered by WCS was materially higher than the 4.625% offered by American Southern.  Contrary to what Matt Weaver indicated, these rate quotes were provided at essentially the same time.  I solicited the quote from American Southern very soon into the process with WCS because I was losing confidence in Matt Weavers ability to close the transaction. 

As I said in my original note, I was fortunate that Matt Weaver failed to close the transaction as  I was able to get a lower rate with lower costs.  Once again, I do not have a personal vendetta against Matt Weaver, but simply want to spare other prospective borrowers the hardship of Matt Weavers low capabilities and high fees.

In response to the mentioned article about myself. Please let it be known that Condo financing in South Florida is overall challenging. Their are two major details that have been left out of this article (1) the client increased their down payment from 25% to 30% with the new lender in order to avoid the Condo Project having to pass strict Fannie Mae guidlines. (2) As time passed the rate market for all lending instituitions got much more favorable thus lower interest rates and costs.

Matt Weaver and WCS Lending did not fail to close this transaction, the Condominium Project failed Fannie Mae guidlines which was needed due to the clients request of only 25% down.
 
Overall I happy that this client had the ability to raise his down payment in order to purhase this property.