- Report: #556491
Complaint Review: Crossline Capital - Foothill Ranch California
Reported By:
Thad -
Bonney Lake, Washington, United States of America
Submitted:
Updated:
-
Author Not Confirmed
Why?
Crossline Capital
27121 Towne Centre Drive, Ste. 150 Foothill Ranch, 92610 California, United States of America
Phone:
1-877-319-8345
Web:
Categories:
Business Rating:
(0)
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Crossline Capital At best: Unprofessional firm Foothill Ranch, California
To start, I have been a real estate investor for the past 10 years. I have been through the refi process multiple times. However, I have found that Crossline Capital at best to be unprofessional.
First issue was the GFE. We all know that the Good Faith Estimate is just an estimate of the closing costs. However, when the origination fees were not included in the original GFE, the response was: "It was omitted because it couldn't be calculated"?!?! When I did finally get the "True total closing costs", it wasn't until at the time of closing - 60 days later.
Second issue was the procedure to lock the rate. With this company, the point to lock a rate on a cash-out refi was as soon as the appraisal was completed. However, after the appraisal was completed, the rate couldn't be locked until after UW, underwriting!?!?
Third issue was entire breakdown of communication with the "Senior" mortgage officer. After I decided to lock, the "Senior" mortgage officer informs me that my debit to income ratio is too high and he will need to subordinate the HELOC to process the loan. Even after informing him that the property was free and clear, which he agreed, he still insisted that the open HELOC on another property would need to be subordinated. At this point, I was already in the process of reapplying my refi with another firm, so I said "Please do. Continue processing my refi." The next email back from him had the comment: "What is it worth to you?" What is it worth to me?!? With much effort, I informed him that the loan processing fees and the origination fees should more than enough cover to complete this loan. His statement was: "No, this loan is harder than most and we need more money. I will meet you half way and only charge you an extra $500." Wow! I said: Go forward and process the loan. If subordination isn't needed, the extra "Fee" won't be part of the closing.
Bottom line: I did close with Crossline Capital (Fees were $500 more than the other firm) with a good lesson.
Best part, Now they want me to sign about 6 pages of disclosures that was some how forgotten during the processing of my loan. Do you think I will sign these off? I wonder "How much is it worth it to Crossline Capital?"
3 Updates & Rebuttals
Thad Retzlaff
Bonney Lake,Washington,
United States of America
This customer is now Delighted with Crossline Capital!
#2Author of original report
Tue, February 02, 2010
From the last call I had with Crossline Capital, Crossline Capital wanted to make the situation right by refunding me $1000 of my closing costs and promised to do a discount on return business. In the mail today was the $1000 refund check.
I have decided to use Crossline Capital the next time I do a cash-out refi.
Thanks Crossline Capital!
Thad Retzlaff
Bonney Lake,Washington,
United States of America
Apology Accepted
#3Author of original report
Fri, January 22, 2010
To my surprise, I did get a call from the President of Crossline Capital. As you can imagine, when he asked to understand the issues I had experienced, I let loose how poorly I was treated and the failures on their part. On each point, he did admit that the there were stages of the loan processing my loan officer should have communicated to me the reason why my closing costs went up and why there was a change on when I could lock the rate, which I could understand.
But my biggest gripe (Unprofessional conduct from the loan officer to demand "Extra" processing fee) was he agreed was uncalled for and will be corrected.
It was refreshing to have the leader of a company to listen to my unfortunate experience and promised to take action. I will be signing those disclosures and sending them in.
Apology Accepted
Thad Retzlaff
Bonney Lake,Washington,
United States of America
Investor Loans
#4Author of original report
Fri, January 22, 2010
It got done.
