Update by user Nov 28, 2017
I was able to receive a full refund for the appraisal with no problem at all. Very happy I was able to get my money back at the end of all this.
Original review posted by user Nov 09, 2017
Please beware of this company, they will scam you out of your money and waste your time.I worked with this company for almost 3 months on a conventional cash out refinance loan. My loan officer Priscilla Lopez had little to no follow through and was just all around a bold face liar.
She lied constantly from the beginning to the very end of the process. After working with her for almost 2 months, it was revealed that she never even submitted an application for my loan, even though we were already discussing closing. Throughout the process she reassured me that I was approved and that everything would go through. I was getting frustrated and was thinking about switching and working with another company, which I should have done.
After 2 months of wasted time and endless amounts of documentation request, I was told that I needed to pay for an appraisal. The appraisal costed me $600 which I thought was high. When they processed the payment, they broke it into 2 payments as if they were taking a portion of the funds $450 for them and another $150 for the actual appraisal. After paying for a $600 appraisal, not only was my house undervalued, but their were things in the appraisal that were not factual at all.
So all that money and it didn't even go in my favor. They also took photos of my entire home including the bathtubs, running faucets and even went in my sons room to take pictures as he laid in bed ill. I did not feel comfortable with this at all... A few days after the appraisal I was contacted by my loan officer who informed me that the loan wasn't going to through because my credit is being seen as a risk even though I have good credit.
This is something that she should have known from the beginning. Then proceeded to tell me that she could get me approved via FHA with no problem, which meant more inspections and work to be paid for by me before even receiving the loan. The biggest slap in the face is when she said that she could get me approved through FHA which I was very adamant that I didn't want from the beginning. Of course FHA will give me a loan I have good credit.
She said that FHA would actually require me use nearly all the loan money to pay off my remaining student loans and they would only give me rough 12% of the money back in actual cash. I am currently on a 10 yr repayment plan due to working in public service and I qualify for $0 monthly payments at least for the next year and more than likely longer. Why would I refinance my home to pay off student loans? Why would I pay them for 30 years on student loans while adding homeowners insurance and property taxes to the bill?
It makes no sense at all, this company is a joke. Now I am out of $600 and Christmas is next month, I could have spent that money on something way more purposeful instead of going back and forth with this crooked company. As for Priscilla Lopez, very unprofessional when ever she actually returned a call, all she did was spent time talking about her own personal life. I am tempted to say that we talked about her personal life more than my actually loan.
Which now I think may have been a diversion tactic so that I wouldn't actually pay attention to the fact that she just wasn't doing her job, period.
I am convinced that they make their money through fraudulently getting customers to pay for expensive appraisals and down payments when they know the loan will be denied or has already been denied.They cant actually close loans so they have to scam people. I do not want someone else to go through this so just do your self a favor ahead of time and avoid this company!!!
Product or Service Mentioned: Crosscountry Mortgage Loan Refinance.
Reason of review: Problem with delivery.
Monetary Loss: $600.
Preferred solution: Full refund.