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In May, 2009, Aimloan.com was very cordial while getting our business when we sought refinancing for the sole purpose of reducing our interest rate since rates were currently low. It determined the value of our home, our credit rating, and documented all of our income which varies from $110K to $120K per year. All was done w/ the intention of our receiving a loan at under 80% value of our home.
Aimloan fell down on getting an appraiser out, so they did offer to extend our 30-day lock for another 10 or 15 days. One day prior to the signing deadline it notified us that we could not have the type of loan we wished as we planned to subordinate a HELOC w/ our credit union. Aimloan.com had been through all the loops with the credit union and gave no indication prior to this that there was any reason for concern. The credit union was doing everything they could to assist both Aimloan and somone who has been a client for 39 years.
So, at the last minute, they informed us that they could give us a fixed-rate loan, but it would be at 4.494 points compared to the 0 points we were told to expect.. . . or it could give us a loan at the 0 points, but we would need to pay 1.25 points up front since its claim was now that the loan could fund only to 60%. And, by the way, the offer was only good until 5:00 P. M. . . . and we received it via email at just after 4:00 P. M. on the same day.
Whether it is the incompetence of Aimloan personnel involved or deliberate dishonesty on the part of the firm, we were completely blind-sided on this one and still wonder how could they do this? Fortunately for us, we do not need to refinance, but I feel for any other of its customers who do need to refinance and encounter similar problem with this company.
The complaint has been investigated and resolved to the customer’s satisfaction.
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I've been with Aimloan for over a year now and I've had nothing but problems and incompetence from them. The first problem was they were charging me the wrong payment each month. They were only charging me the interest amount each month instead of interest+principal. When I called about it, they argued with me that it was the right amount and finally they looked at the original loan documents and found the right amount and that took about 3 months to get corrected. The second issue was they didn't pay the taxes for the second half and I got a notice from the county that I was delinquent and that took about 6 months to straighten out. The third problem, I get a notice from their insurance department stating that the name on the policy was not the same as the name on the title and in the letter they had both names and they were spelled exactly the same, the difference was one name was all in upper case and the other one wasn't! Still waiting to get that resolved. But wait, that's not all, yesterday I get another letter saying I owe $2500 for estimated escrow shortfall for next year which is BS, they essentially doubled the taxes. I called customer service and she said she could see that letter and asked me to send her a copy of it and I asked to talk to the escrow dept and she said they didn't have a phone number for them, only a fax number! WTF! I regret ever dealing with them, STAY AWAY FROM AIMLOAN!
baited with low GFE and lock. then more than 2/3 of the way through the process, i received an email from chelsea that i didn't quality despite providing all information and documents by day 3 of the lock. i later receive a phone call saying i should switch to another product that was thousands more to close and 1% higher. underwriter also refuses to even open my file to review my documents until AFTER the appraisal, and hence commiting the applicant to the $500 appraisal fee before deciding whether or not the applicant qualifies. chelsea and irma are frauds by lying and hiding fees. i was charged $395 and another $100 to be notified that if i didn't switch to another loan product, i'd pay $395, $100 and another $495 in appraisal fees for nothing.
We had a GREAT experience with them, the actually SOMEHOW for some reason held our rate, but I had a down payment of over 30% and excellent credit. I don't doubt your experiences but they worked with me on their many underwriting demands and made sure I closed with a great low rate 2.35 (I paid points to buy down)