Goodmortgage.com reviews and complaints

My name is Vyvy. I applied a refinance with www.goodmortgage.com in Oct. 2017 and a saleman Francis Ward (I assumed) was very talkative (maybe he was trained to promise anything to get clients). After I submitted my paper as required and pay a $650 for appraisal. A few weeks later he told me that my income from business is not acceptable, because I file a lost on my tax return. He told me to sell my second home to bring my debt to income down. (Very funny, I have 2 degrees in business and working as a financial analyst, do I need him to teach me?). About a month later I contact him and his number was disconnected. I sold my second home, and contacted goodmorgage.com again, they assured me that my loan has approve with conditions. I have fullfill every conditions they have asked me. They existing loan I want to refinance is a hard money loan, and my lender sent them a VOM (verification of Mortgage) and confirmed payment never late, also include were 11 return checks. But The loan processor and sale manager of this company kept telling me, they are not acceptable.

I am making over $100, 000 a year plus bonuses (plural) and I have paid off all my debts with proceed from the sale of my second home. I informed them to cancel my loan, but they keep processing it and assured me again and again my loan can close the next day when I can provide a full 12 months of mortgage payment (I only made 11 checks where can I get the 12th return checks).

After almost 6 months, I don't even have a freaking approve leter from them. Within the month of Feb. & March 2018 I got 3 approved loan from my LOCAL banks total of $1.6 million dollars to buy 3 properties in state of Washington. Thank you goodmortgage.com you can keep your $280K I want to borrow from you. My advise to people in need of mortgage finance is WORK WITH YOUR LOCAL BANK.

Bad experience trying to refinance. Good mortgage is going to say that the reason I am writing this review is because my appraisal came in low. That is completely not the reason as I was 100% aware that it was a risk. They were really bad at communication and follow up. As one example, the last communication took them 10 business days to get back to me (from Dec. 30 to Jan 14). They blamed the long response on the holidays. That's a really loooonnnnngggggg holiday. Think twice before you choose a mortgage company.

I would in no way take this comment with a grain of salt! Having been in the Mortgage Industry for 11 years in both the capacity of a Loan Officer and a Mortgage Broker I am very much familiar with rate locks and how they work. Since I also recently left my position as a Loan Originator with goodmortgage.com I am also very familiar with how the company operates. To the author of this complaint, I would dare say that your rate was never locked in at the onset of your application, the market rate increased and they were unable to honor the rate without a cost to themselves, which isn't going to happen. The only people that are ever allowed to suffer any loss at goodmortgage.com is the client or the LO. The CEO is very good at dropping names at places such as the BBB, Dept of Labor and the Commissioner of Banks to create an air of superiority and importance. As for the rebuttal of written evidence, you probably weren't provided with a rate lock confirmation stating they had locked the rate that you could provide the BBB and goodmortgage.com can provide whatever documentation that will make themselves look good to the BBB in response to "resolve" the complaint in they eyes of the BBB. I also am familiar with the characteristics of conversation with the CEO and am pretty certain that he makes responses to these online complaints under the guise of "employee" and "independent opinions" in an effort to dispel negative exposure. He is very self serving and fancies himself as the Alpha and the Omega of mortgage and business savvy. There have been numerous rates locked at a time when the company knew full well they would never close in that amount of time. It is customary for the CEO and management to push the LO to pass the cost of such onto the borrower. From Sept 1 of 2010, there were seven new LO's hired: Four with anywhere from 20 - 4 years experience and the other three new to the industry. By Jan 3 this year only two remain. Both are newly licensed LO's. They are naive to how working conditions should be for an LO and that there IS greener grass on the other side. That turnover speaks volumes for the company, it's practices, operations and policies. This type of turnover is very much the norm. Don't be surprised to get a rebuttal from "someone" within the company slapping themselves and goodmortgage.com on the back in another effort to deflect.

I understand that goodmortgage.com has been in business 10 years, and has a perfect BBB record. The BBB only goes by WRITTEN documents to determine the truth, so I would take this comment with a grain of salt.