SurePoint Lending reviews and complaints

I had to charge $450.00 on my credit card for an apprassal that was lower than expected. I was reluctant to charge, but I was assured that it would be paid off at closing. I just read that another customer paid $350. I too search the internet for the lowest rate. I was given the run around for almost 3 months from Surepoint after assuring me that they could help me after getting my information. I feel that I was lied to and minulated by Cody Lamb representing Surepoint. Through this process they caused my credit score to be lowered. Cody canceled my home owner insurance without my knowledge until I received a bill from travelers insurance for over $1700 I loss my insurance after 5 yrs. I was turned down. During the process I was told I had to have my taxes paid up before closing, after paying the taxes I was told I did not have to do that. I had to do some upgrades on my house. After painting the house that did not help. AIspent a lot of money that I could not afford to spend at that time which created more debt, because in the end it would all be paid off. They paid for the second apprassal. This process must have failed too. The apprassal person told me he was coming out to do another apprassal for an FHA loan. I did not receive any info stating the refinancing was not going to go through until I called. Cody than stated "oh call us when the value of the properity in your neighborhood go up." I did not get a copy of neither apprassal or a Good Faith Estimate.
Beaumont, Texas
Ellinor Nixon 8/16/2010

Im just guessing, but maybe (due to the timing in the realestate cycle) both you and Sunny thought the appraisal would be for more equity / this might have been the cause for the unexpected 8 grand. .. just a thought.

The entire process of the loan side of things via BOA has been a terrible joke.

First of, you know you're working with an LO in over their head when you send an urgent email requesting info on figures pertaining to the good faith estimate, and you get a reply that due to the holiday on Monday, he is backlogged and will respond to our email and get back to us within the next few days..

Plus, the LO "talked us into" ordering the appraisal by locking in the rate. At the time the home inspection had yet to be completed, but our LO (from someplace in Texas) stated that if we don't lock in right now, it will impact close date. However we can lock in and he can put a hold on the appraisal, but he does have to request an appraisal as part of the process of locking in. Again I stated to the LO our concern if the appraisal is done before the home inspection, and he said it doesn't sound like a problem.

Naturally, the home inspection went thru and there were quite a few items that were in negotiations for repair. My husband sent an email to our "always available" LO inquiring whether he had proceeded with ordering appraisal as we were still in negotiations due to certain items on home inspection. he replied, that to his knowledge, it hadn't been done.

Come to find out, that the day after our home inspection, the day that we inquired whether an appraisal was still on hold (after we had paid them the $475.00 for the cost that would be given back so long as the appraisal wasn't done and we were "okay" because the LO put it "on hold."), the appraisal was done.

We terminated the contract with the sellers due to the many repairs they were not willing to make..and yet, when we asked for a refund on the appraisal as we were not informed properly, we were told by our LO that once the appraisor goes out there, they have to pay them and cannot refund our money. BUT! if we go through them when we find the next house since this deal feel through, they would credit us the appraisal at close (after we paid for another appraisal on the new home we found.)

how much does this smell?

So we are out that amount of money and unless we go thru them (which we are not happy with the process and the inability to reach our LO), we will not get our appraisal money back.

HELP!

I just want to warn anyone trying to do business with this company, save your money, time, and grief, because this company will not work for you . I was trying to get refinanced for a lower rate, they did not return phone calls, or e-mails, they wanted upfront money right away, and than worked with their own appraissal company, who in turn contacted another appraissal company, by the time this was all done and they get the appraissal back in their hands, they have your money already and of course need you to send them a signed paper right away concerning this appraissal before you see it, than BOMB SHELL !, oops were sorry the appraissal came in too low, so oooooooooooo unfair, but nothing else we can do for you, and that is it, months you have lost here, and money, all for nothing, I beleive as well that the appraissal group they choose to work with to find them appraissers, are all in this together, its like a scam, I know the appraisser that came out to my home did not write up my appraissal properly he made numerous mistakes, and on top of it all he did not find a decent comparable to match my home, when you try to seek action with any of these people afterwards you only get threatening letters telling you that no one should contact any of these people, they are protected professionals, and licensed, never making mistakes, soooooooooooooo just move on, if you are someone who really is trying to conserve your money and use it well than don, t waste your time here, because these people are the only ones making any money here and in this day and times I figure its a pretty sizable racket they got going on here racking it in on peoples hard earned money getting these appraissals done, I doubt that there are many that get passed that point .

This company has just put me through the wringer. They quoted a percent with a firm fee. This changed several times and increase by 2.5x original quote. The requirements for us to get the loan become ridiculous, even though our credit scores were in the high 700's/low 800's. Due to the hoops I have jumped and time taken, our window of opportunity to get the low rate is gone. They did not inform me of the changes, they just kept sending updated paperwork with the fees increasing each time. Communications in the beginning were good, but become non-existent.
I recommend staying as far away from this company as you can.

I am sorry you had an unpleasant experience with Surepoint Lending. I can assure you that I was able to refinance with Ryan Schultz in Indianapolis Indiana and it was a very pleasurable experience. Everything was very upfront and honest and he was able to get things through quickly. I think maybe you should consider the reality of the fact that home values are incredibly low and Surepoint Lending has no control over that value. (It's a federal law to go through 3rd party appraisal managment groups.) I would recommend this company and Ryan Schultz as a loan advisor to anyone looking to refinance.

As someone who also works on that side of the industry, I'd like to offer my two cents.

At my company, our compliance department requires the loan officer to get an email from the borrower with written permission to view his or her credit. However, this is not required by federal guidelines, it is only to double-dot our i's and cross our t's to ensure customer satisfaction (And to prevent people like Geoffrey above from posting non-removable complaints in a public forum because they took the time to fill out a mortgage application with all of their personal information but didn't take the time to inform themselves about where the information was going).

When a potential borrower is filling out the mortgage application online, and they choose to fill in their SSN and DOB in the OPTIONAL fields, every lead source website tells the borrower (albeit some in fine print, and some in flashing lights) that by CHOOSING to click "Submit", they are applying for a mortgage, and they understand that their personal information, including SSN, address, phone number and credit history, may be released to the mortgage companies that obtain these leads.

Bottom line: Before submitting your personal information online, read the fine print. Don't blindly click buttons and then get mad when a loan officer does his or her job. When you submit an inquiry on a lead source website, you are applying for a mortgage. You can't apply for a mortgage without a credit check. End of story.

Just an FYI--when compliance documents (the hard copy you received in the mail) are sent out, if the banker doesn't modify your file at all then a rate will be populated automatically (I used to work on that side of the industry).

There's no way a company would think you'd buy into a 6.875% when you were quoted two points below that, so I would assume that's what happened in this situation. So it is your banker's fault, but not because the rate didn't exist--they were just lazy about correcting your application before hard copies were mailed out.

And as far as getting your credit pulled, let me offer some advice: If you don't want people to pull your credit, don't submit your social security number to a third party on the internet. Ever.