Top Dot Mortgage reviews and complaints
The good, the bad, and the ugly - discover what customers are saying about Top Dot Mortgage
Welcome to our customer reviews and complaints page for Top Dot Mortgage. We understand that making informed decisions about where to invest your time and money can be challenging, which is why we've created this platform for our community to share their honest feedback about their experiences with Top Dot Mortgage.
On this page, you'll find a comprehensive collection of reviews and complaints from real customers who have used Top Dot Mortgage's products or services. Our reviews are authentic and unbiased, providing you with a complete picture of the company, its products or services, and their customer service.
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Fraudulent refinancing
Top Dot Mortgage almost killed me, got me fired and charged me double for closing and a half point higher and 3 month delay in closing, In Feb. 2009 I received a good faith estimate from top dot mortgage to do an equity refinance at 5% no closing points and 3 days to close. It took 3 months, 3 appraisals, and at closing my rate was not 5% but 5.5 % and...
Read full review of Top Dot Mortgageunprofessionalism
I submitted an application for a refinance using Lending Tree.com. Right after I hit the 'submit' button, I was flooded with calls. With each call I received, I noted who was calling, from what institution & told them I'd call them back. When I hung up, I checked for reviews & complaints before I made any calls back (this is my mortgage I'm talking about here & a lot of money that I'm NOT going to trust to just anyone).
Anyway, after 3 days, I continue to receive calls from [protected], who initially I thought was a different fraudulent lender that's been calling. As I've already chosen a lender to go with, I decided I'd finally answer the call & let whoever it was know to stop calling.
It was "Josh" from TopDot lending. He said he'd gotten my info from Lending Tree. I said that I'd actually already gone with a different lender & thanked him for his time. He immediately said "excuse me? why would you do that?". Floored that I'm about to get argued with by someone trying to GET MY BUSINESS...I said that I'd researched the companies I'd heard from & decided to go with the most reputable one.
He said that this is ridiculous & that he can't believe I'd choose a loan without hearing from everyone who had something to offer. I said again that reputation was key for me & I'd made my choice. He said that everyone's going to have complaints online...that's just what happens.
I stopped him & said that arguing with me certainly wasn't going to aid his cause & I disconnected the line.
Then I went online again just to start reading some of the NUMEROUS complaints about this company & THANK GOD I didn't use them!
I promptly called Lending Tree to report my concerns & contacted Equifax to also advise of the exchange, concerned that this horrible lender might do something to damage my credit given that they have access to it being a part of Lending Tree's 'network'.
Read the fine print folks & read the reviews & think good & hard before you go anywhere near this company
The complaint has been investigated and resolved to the customer’s satisfaction.
Sam Nixon
This Complaint is about Sam Nixon, first off there is no Top Dot mortgage at the address you have listed second it is ludacris to say that a mortgage company tried to charge you 36, 000 dollars on a 200, 000 dollar loan amount there is no escrow company in the country that would draw loan documents to charge a borrower 15% it's against federal law to charge...
Read full review of Top Dot Mortgage and 2 commentsScam
I found Top Dot through a web inquiry on current mortgage rates. Curtis White called me to discuss a possible refinance at 5.35%, he sent a Good Faith estimate, in the 90 days it took him to process our paperwork, someone at his company "unfortunately" forgot to lock the loan and now the rate was 5.85% and the Good Faith estimate was missing a few key figures. After 3 Good Faith estimates and two days before we were supposed to close, a new Good Faith was sent over and our $4300 in closing costs jumped to over $12, 000. We elected not to close with Top Dot. The aftermath of working with them meant we had to call everyone they might have called and let them know they were not involved with our mortgages in any way - our home equity line of credit which had been permanently suspended b/c Top Dot called Key Bank and told them to freeze it, Allstate b/c Top Dot had told them they now were the note holder on our insurance policy for the house - it was a month or more of cleanup. They were dishonest from the get-go. They too said we needed to either close credit cards or pay off a credit card to make our credit score improve. We did, and they said it would be no big deal to come out of pocket with the cash b/c we'd get it back in closing - well will all their bogus fees they figured out how to keep any cash out. Terrible experience. Run from these people.
The complaint has been investigated and resolved to the customer’s satisfaction.
http://stephanzouras.com/documents/PCFD1_Notice_v2.pdf
In response to Taxpayers On The Hook For Ginnie Mae’s Rampant Growth I received a nice Email from the Center for Public Integrity inviting me to take a look at Ginnie Mae’s Troubled Issuers. The data is interesting to say the least.
Problem Issuers by Compare Ratio
Compare ratio is the comparison of a lender’s default rates with other lenders in a geographic region as defined by HUD. For example, if a lender has a compare ratio of 200 percent, the Federal Housing Administration loans made by that lender are defaulting at twice the rate of its competitors in its geographic region. A compare ratio of 200 percent or more is grounds for suspension and a compare ratio of 150 percent or more indicates "a problem" lender, according to FHA Commissioner David Stevens.
Compare Ratios Over 150%
Pine State Mortgage Corporation - 314% - Default Rate 18.86%
Premium Capital Funding, LLC dba Topdot Mortgage - 238% - Default Rate 14.31%
Ideal Mortgage Bankers, Ltd, dba Lend America^ - 235% - Default Rate 14.14%
IndyMac FSB, dba OneWest Bank - 211% - Default Rate 12.67%
First Horizon Home Loans dba First Tennessee - 207% - Default Rate 12.45%
First American Mortgage Trust - 205% - Default Rate 12.31%
First Guaranty Mortgage Corp. - 204% - Default Rate 12.26%
American Financial Resources, Inc. - 202% - Default Rate 12.16%
Weststar Mortgage Corporation - 198% - Default Rate 11.88%
Gateway Mortgage Group - 198% - Default Rate 11.9%
Colonial Bank - 189% - Default Rate 11.38%
MVB Mortgage Corporation - 183% - Default Rate 11.01%
GMAC Mortgage - 171% - Default Rate 10.29%
Allied Home Mortgage Corporation - 168% - Default Rate 10.09%
Taylor Bean & Whitaker Mortgage^ - 163% - Default Rate 9.77%
Shore Financial Services, Inc. dba Shore Mortgage - 159% - Default Rate 9.54%
Incompetent
I am a real estate agent in Odessa, Texas. A customer called me at the end of December, 2008, to see a home and told me he had been approved by TopDot in New Jersey. At first, I was very apprehensive because I do not like to use "internet" lenders. Ron sent me an approval letter, we negotiated the contract, and it went to the title company to start the...
Read full review of Top Dot Mortgage and 3 commentsCLOSING FEES
WHEN I FINANCED THROUGHT TOP DOT MORTGAGE I SIGNED A GOOD FAITH ESTIMATE. WHEN I WENT TO CLOSE THE FEES WERE ALMOST $10, 000 HIGHER THAN ON THE ESTIMATE . THEY WERE ALSO SUPPOSE TO PAY OFF CHRYSLER FINANCIAL AND THEY DID NOT. THEY PUSHED THE CLOSING BACK WHICH PUSHED ME UP AGAINST A WALL TO WHERE EVEN IF I HAD WANTED TO BACK OUT OF THE CLOSING I COULDN'T.
TOPDOT MORTGAGE HAS SINCE SOLD MY LOAN TO OPTION ONE MORTGAGE WHO SOLD IT TO GRP FINANCIAL SERVICES CORP WHO THE ONLY WAY THEY CAN COLLECT ON MY LOAN IS TO FORECLOSE.
The complaint has been investigated and resolved to the customer’s satisfaction.
In response to Taxpayers On The Hook For Ginnie Mae’s Rampant Growth I received a nice Email from the Center for Public Integrity inviting me to take a look at Ginnie Mae’s Troubled Issuers. The data is interesting to say the least.
Problem Issuers by Compare Ratio
Compare ratio is the comparison of a lender’s default rates with other lenders in a geographic region as defined by HUD. For example, if a lender has a compare ratio of 200 percent, the Federal Housing Administration loans made by that lender are defaulting at twice the rate of its competitors in its geographic region. A compare ratio of 200 percent or more is grounds for suspension and a compare ratio of 150 percent or more indicates "a problem" lender, according to FHA Commissioner David Stevens.
Compare Ratios Over 150%
Pine State Mortgage Corporation - 314% - Default Rate 18.86%
Premium Capital Funding, LLC dba Topdot Mortgage - 238% - Default Rate 14.31%
Ideal Mortgage Bankers, Ltd, dba Lend America^ - 235% - Default Rate 14.14%
IndyMac FSB, dba OneWest Bank - 211% - Default Rate 12.67%
First Horizon Home Loans dba First Tennessee - 207% - Default Rate 12.45%
First American Mortgage Trust - 205% - Default Rate 12.31%
First Guaranty Mortgage Corp. - 204% - Default Rate 12.26%
American Financial Resources, Inc. - 202% - Default Rate 12.16%
Weststar Mortgage Corporation - 198% - Default Rate 11.88%
Gateway Mortgage Group - 198% - Default Rate 11.9%
Colonial Bank - 189% - Default Rate 11.38%
MVB Mortgage Corporation - 183% - Default Rate 11.01%
GMAC Mortgage - 171% - Default Rate 10.29%
Allied Home Mortgage Corporation - 168% - Default Rate 10.09%
Taylor Bean & Whitaker Mortgage^ - 163% - Default Rate 9.77%
Shore Financial Services, Inc. dba Shore Mortgage - 159% - Default Rate 9.54%
I'd like to add that the television advertisements for TopDot Mortgage are misleading in nature. I understand that the ads were most likely developed by a marketing firm; however, presenting commercial in the format of a news broadcast is deceptive, in my opionion. Bravo to the marketing firm but shame to TopDot. Especially considering the current climate and attitudes toward mortgage companies and predatory lenders, I think this commercial should be pulled from the airwaves. Of course, considering the history of TopDot and their reputation, I doubt that they will.
Mr. Joseph,
I am very sorry, but your posted information above may be true for some of your branches, but certainly not the branch we have dealt with. We dealt with your Bethpage, NY branch. We received a good faith estimate with, what we thought had the correct information on it. When the Notary came to our home to close the loan, all of the information was different...meaning the costs were much higher. The interest rate was the same, but theyfigured the costs very differently. We should have cancelled on the spot, but we were reassured that everything was in line. WE have had problems with your company since we started this process in June. The first rep we dealt with was useless. He couldn't even spell the word refinance! There's no need to get into the details, but the entire process was not pleasant. The loan was funded yesterday, but it was not funded correctly. Shall I go on? When I questioned our rep on some of the issues, I received a very nasty, degrading email from him, which I forwarded to his supervisor (branch owner). Imagine this...I did not receive a response from the branch owner... What a place!
I am going to file a complaint with the BBB regarding TopDot. Today!
Dear Montana,
My name is Fenton Joseph and I am the Client Relations Manager for Topdot Mortgage. I wanted to take a moment to address your complaint regarding closing fees.
Topdot complies with all state and federal legislation and regulations governing our industry. In fact, Topdot is well known for going above and beyond the compliance standards set for mortgage lenders. Our fully staffed Quality Assurance department ensures that protocol is adhered to during all steps of the mortgage process.
Unlike many lenders, Topdot ensures that all settlement costs are acknowledged by our clients prior to close. Full disclosure is just part of the Topdot way. Providing incorrect information to a client in hopes that they will take worse terms later is unethical and illegal. We update our clients every step of the way because it is good business and it is the law.
Topdot employs a fully staffed Client Relations department providing both clients and 3rd party associates a forum to voice concerns, obtain information and resolutions to possible issues. I would really like to discuss the matter further with you. I can be reached at [protected] or via email at clientrelations@topdot.com. I look forward to hearing from you.
Best,
Fenton Joseph
I just had to say this. I recently closed my refinance with Topdot Mortgage. It was probably the best mortgage experience I ever had. I was turned down by a couple banks and Topdot not only closed my loan, but I also got a lower rate and lower closing costs than what I was initially told. I see all the negative comments, so I had to share my positive one. Bad news spreads fast, so hopefully I can slow it down. For those of you who had problems, I am sure the problems had something to do with your profiles, and you would of had those problems anywhere you went! So you all know, I refinanced my loan at $212, 000 - 4.875% with only 7200k in total closing costs. And that was actually 2k less than my bank offered. I am happy to say THANK YOU AGAIN to TOPDOT!
Fraud and scam
So you see a fancy advertisement to refinance your high rate mortgage and 'take advantage' of new FHA lower rates and save $250-750 a month with Top Dot. But when you sit down for a quickly closing on a 'RE-FI' as they call it, tons of extra costs are added to your old note balance. $200, 000 old note at 7.5%, on the surface lowers the 7.5% to 6%, but the 200, 000 debt on your house/coop is now $236, 708.50.
When you walked in at 10am to their fancy office in jericho long island, you owed 200K at 7.5%, now you owe 36, 708.50 MORE! The monthly may appear lower by $140 dollars, but now your OLD-12-years-left-to-pay, is back up to 20-25-or even 30.
They use a factor LTV--loan to value-and work magic to 'approve your numbers', even do you a favor and let you add your mother-in-law, or son, or nephew, or friend to the 'note' so it looks like you have more income- DO YOUR SELF A FAVOR- wear a tape recorder-and play back the hypnotic jargon- because with five high pressure sales people surrounding you.smiling of course.
The complaint has been investigated and resolved to the customer’s satisfaction.
to Sena... Really? You BRAG About scamming people proudly, You represent everything wrong with the industry to say the least. There is a special place in hell for you dear. Wondering too just wonderful things are for you a year later, if it hasn't caught up with you yet, don't get cocky becasue I assure you what goes around comes around. PATHETIC schmuck YOU are Hoo HAA HAA.
"We made so much money in the past 5 years scamming people like you so we are good. DOnt feel sorry for us, we will be making money off you schmucks for years to come, Hooo HAAA HAaA!"
top dot mortgage were subprime lenders trying to finance them as HUD loans. I walked out on them after hiring me to obtain the FHA eagle to do FHA financing becasue despite training and guidance that I provided, their intent was to just get some spineless DE UW in there to help them accomplish fraudulently obtain their Eagle. I was not the first nor the last to walk on them for this reason ( more than one was 'let go' for not going with the flow). I would spit on the polished shoes of anyone from that company if I saw them today. An absolute disgrace to the industry. I should have known when [censored] Brown had me wait an additional 45 minutes to meet with me. No regard in any fashion for anyone or anything that does not fill they greasy pockets.
Harris is a certified homo. He has cold sores on his lips from all the [censor] he sucks...He's gonna get it...but good!
I highly doubt that. From what I saw of the people working there, you are too stupid to have made much money let alone to have wisely saved or invested it. Enjoy your minimum wage job at Taco Bell.
We made so much money in the past 5 years scamming people like you so we are good. DOnt feel sorry for us, we will be making money off you schmucks for years to come, Hooo HAAA HAaA!
I see that TopDot is 'not accepting or processing mortgages' at this time according to it's website. Gee, what happened? Where are all the smart ### on this complaint board that were defending TopDot's business practices? The ones who were writing how stupid the public is and we know nothing?
Especially would love to hear from the guy who commented about me refusing to be a snake oil salesman for TopDot? Well, it seems that I, along with many others here were RIGHT!
TO all the people that banked so much money working for this company: Hope you saved your dough and invested it wisely.
Im glad i went deeper into this mortgage company as i've recently been dealing with a gentleman from their company.I kept stringing him along about not having my appraisal fee which im glad after reading LOTS of these complaints and also going to my GOOD FAITH ESTIMATE. Everything people have been saying is all so TRUE and i havent even clsoe with them yet. My fees do add up to around 14, 000 and all those fees i wouldve never looked at on that paper.RIDICULOUS, and then ontop of that all my mortgage was still 1200.00 and 61 bucks more...what a joke and as i will not respond to any calls as when they do call and state we're closing, i just wont answer. I'll continue my refinance search as the rates are still good til April, Im glad i didnt get GOT by this company and i guess that why they name have beeen changed twice and BBB also rating them as just SATISFACTORY...Wow, thanks for my heads up from all of you, im so done with these fake, scam artist, devil minded BROKERS, its a shame people scam people out of money to thrive for hapiness.How SICKENING! DONT TRUST TOPDOT IF YOU DONT WANT TO BE GOTT! As others did in past and who knows how many now for the present..
Nobody cares. He is the laughing stock of the industry.
Get over it.
Does Scott Harris still work at Topdot?
Dude is like a rat that jumps from sinking ship to sinking ship.
When is he going BACK to jail?
HUD No. 10-018
Brian Sullivan
[protected] FOR RELEASE
Monday
January 25, 2010
FHA AND GINNIE MAE TAKE ACTION AGAINST TOPDOT MORTGAGE
Lender faulted for gross violations of FHA underwriting standards
WASHINGTON – The Federal Housing Administration’s Mortgagee Review Board (MRB) today immediately and permanently withdrew the FHA approval of Premium Capital Funding, LLC, a Jericho, New York-based lender doing business as TopDot Mortgage. Today’s action prevents TopDot from participating in FHA programs and seeks a monetary penalty of $674, 000.
In addition, the Government National Mortgage Association (Ginnie Mae) is defaulting and terminating TopDot as an issuer in its Mortgage-Backed Securities (MBS) program and is ending the Company’s ability to continue to service Ginnie Mae securities. Servicing of TopDot’s $181.2 million dollar Ginnie Mae portfolio will be transferred to LoanCare Servicing Center, Inc.
The MRB and Ginnie Mae took these actions based upon TopDot’s numerous and egregious violations of FHA requirements, including failure to document borrowers’ income, evaluate borrowers’ creditworthiness, and approving loans with grossly excessive debt-to-income ratios without compensating factors to justify approval.
“This lender demonstrated a pattern of utter disregard for how we do business and its behavior not only put the FHA insurance fund at risk, but placed their own customers at greater risk of foreclosure, ” said FHA Commissioner David Stevens.“FHA approval is a privilege that we entrust to the most responsible lenders. If any lender violates that trust, the MRB will take action to protect borrowers, the FHA insurance fund and FHA programs.”
Mary Kinney, Ginnie Mae’s Executive Vice President, said “Ginnie Mae’s requirements are in place to protect the borrower and the American taxpayer. Both, Ginnie Mae and FHA are working aggressively to ensure that borrowers are not harmed by the misdeeds of lenders. These lenders are on notice that they must strictly adhere to Ginnie Mae and FHA regulations to maintain their status within HUD programs.”
While TopDot may appeal FHA’s withdrawal by submitting a written request for a hearing before an Administrative Law Judge within 30 days, the filing of an appeal does not delay the actions announced today. A complaint seeking civil money penalties will be served on TopDot in due course and the Company will have the opportunity to contest the imposition of the penalties before an Administrative Law Judge.
The U.S. Department of Housing and Urban Development (HUD) is also continuing to evaluate the conduct of individuals who participated in TopDot’s violations of FHA requirements and will move quickly to take appropriate action against those individuals.
If TopDot is your mortgage company, see HUD’s website for more information about the status of your loan and the next steps for borrowers. FHA and Ginnie Mae have taken several steps to minimize the disruption to borrowers whose loans are serviced by TopDot and are committed to protecting all FHA-insured borrowers and the American taxpayer.
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http://stephanzouras.com/documents/PCFD1_Notice_v2.pdf
In response to Taxpayers On The Hook For Ginnie Mae’s Rampant Growth I received a nice Email from the Center for Public Integrity inviting me to take a look at Ginnie Mae’s Troubled Issuers. The data is interesting to say the least.
Problem Issuers by Compare Ratio
Compare ratio is the comparison of a lender’s default rates with other lenders in a geographic region as defined by HUD. For example, if a lender has a compare ratio of 200 percent, the Federal Housing Administration loans made by that lender are defaulting at twice the rate of its competitors in its geographic region. A compare ratio of 200 percent or more is grounds for suspension and a compare ratio of 150 percent or more indicates "a problem" lender, according to FHA Commissioner David Stevens.
Compare Ratios Over 150%
Pine State Mortgage Corporation - 314% - Default Rate 18.86%
Premium Capital Funding, LLC dba Topdot Mortgage - 238% - Default Rate 14.31%
Ideal Mortgage Bankers, Ltd, dba Lend America^ - 235% - Default Rate 14.14%
IndyMac FSB, dba OneWest Bank - 211% - Default Rate 12.67%
First Horizon Home Loans dba First Tennessee - 207% - Default Rate 12.45%
First American Mortgage Trust - 205% - Default Rate 12.31%
First Guaranty Mortgage Corp. - 204% - Default Rate 12.26%
American Financial Resources, Inc. - 202% - Default Rate 12.16%
Weststar Mortgage Corporation - 198% - Default Rate 11.88%
Gateway Mortgage Group - 198% - Default Rate 11.9%
Colonial Bank - 189% - Default Rate 11.38%
MVB Mortgage Corporation - 183% - Default Rate 11.01%
GMAC Mortgage - 171% - Default Rate 10.29%
Allied Home Mortgage Corporation - 168% - Default Rate 10.09%
Taylor Bean & Whitaker Mortgage^ - 163% - Default Rate 9.77%
Shore Financial Services, Inc. dba Shore Mortgage - 159% - Default Rate 9.54%
First of all, this company is not called topdot lending. Second of all, most of the reviews on these "complaint boards" are written by competitor companies trying to dissuade clients from using their competitors! So the company with the most complaints is probably the one with the lest amount of time to sit online writing these BS reviews! Does this make sense to you? So shame on you for being so ignorant...