The radio segment had at least 1 hour per week where this company claims to be ready to process loans on a more sincere level. I felt as if the person I spoke to had one goal, and it was to pull the credit report.
This felt like another Loan Mill where the rep on the phone is borderline unethical and ametuer. This did not make me feel comfortable.
The customer service agent did contact me quickly, so that is good but his solution seemed more concerned about processing a personnel problem with their HR than just restarting my relationship with the company.
Something felt fishy to me and so i want to warn others.
I was fully approved with Network Capital Mortgage (NCM) for a refinance loan for my 3 bedroom, 2 bath, 1321 sq ft condo with attic storage (rare), garage (rare), and 2 parking spaces (rare) which I purchased in Oct 2019 for $375K. Recent similar 3 bedroom, 3 bath, 1520 sq ft condo with attic storage, garage, and 2 parking spaces sold for $450K in Dec 2020.
The Appraiser, Discovery Appraisers, picked by NCM appraised my 3 bedroom 1321 sq ft condo as a 2 bedroom, 1221 sq ft, condo for $340K as compared to other 2 bedroom condo sales.
My 3 bedroom condo was zoned, built, purchased and assessed as a 3 bedroom condo, at 1321 sq ft, with a garage. Realtor who did Comparative Market Analysis (CMA) assessed the condo would sell for $405-425K based on recent sales of 3 bedroom condos.
Upon several appeals the appraiser raised the appraisal to $380K for a 2 bedroom, 1221 sq ft condo. I again appealed. The appraiser finally revised the # of bedrooms from 2 to 3 bedrooms and left the appraisal at $380K with comps for four 2 bedroom condos and one 3 bedroom condo.
NCM needs to hire qualified appraisers who know what they are appraising. All online Zillow/Trulia evidence, Realtor CMA, and Fairfax County, VA public records indicate that I own a 3 bedroom (not a 2 bedroom), 2 bath, 1321 sq ft (not a 1221 sq ft. for 2 bedroom), condo, with a garage and 2 parking spaces, which should appraise for around $400K and sell for $425K plus.
I requested a new appraisal which was denied since NCM stated most second appraisals come out about the same as first appraisal and internal appraisal group thought the initial appraisal was sound. NCM makes it very difficult for the average person to appeal the appraisal.
NCM then started pushing a lesser loan package that fit the appraisal however did not fit my refinancing needs. I also put a stop payment on the appraisal for incompetence. Unfortunately NCM makes it very difficult to challenge a bad appraisal. Therefore I am now doing business with Mr Cooper.
The bait is a rock bottom rate that not every loan applicant will qualify for. The loan process can be fast and easy, or very irritating as not all items required are itemized on a web portal as some others do, and uploaded to a secure site.
Next is supposed to come a Disclosure of loan terms. They get them out, but their Disclosures seem to not match all of the terms discussed by phone. The Phone reps may not be the final loan officers with authority to make a final deal. When things change or don't match what was expected, borrowers are upset.
Our first deal with NCF closed APRIL 19, 2021. It cost us @ $4,000 more than we expected, and the rate was over 2.75%. It made no sense, but we were not in a position to argue, and it was a big improvement over our current loan at the time, so we took it. Within weeks we began hearing more radio ads, saying rates have dropped, so we called them, and they told us "Sorry - we aren't allowed to do a REFI until your current loan is six months old." We started looking elsewhere, and didn't have any luck. A few months passed, and NCF called us with the offer of a "FREE" 0.25% rate reduction as a customer appreciation offer. This seems to be just more bait.
We figured why not ask them to take the rate down as far as we can qualify for. They quoted verbally 2.50% telling us no problem to get this, but it will cost us @ $11,000 in points they would add to our loan balance. We said OK. Then they failed to send us the new legal Disclosure. Next after we followed up providing more financial date, they sent and email saying the appraisal fee is now $1,000, which we have not approved. We wrote back saying NO way! We'll pay $400 to $500 max for that. We paid $500 for an appraisal in July, that NCF says they can't accept. Now they come back with $650. We say NO.
We would think that any professional lender would want to maintain a reputation for fair dealing?
I contacted Network Capital after hearing a commercial for them on the Sean Hannity radio show. I was given the impression that they were not bound by the typical mortgage rules, so a large amount of equity might not be required. It was all garbage. Plus, it cost me $500.00 for a worthless appraisal. What' even more disturbing is that long before we ffinalized the deal, which never happened, they contacted my homeowners insurance company and changed the beneficiary to network capital. I only discovered this when my homeowners insurance company sent me a notice. In the final analysis, it cost me hundreds of dollars and and a lot of wasted time (not to mention the frustration) to achieve nothing. Complete waste and questionable business practices. If I need a mortgage in the future, I will stick with a hometown company I can trust.
I took a telemarking call from Joshua Stevens about a VA IRRRL. Since I already had a 3.625 rate, I did not think it was worth the money they were going to charge for their fees (which would be added to the principal balance). They then came back with a greatly reduced funding/origination fee, but I was already distrustful of them because of the numerous mistakes they continually made on every loan scenario they emailed me. Josh was obviously in a 'boiler room' - lots of background noise, and he had to put me on hold while he found out what 'points' were when I asked about the rate he was offering.
We've gone through a half dozen real estate closings and know how much is involved in correcting mistakes mortgage processors make, so I wasn't enthusiastic about working with this company from the mistakes in the loan scenarios presented. I stopped taking their calls and told them I wasn't interested, then hey offered a cash out scenario, but I didn't like that, either. Then I get an email about a new document in my homeowners insurance account and see that this company had made themselves the primary mortgage holder! I had not signed ANY paperwork authorizing any refinancing with this company. I would never trust this company with what is typically the largest transaction of a lifetime.
In September I Googled mortgage refinance and completed an online questionaire. I started receiving phone calls immediately from a phone number here in NC. Because I was also dealing with another mortgage brokerage company I did not care to talk to a new company. However, today (October 3) I decided to answer to tell them I've already completed my refi and to please take me off of their continuous call log. After the introduction, I told the rep that I've already taken care of my refinance. The representative on the phone quickly became extremely belligerent, unprofessional, loud, rude, and argumentative with me. The more I continued telling him that I've already done the refi, the louder he became telling me that if I didn't do it with this company I was a fool. I finally hung up. I was about to send an email to their company when I saw that others had filed a report against the company and wanted to file one also. Please do not use this company!
Network Capital Funding Reviews
The radio segment had at least 1 hour per week where this company claims to be ready to process loans on a more sincere level. I felt as if the person I spoke to had one goal, and it was to pull the credit report.
This felt like another Loan Mill where the rep on the phone is borderline unethical and ametuer. This did not make me feel comfortable.
The customer service agent did contact me quickly, so that is good but his solution seemed more concerned about processing a personnel problem with their HR than just restarting my relationship with the company.
Something felt fishy to me and so i want to warn others.
I was fully approved with Network Capital Mortgage (NCM) for a refinance loan for my 3 bedroom, 2 bath, 1321 sq ft condo with attic storage (rare), garage (rare), and 2 parking spaces (rare) which I purchased in Oct 2019 for $375K. Recent similar 3 bedroom, 3 bath, 1520 sq ft condo with attic storage, garage, and 2 parking spaces sold for $450K in Dec 2020.
The Appraiser, Discovery Appraisers, picked by NCM appraised my 3 bedroom 1321 sq ft condo as a 2 bedroom, 1221 sq ft, condo for $340K as compared to other 2 bedroom condo sales.
My 3 bedroom condo was zoned, built, purchased and assessed as a 3 bedroom condo, at 1321 sq ft, with a garage. Realtor who did Comparative Market Analysis (CMA) assessed the condo would sell for $405-425K based on recent sales of 3 bedroom condos.
Upon several appeals the appraiser raised the appraisal to $380K for a 2 bedroom, 1221 sq ft condo. I again appealed. The appraiser finally revised the # of bedrooms from 2 to 3 bedrooms and left the appraisal at $380K with comps for four 2 bedroom condos and one 3 bedroom condo.
NCM needs to hire qualified appraisers who know what they are appraising. All online Zillow/Trulia evidence, Realtor CMA, and Fairfax County, VA public records indicate that I own a 3 bedroom (not a 2 bedroom), 2 bath, 1321 sq ft (not a 1221 sq ft. for 2 bedroom), condo, with a garage and 2 parking spaces, which should appraise for around $400K and sell for $425K plus.
I requested a new appraisal which was denied since NCM stated most second appraisals come out about the same as first appraisal and internal appraisal group thought the initial appraisal was sound. NCM makes it very difficult for the average person to appeal the appraisal.
NCM then started pushing a lesser loan package that fit the appraisal however did not fit my refinancing needs. I also put a stop payment on the appraisal for incompetence. Unfortunately NCM makes it very difficult to challenge a bad appraisal. Therefore I am now doing business with Mr Cooper.
Buyer beware of NCM low ball appraisal tactics.
The bait is a rock bottom rate that not every loan applicant will qualify for. The loan process can be fast and easy, or very irritating as not all items required are itemized on a web portal as some others do, and uploaded to a secure site.
Next is supposed to come a Disclosure of loan terms. They get them out, but their Disclosures seem to not match all of the terms discussed by phone. The Phone reps may not be the final loan officers with authority to make a final deal. When things change or don't match what was expected, borrowers are upset.
Our first deal with NCF closed APRIL 19, 2021. It cost us @ $4,000 more than we expected, and the rate was over 2.75%. It made no sense, but we were not in a position to argue, and it was a big improvement over our current loan at the time, so we took it. Within weeks we began hearing more radio ads, saying rates have dropped, so we called them, and they told us "Sorry - we aren't allowed to do a REFI until your current loan is six months old." We started looking elsewhere, and didn't have any luck. A few months passed, and NCF called us with the offer of a "FREE" 0.25% rate reduction as a customer appreciation offer. This seems to be just more bait.
We figured why not ask them to take the rate down as far as we can qualify for. They quoted verbally 2.50% telling us no problem to get this, but it will cost us @ $11,000 in points they would add to our loan balance. We said OK. Then they failed to send us the new legal Disclosure. Next after we followed up providing more financial date, they sent and email saying the appraisal fee is now $1,000, which we have not approved. We wrote back saying NO way! We'll pay $400 to $500 max for that. We paid $500 for an appraisal in July, that NCF says they can't accept. Now they come back with $650. We say NO.
We would think that any professional lender would want to maintain a reputation for fair dealing?
I contacted Network Capital after hearing a commercial for them on the Sean Hannity radio show. I was given the impression that they were not bound by the typical mortgage rules, so a large amount of equity might not be required. It was all garbage. Plus, it cost me $500.00 for a worthless appraisal. What' even more disturbing is that long before we ffinalized the deal, which never happened, they contacted my homeowners insurance company and changed the beneficiary to network capital. I only discovered this when my homeowners insurance company sent me a notice. In the final analysis, it cost me hundreds of dollars and and a lot of wasted time (not to mention the frustration) to achieve nothing. Complete waste and questionable business practices. If I need a mortgage in the future, I will stick with a hometown company I can trust.
I took a telemarking call from Joshua Stevens about a VA IRRRL. Since I already had a 3.625 rate, I did not think it was worth the money they were going to charge for their fees (which would be added to the principal balance). They then came back with a greatly reduced funding/origination fee, but I was already distrustful of them because of the numerous mistakes they continually made on every loan scenario they emailed me. Josh was obviously in a 'boiler room' - lots of background noise, and he had to put me on hold while he found out what 'points' were when I asked about the rate he was offering.
We've gone through a half dozen real estate closings and know how much is involved in correcting mistakes mortgage processors make, so I wasn't enthusiastic about working with this company from the mistakes in the loan scenarios presented. I stopped taking their calls and told them I wasn't interested, then hey offered a cash out scenario, but I didn't like that, either. Then I get an email about a new document in my homeowners insurance account and see that this company had made themselves the primary mortgage holder! I had not signed ANY paperwork authorizing any refinancing with this company. I would never trust this company with what is typically the largest transaction of a lifetime.
In September I Googled mortgage refinance and completed an online questionaire. I started receiving phone calls immediately from a phone number here in NC. Because I was also dealing with another mortgage brokerage company I did not care to talk to a new company. However, today (October 3) I decided to answer to tell them I've already completed my refi and to please take me off of their continuous call log. After the introduction, I told the rep that I've already taken care of my refinance. The representative on the phone quickly became extremely belligerent, unprofessional, loud, rude, and argumentative with me. The more I continued telling him that I've already done the refi, the louder he became telling me that if I didn't do it with this company I was a fool. I finally hung up. I was about to send an email to their company when I saw that others had filed a report against the company and wanted to file one also. Please do not use this company!