Getting cold feet on refinance with unknown 3d party credit union
March 6, 2014 7:12 PM
Does anyone know the skinny on CU Community, a credit union lender based in Springfield, MO?
I asked my credit union here in Nashville back in January about refinancing my house, and they began the process, telling me that they worked through a fellow credit union in Knoxville.I had had a very good experience with another loan officer buying a car, getting a heloc, etc. but this request was assigned to another official in the same Nashville credit union.
Over the past 5-6 weeks, I got the impression that she and her assistant might be learning the ropes, because there were a lot of revisions, rescheduling, little inaccuracies (e.g., 'please bring proof that you have paid off X,'when I clearly stated that I had not paid it off.). Today I got papers that listed as a debt a $10K line of credit, gat they apparently got from one of 2 contradictory credit reports rare than from the lender (ironically, the local credit union itself).
At that, my mild irritation has tipped over into anxiety. I googled CU Community, and the only reviews were on Yelp, and both 1-star/very critical.
I am wondering if I should back out even if having to pay the appraisal fee. The original lender, US Bank, has been easy to deal with, but I was trying to retire the helicopter and lower my mortgage payments prior to retirement (and another thing - the original quote on payment amount has gone up, from $90 lower to only$50 lower). Maybe I'm overreacting, but trust is eroding, and the housing horror stories out there are all too real.
I asked my credit union here in Nashville back in January about refinancing my house, and they began the process, telling me that they worked through a fellow credit union in Knoxville.I had had a very good experience with another loan officer buying a car, getting a heloc, etc. but this request was assigned to another official in the same Nashville credit union.
Over the past 5-6 weeks, I got the impression that she and her assistant might be learning the ropes, because there were a lot of revisions, rescheduling, little inaccuracies (e.g., 'please bring proof that you have paid off X,'when I clearly stated that I had not paid it off.). Today I got papers that listed as a debt a $10K line of credit, gat they apparently got from one of 2 contradictory credit reports rare than from the lender (ironically, the local credit union itself).
At that, my mild irritation has tipped over into anxiety. I googled CU Community, and the only reviews were on Yelp, and both 1-star/very critical.
I am wondering if I should back out even if having to pay the appraisal fee. The original lender, US Bank, has been easy to deal with, but I was trying to retire the helicopter and lower my mortgage payments prior to retirement (and another thing - the original quote on payment amount has gone up, from $90 lower to only$50 lower). Maybe I'm overreacting, but trust is eroding, and the housing horror stories out there are all too real.
Or call Quicken or Lending Tree.
See what they can do for you.
posted by Ruthless Bunny at 5:27 AM on March 7, 2014
See what they can do for you.
posted by Ruthless Bunny at 5:27 AM on March 7, 2014
I have no knowledge of CU Community but have some banking and CU contacts in Knoxville. MeMail me if I can be of any help.
posted by workerant at 6:30 AM on March 7, 2014
posted by workerant at 6:30 AM on March 7, 2014
Thanks, folks! I really appreciate your thoughts.
This morning it turns out that the third party cu is planning to pass this on (entirely) to a fourth party, TrueHomes [Mortgages], which has the same kind of gimmicky sound as Countrywide. TrueHomes has had over 10 complaints per year to BBB, although BBB does give them its A rating (for what that's worth). My local agent had no knowledge of the planned handoff, but is checking for me [she says that her company, my local cu, cannot do mortgages for more than 15 years - thus handoff#1]. The fact that workerant has never heard of the third party CU, despite knowing this sector in Knoxville, does not reassure me.
posted by mmiddle at 6:49 AM on March 7, 2014
This morning it turns out that the third party cu is planning to pass this on (entirely) to a fourth party, TrueHomes [Mortgages], which has the same kind of gimmicky sound as Countrywide. TrueHomes has had over 10 complaints per year to BBB, although BBB does give them its A rating (for what that's worth). My local agent had no knowledge of the planned handoff, but is checking for me [she says that her company, my local cu, cannot do mortgages for more than 15 years - thus handoff#1]. The fact that workerant has never heard of the third party CU, despite knowing this sector in Knoxville, does not reassure me.
posted by mmiddle at 6:49 AM on March 7, 2014
You don't have to accept this deal. If you're uncomfortable, walk, and find another institution to re-fi you.
At the end of the day, who you re-fi with doesn't indicate who you'll be doing business with, I'd say that at least 70% of all mortagages are sold after the closing anyway.
posted by Ruthless Bunny at 7:46 AM on March 7, 2014
At the end of the day, who you re-fi with doesn't indicate who you'll be doing business with, I'd say that at least 70% of all mortagages are sold after the closing anyway.
posted by Ruthless Bunny at 7:46 AM on March 7, 2014
I'm leaning that way! Turns out that TruHomes is a fairly new division of LendingTree, which does not get good reviews - maybe they set up TruHomes as a way of avoiding the impact of those reviews. I do need to rewind and start over with a new lender.
posted by mmiddle at 8:26 AM on March 7, 2014
posted by mmiddle at 8:26 AM on March 7, 2014
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Yelp is probably a terrible indicator here. Very few people are going to yelp their mortgage company unless 1. it's frakking horrible or 2. the mortgage officer is a friend. The many, many people who had a standard loan aren't going to give a review.
Who do you know who's bought or refinanced lately? Get a referral. (If you're in Southern California, I have two mortgage lenders that I can recommend.)
posted by 26.2 at 8:24 PM on March 6, 2014