Embrace Home Loans RIPOFF Internet

I can understand people when they get upset with us in regards to appraisals, but please look at federal guidelines, specifically the Home Valuation Code of Conduct, which basically means that we as a lender, cannot and we do not have any contact with an appraiser.  All appraisals have to be ordered through an appraisal management company, which we have no affiliation with, but because of the guidelines the federal government have in place we can't even ask an appraiser how similar homes in the neighborhood have been selling.  Our hands are tied. 

We do not get anything in compensation when we order an appraisal we get paid when a loan closes.  So just an appraisal means nothing to us until the loan closes.  Disappoint falls on both of us, the homeowner and your loan officer. 

Because of the appraisal management company receives the money, once again we do not receive the money, the appraisal cannot be refunded.  You do get your appraisal because it is yours.  If you do order an appraisal and you do not receive the appraisal from yopur loan officer just call and speak to another loan officer and one of us will be glad to send you a copy. 

   Once again, I know how disapointing it is too have your home at a lower value than you espected. The federal government has these guidlines in place beause they feel it will help with the values of homes, but because of this homeowners are getting hurt more. 

 

I had a good experience with Embrace Home loans. My loan was processed fast. I got a great rate.

The appraiser was someone from the area and highly regarded with many years of experience. I requested a copy of the appraisal and reviewed it myself as I am a land appraiser and I found the appraisal to contain good comparable sales and to be thorough. The appraised value of my home came back a little higher than I expected and when I reviewed the comps I understood why.

I was pleased with my experience with Embrace. They returned all of my phone calls within the hour any time of day or night. They responded to my emails quickly. I can not speak for anyone else but my experience with Embrace Home Loans was very positive.

I didn't even look up the negative information about this company.  There isn't a company in this country that you can't find a "negative" report on.

When I contacted Embrace Home Loans Inc.  I was treated with a great deal of respect and professionalism, the representative has fulfilled every promise made to me and we have had a very positive experience.

As far as undervaluing property by a disreputable appraiser, in order to "rip off" your $375.00 appraisal fee it is a standard in the industry and has been explained by every lender that the appraisal fee is non-refundable, whether your application is accepted or not.  The appraisers are doing their job, and deserve to be paid.  It is rather inconceivable that a company that has been in business as long as Embrace Home Loans would risk their company for that small amount of money.

Not sure how much this will mean to everyone, but I am from Embrace Home Loans, and there are some things you need to know about what we can do, and what we cant.  We recognize that people will be frustrated, upset even, if the value of their property comes in lower than they anticipated, so we understand the reasons why people voice complaint over that issue.  But here are some important points to know:

1 – We do not know what anyone’s home is worth at any particular time.  We need an appraisal to show that somebody has the equity ( "equity" means that the homes appraised value must be greater than any and all combined current mortgages on this property) to qualify for the loan they want, and that an appraisal is the only way to accomplish that. The home is the collateral for the loan.

2 – We cannot even hint to an appraiser that the value needs to be at a certain level to qualify.  Federal Law prevents any such communication with the appraiser by any lender. We are an approved lender for government agencies such as FHA, VA, USDA, Fannie Mae, and Freddie Mac, etc. who insure the loans. Therefore, we must adhere to the strict government agencies policies and guidelines when we offer a government insured loan.

3 – We have to provide the appraisal report (produced by the appraisal company) for approval based on the government guidelines that are set by Fannie Mae, Freddie Mac, FHA and similar agencies.  If a situation on someone’s property doesn’t meet with these government guidelines, we have to follow the government agencies direction on the acceptance of this property as collateral for the loan.

4 – We don’t receive a single red cent from the appraisal fee anyone pays.   That entire amount goes to the appraiser and the appraisal management people, and if the loan doesn’t go through, we lose too. It is against government regulations to keep the funds collected on behalf of the appraisal company.  The appraisal companies are paid for their time to research and write the appraisal reports.  Embrace Home Loans is not compensated for "ordering appraisals".

Again, I understand your frustration, but Embrace Home Loans is not out to hurt anyone.  The reality is however, that we are not able to help everyone, either.

Some information relating to Embrace Home Loans and business:
Embrace Home Loans was founded in 1983 and has an A+ Rating with the BBB of Boston.  
(A+ is the highest rating possible). We are licensed in 46 states:
http://www.embracehomeloans.com/About-Us/Licensing

Time and time again, Embrace Home Loans has been recognized for its excellence in the workplace and devotion to community service. These awards reflect our commitment to self-improvement as we grow older and wiser.

• Inc 5000: 2010



• 50 Best Small & Medium Companies to Work for in America:2004, 2005, 2007, 2008, 2009



• The Best Place to Work in Rhode Island: 2006, 2007, 2008, 2009, 2010, 2011



• Business Excellence Award for community involvement 2006

In the News:
http://www.embracehomeloans.com/About-Us/News

William W. "Chip" Leakas, Social Media Specialist
Embrace Home Loans  NMLS # 2184
www.embracehomeloans.com            
 
 25 Enterprise Center
 Newport, RI 02842-5201
 WilliamL@embracehomeloans.com
 Tel: (401) 846-3100 x3305
 Toll Free: (800) 333-3004
  Fax: (401) 851-5621

 http://embracehomeloans.wordpress.com
 Quote: Get Social, get connected!

The job of a media relations specialists is to spin. I was disappointed with Embrace loan process after my closing dat had been changed three times within 24-48 hours prior to set closing date. Each time they wanted explainations about items on documents that should have been caught during the intial document request.

Each time I would provide the requested explaination or documents and would not hear about any problems until the 1-2 days prior to the schedule closing date. Keep in mind that we were told that all documents would be at closing attorney's office 48 hours prior to closing.

The requested explaination and document requests seemed reasonable however the timing was unreasonable. Keep in mind that we were working on the original premise that all documents had to be provided to the closing attorney's office 48 hours prior to closing so that they can review them.

Meanwhile  after we provided said documents my wife and me were under the impression that everything was a go and the closing was still set to take place 48 hours later. We would not hear of any problems until the last minute from Embrace. Then we would get a call from Embrace the day before closing saying they need more documentation or explainations.  This happened three times.

The last straw for me is that after the third time this incident took place the Embrace underwriter stated the closing attorney's need the documents 4 DAYS prior to closing instead of the previous 2 days that had been stated throught this whole process.

The loan officer and underwriter then began too tell me two different things. I lost the chance to purchace a good house because of this along with $500 earnest money, 375 appraisal, 275 home inspection. Then I did some research on the company and found many complaints against them stating the same experiences that I had!! The BBB has them rated as A+. Read the complaints and how the BBB rates companies. The review comments tell the real story!!!

I have used Embraced home Loans twice to refinance and had a very positive experience both times; resulting in a great interest rate and I did not have great credit. The are quick easy to deal with and honest.

The home evaluation was right with in line of what I expected! Even a little higher!

I would use them again without hesitancy and would refer my family and friends!!!

True, there are dishonest people.  Embrace apologizes to this dissatisfied customer. There are over 200 originators that work at Embrace Home Loans and not everyone is honest at all times.  However, Embrace Home Loans has an excellent reputation.  

Embrace has the highest rating in the industry positioned in the top ten of the largest originators of Federal Housing Administration (FHA) loans in the country. Embrace Home Loans has an A++ BBB rating.  Embrace stands by their people and their principles to put the customer first.  Embrace will address all complaints and will rectify the situation with any dissatisfied customer.  

We have earned the most prestigious awards for the past 29 years, pioneering customer focused solutions with professionalism, integrity and courtesy.  Embrace invites you to sample the quality of commitment that you deserve.  Please feel free to be our guest and join the over 20 thousand satisfied customers that have experienced being treated with dignity and personal concerned unparalleled in the industry.

God Bless you and God Bless America

I read the reviews after I applied for a loan with Embrace and must admit I was very apprehensive after reading them but they came thru and everything was finalized in about 6 weeks from the first time I spoke to the loan officer. I saved about 80 thousand dollars by refinacing and using this company because of the low rates.  I was very pleased with using Embrace and would recommend them to anyone. I am not in any way affiliated with Embrace and had never heard of the company until I received the flier in the mail.

Sorry to disappoint you but it is not just this company, they all do it! Best thing is before you refinance, have a realtor friend give you some recent comps so that you can see if it will appraise. Sometimes the bank appraisals are way off and you can refute them, sometimes, your house just isn't worth what you thought it was. So go in knowing if you will appraise. And be aware, if it is close, it may not go through. BTW-you can usually get a realtor to do it for free, and most even knowing that you aren't selling, are very happy to help.