Rip-off Report Investigation:
Editors UPDATE: Positive Rating and Recognition has been given to mortgage-companies/mortgage-investors-c/mortgage-investors-corporation-ddd29.htm
for its Commitment to Excellence in customer service.
Rip-off Reports investigation of Mortgage Investors Corporation / Amerigroup Mortgage Corporation uncovers an ongoing commitment to total client satisfaction. This means that clients can expect that MIC will always work towards finding a mutually satisfactory resolution to any complaints or concerns. MIC listens carefully to client concerns and sees them as an opportunity to learn from past mistakes and become more efficient as a company in the services MIC offers and the support for those services.
One top executive in the mortgage lending business stated to Rip-off Report, that MICs chairmans personal philosophy is that service members and veterans are a different class of citizens who deserve the best this nation and his company have to offer in return for their sacrifices to this country. MIC must listen to our clients and respond properly. This is the best way to ensure MIC will maintain a successful enterprise both now and in many years to come.
Another top executive of the company stated to Rip-off Report, that the Chairmans personal business philosophy is based on the premise that MIC strives to add value in its services. We understand that a successful business model is based on value-added services, and client care. MICs mission statement says it all; "Our goal is to provide our clients the best quality, value and professional excellence in the industry." Some of the other things Rip Off Report learned in the course of its investigation: MICs business was established in 1938 to provide borrowers with home loans and realize their dreams of homeownership. MIC has provided hundreds of thousands of service members and veterans with a new home loan that saved every borrower thousands of dollars over the lives of their loans, lowering their monthly mortgage payments and improving their financial positions. MICs unique business model has made it the leading Department of Veterans Affairs guaranteed refinance provider.
Rip-off Report has confirmed that MIC takes quality control very seriously. MIC has recently put a lot of effort into ramping up its Customer Service team and client relation processes including full time availability to borrowers to assist with any issues that develop. Rip-off Report was pleased to learn that MICs past and current approach to business is focused on its pledge to total commitment towards client satisfaction.
MIC recognizes that complaints posted on Rip-off Report (true or not) are issues that need to be addressed and if handled correctly can be valuable learning opportunities. With the feedback generated by Rip-off Reports Investigation MIC has made organizational changes allowing her clients a more streamlined approach to problem resolution and a total overall commitment to her client experience.
In summary, after our investigation, which included discussions with MICs Chairman and President and many of its current associates, Rip-off Report is convinced that MIC has been and is committed to quality delivery of services resulting in total customer satisfaction. Read more about Mortgage Investors Corporations Commitment to Excellence and Total Consumer Satisfaction and why consumers should feel safe, confident and secure when doing business with a member of Rip-off Report's Corporate Advocacy Business Remediation & Customer Satisfaction Program. ..yes, a long name for a program that does a lot for both consumers and businesses alike.Read about Rip-off Report Corporate Advocacy Business Remediation & Customer Satisfaction Program,..A program that benefits the consumer, assures them of complete satisfaction and confidence when doing business with a member business. this program works.
===================== NOW TO THE ORIGINAL REPORT THAT WAS FILED
Amerigroup Mortgage Corporation Amerigroup Mortage Corportation, Division Of Mortgage Investors Corporation misleading sales presentation Richmond Virginia
I got a solitation notice in the mail for a 'VA Mortgage Payment Reduction Program' with phone number 1-866-747-6987. I called to find out details about what the current rates were and to get a good faith estimate. They asked for my current loan balance and interest rate. They told me that I could save $390.00 per month but could not give me any details as to fees, points, etc. over the phone. They said they only take applications in person and that they would send a loan officer to my home. I specifically asked if this was a fixed rate loan, with no adjustments in interest rate after some initial period. I was told that it was a fixed rate loan. They told me that the loan officer would provide full details. They said it would take only about 15 minutes and it would be no pressure. I scheduled an appointment for the next day.
They guy showed up right on time for our appointment. I asked for some specific information regarding term of loan, points, fees, but was told that all my questions would be answered during his presentation. First red flag was that although I was told on the phone the day before that this was a fixed rate loan, it turned out to be a hydbid loan. The initial low rate was lonly guaranteed for 38 months, after which it became a variable rate loan. No other options were made available. After his hour long presentation, it was clear to me that the promise of significant savings was misleading. The points, fees, etc would add a significant amount to the existing loan balance, such that at the end of 38 months, the balance on the new loan would be about the same as it would have been under the current loan. Any savings after that point were not guaranteed.
After a round-about way of getting the information, I said I wanted to do my own calculations (I am an accountant) and that I would make a decision within a few days and get back to him. He then asked if he could have his manager talk to me, using my phone. The manager spent more of my time trying to convince me to submit an application on the spot. I was not given the opportunity to keep any of the paper with the calculations the loan officer had made.
In my opinion, this company is using misleading tactics to sell their product. As an accountant it was easy for me to see the bottom line for me. This product may work for some, but do not rely on the sales pitch to make your decision. Do your own math. Other mortgage companies I have dealt with have always been willing to fully answer questions as well as provide a good faith estimate without the hassle of sitting though a sales presentation. The loan officer was polite, but it was a waste of time, because I was not told initially that this was not a true 30 year fixed rate loan.
Someone who has had several mortage financing / refinancing experiences