Got an offer letter in the mail to Streamline refi my FHA loan on Feb 1. Embrace promised fast closing and lower payments, so I gave them a call. While on the initial phone call they pulled my credit report, promised me over $400 a month in savings and if I got them all the usual docs quickly we could close at the end of Feb. Two days later they had everything that they required from me. Then the foot dragging began. Send us this. Send us that. By the first week of March they were asking for self employment taxes for 2012, which haven't even been filed. Their rep claims the underwriters won't give the loan the approval because of debt to income ratio. It's a fact that the minute a credit report was pulled, the debt to income ratio would have been apparent right then on the first phone call. Yet, Embrace had us gathering paperwork, submitting it to them, gathering additional paperwork and submitting it to them for 6 weeks. I suspect that Embrace overstated the savings that they promised me and wanted to quietly let the deal die. They claimed that lowering my interest payment by 1 1/2 points on a 200k note was going to save me over $400 a month. Impossible. Do the math. When I questioned the Embrace rep he stated that it was really true, so I continued with the process to see how it would turn out. Now I know. I lost no money on this, so I can't say Embrace stole from me. But they did want @$1,800 from me at closing. But I can say that they willfully misrepresent the truth to try to put a deal together. I've had 6 mortgages and been self employed for 22 years and never once had a problem until I called Embrace.
Good news is I close next week with another company. Saved a realistic $170.00 a month on my payments and it only cost me $350.00 out of pocket. Moral of the story" Embrace is "too good to be true "