ED Magedson – Founder
Gateway Mortgage Group256 Seaboard Lane Franklin TN 37067 Franklin, Tennessee USA
Gateway Mortgage Group | Rick McCreadie Complete mishandling of loan closing - Negligent Misrepresentation of Loan Status Franklin Tennessee
We contracted to sell our house with a Buyer that was using Rick McCreadie (the local branch manager) of Gateway Mortgage Group ("GMG"). The Buyer gave us a prequalification letter that clearly stated the Buyers financial capacity to qualify for this loan. The contract was signed on May 29, 2013 and set to close on June 28, 2013. We were very excited and signed a contract on a new house that would close about the same time.
Two weeks into the process, we started to worry why an appraiser had not showed up yet. We were told it was a "drive-by" appraisal and it was already completed. My lender for my new house was immediately concerned as this was a government sponsored program which required less than 5% down. Suddenly, once he started making phone calls, an apprasier was scheduled. It took over two weeks to "get the final appraisal completed and approved" by GMG's appraisal managment company. If you are counting, now we are already past the first closing date and the Buyer still hasn't been approved by Gateway Mortgage Group's underwriters. Then it still has to be approved by the government program which takes 24-48 hours. During this process, it takes a week to get insurance verified. Not to mention, this is the Buyer's first home purchase; someone should have been managing this process for him.
So, we are still being told by Rick McCreadie that it will close no later than July 5, 2013. Rick McCreadie decides to take a vacation for the 4th and go to the beach for the weekend (as any good American should have a right to do so). The problem is that now my contract on the new house is expiring. I'm sure that Rick, being all rested up, will have my Buyer ready to close on the 8th. Oh, wait, my Buyer's credit report expired and now needs to be refreshed which will take a few more days, and Rick needs to gather some additional information for the government program, and closing will be delayed another week.
Keep in mind that my realtor and lender were trying to stay in constant contact with Rick McCreadie throughout this process (though he often failed to return calls). "Everything was fine" - "Just need a couple more days" - "No problem with the Buyer" - these statements were heard often.
I lost my new house because of Gateway Mortgage Group and Rick McCreadie's incompetence. Not only that, I now must spend $40,000+ for a comparable house - this was a very good deal I had. Not to mention, I lost my rate of 4.25% that is now 0.50% higher which equates to about $4,000 per year. I'm not the only victim -my Buyer lost his house and rate too.
I went to see Rick in his office and told Barbara that worked there, "if you do as you should, GMG should fire Rick McCreadie", thinking I would at least be given some sympathy. Quite the contrary, she exclaimed, "I don't want to hear it" as she turned her back and walked away. I had given Barbara my card and asked her to have Rick's boss - James to call me.
James promptly called me the next morning; I explained what had happened and asked him to review the file. To James' credit, he was extremely cordial and professional. He told me to expect a call from an Executive Vice President of GMG later that afternoon. I never recieved that call.
After a couple of days and text messages asking for updates, James called today with the news that he was verry sorry for my loss and that Rick McCreadie will be "disciplined" (implying full responsibility for this situation); however, Gateway Mortgage Group will not do anything to compensate me for my loss.
This is completely unacceptable. Here is company that admits it messed up badly but will not do anything to help rectify the situation unless the court tells it to. My family has been so stressed out for the last 50+ days - my wife has been in tears, rescheduled movers 5 different times, and these guys "have decided to not compensate me". I encourage everyone that reads this to let Gateway Mortgage Group know that there are consequences for its actions. Please repost this as you see fit.
This report was posted on Ripoff Report on 07/12/2013 08:58 PM and is a permanent record located here: http://www.ripoffreport.com/reports/gateway-mortgage-group/franklin-tennessee-37067/gateway-mortgage-group-rick-mccreadie-complete-mishandling-of-loan-closing-negligent-1066643. The posting time indicated is Arizona local time. Arizona does not observe daylight savings so the post time may be Mountain or Pacific depending on the time of year.
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