Report: #1107424

Complaint Review: Quick Quote Mortgage

  • Submitted: Mon, December 16, 2013
  • Updated: Mon, December 16, 2013
  • Reported By: Stuart M. — Valrico Florida
  • Quick Quote Mortgage
    1041 E Brandon Blvd, Brandon, FL 33511
    Valrico, Florida

Quick Quote Mortgage Company would not complete a mortgage after rates went up Valrico Florida

*Consumer Comment: The website has some red flags

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On 10/23/2013 I agreed to a mortgage and completed an application with Greg Wellmaker @ Quick Quite Mortgage.  He immediately took a credit card for payment of a credit report, and then sent a Truth In Lending form, the written applicaiton, and a requeest for additional paperwork to support the mortgage (tax records, employment history, income verification, etc).  I submitted all paperwork in less than 24 hours. 

Over the next almost two months, i reached out to Quick Quote Mortgage requesting a status as rates were going up and i wanted to make sure we would close the mortgage.  Each time, there were delays in getting a resonse, but eventually they replied that they had everything they needed from me.  Eventually, i mailed them asking how they could close a mortgage so long after we locked in.  After another 5 days delay, they finally came clean and said they could not proceed with the mortgage as originally discussed, even though i had submitted all paperwork in under a day, and even though I had been in contact with them almost every week since we initiated the process.

On 12/16, approximately 54 days after the original lock in date, I recieved an email letting me know they could not process the loan, but that i could lock in at today's rate (a full .25% higher).  On a 15 year loan my size, that represents more than $10,000 in additional interest payments.  I asked to speak to the owner and he has not responded.  

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#1 Consumer Comment

The website has some red flags

AUTHOR: FloridaNative - ()

Looking at their website it is brand new in 2013. They don't have any of the mortgage disclosures they are required to have if they are actually funding the loan - most notably the NMLS number was missing. Also, there was virtually no information available on the site. The site looks like it is mainly a lead generator for both mortgage brokers and real estate agents (had a lot of outside links to home selling sites).

When you are shopping for a lender it is a good idea to check out the lender first to make sure you aren't getting scammed. A good source for lenders is checking with your Realtor, even if you are just going to refinance and have no plans of selling in the near future. Check also with friends and family for lenders they have worked with successfully. Internet searches are fine, but back them up with review sites and other referrals.

 I don't know how much you paid up front, but it is unlikely that you will ever see those funds again. You are better off going with a properly licensed mortgage banker. Mortgage bankers have access to many different lenders, but the difference is this: they underwrite and funds their own loans and then sell the loan. Because they fund their own loans, they are not likely promise you a rate or terms they can't meet. Mortgage brokers don't have to meet those requirements, mortgage bankers do.

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