I was trying to refinance my house with Resmac, Inc. and after 3 months of back and forth with documentation and more documentation constantly asking for new things that were not relevant to my ability to obtain a refinance. For god sake, I was just reducing my rate and payment, I didn't need any cash out and I have a 760 credit score, not to mention I have 50% equity in my house. My own lender B of A would have given me a loan with no docs!
All these requests I complied with just to get this agonizing process completed and move on with my life. I was offered a 3.75% rate and then by the end of the 3 months I got a higher rate at 4.375%, talk about a bait and switch move. These mortgage brokers at Resmac, are not trying to take care of us. The rates are so much lower and they make excuses to charge you a higher rates. The company is profiting from my inability to walk away from the loan process.
I paid $400 for an appraisal and was told it would be refunded to me, which Never was! they finall closed the loan and I tried refinancing 6 months later with another mortgage company to get the lower rate I deserved. A quick process that was but there was a problem with my escrow balance that was never transferred by Resmac from the previous refinance causing a 20 day delay in closing to get this squared away.
Resmac sold the loan to Wells Fargo but never transfered the $3600 of money that I deposited into the escrow account at the end of the 3 month refinance. Oh my God! this was so frustrating. They basically tried to get away with stealing my escrow money. If it wasn't for this new refinance I would have never known. I'm going to get a lawyer and fight this battle, they should not be in the lending business.
Read up folks and do your research, this is not the company you want to deal with. They are dishonest and attempt to take your money. I did my research on them and they're directors are Nelson Haws, Harvey Kopelowitz, James Callison, Dan Abramovic, and Brian Kopelowitz. After more digging, I found they have had their lending license revoked from the state of Washington, they lost a law suit againts the FDIC for defaulting a loan of more than $1 million. Do your homework!! Find a real lender who actually picks up their phone and you can walk into their branch.