ED Magedson – Founder
ResMac6501 Congress Ave 2nd Floor Boca Raton, Florida USA
ResMac, ResMac Inc, Boca Raton Branches Beware!! ***STOP*** ***CAUTION*** Read this first! Boca Raton Florida
What you can expect if you decide to become a Branch or do business with ResMac:
Underwriting: Underwriting is inconsistent. Only 30% of all of our branch submissions were underwritten correctly by a competent underwriter. The other 70% had questionable underwriting. i.e. not running DU correctly, not calculating income correctly, not knowing LP is also an option, over conditioning wasted weeks to finally get it waived, last minute conditions were constantly being added after being cleared for docs.
Appraisals: ResMac appraisers always act like they are certified home inspectors and notate unnecessary repair comments, causing unnecessary 442 or additional conditions. In a business where lenders are supposed to use an unbiased appraisal management company, all their appraisers sure seem to have a lot in common in how they appraise. Appraisal fees are too high; $450 across the board when it should be only $350 for non-FHA loans.
Service: Service is bad. Good luck getting any help or answers from anyone. The Underwriting manager will not admit fault in her department. Harvey Kopelowits, President/Company Attorney, will just pass you back to the person you are complaining about. Nelson Haws, Owner, knows all the short comings but will just replace you with a new unsuspecting Branch to maintain a steady net profit. Mark Havlik in licensing will take forever to get anything done related to licensing. Jeanne Delormier, Chief Compliance Officer, will deny all great marketing ideas with no feedback on what they will approve.
Lack of loan program options: ResMac brokers out all loans outside of conventional and FHA. Anything non-vanilla will be brokered out resulting in horrible pricing and turn times.
MARTI SYSTEM: If you lock a loan through MARTI that is brokered out, they will not honor the pricing. MARTI is not sophisticated enough to give accurate pricing on these type of transactions yet they allow you to lock, submit, and make you wait weeks and months going back and forth with their investor. After a month of waiting, I discovered they locked one of my loans with the wrong investor voiding my original approval and rate lock.
Commissions: Keep detailed records of all your earned commissions. ResMac will not pay you unless you fight for your check, especially when you decide to quit. Their act of professionalism goes away real quick.
This report was posted on Ripoff Report on 11/07/2013 09:38 PM and is a permanent record located here: http://www.ripoffreport.com/reports/resmac/boca-raton-florida-33487/resmac-resmac-inc-boca-raton-branches-beware-stop-caution-read-this-first-1097816. 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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