Report: #462332

Complaint Review: Ripoff Report | Ripoff Report REVIEW: Mortgage Investors Corporation / Amerigroup Mortgage Corporation commits to total customer satisfaction. Mortgage Investors Corporations employees will go above and beyond expectation in the pursuit of excellence in every aspect of the business.

  • Submitted: Wed, June 17, 2009
  • Updated: Fri, May 09, 2014
  • Reported By: Santa Fe Texas
  • Ripoff Report REVIEW: Mortgage Investors Corporation / Amerigroup Mortgage Corporation commits to total customer satisfaction. Mortgage Investors Corporations employees will go above and beyond expectation in the pursuit of excellence in every aspect of the business.
    Saint Petersburge, Florida
    United States of America

REVIEW: Mortgage Investors Corporation / Amerigroup Mortgage Corporation commitment to 100% client satisfaction, MIC implemented strategic changes to insure clients success, focusing on finding ways to help service members and veterans protect their homes and lower their monthly mortgage payments even in the sort of challenging market we face today.
*UPDATE: Recognized by Rip-off Report Corporate Advocacy Program as a safe business service – Mortgage Investors Corporation / Amerigroup Mortgage Corporation pledges to always resolve any issues, feel safe, confident & secure when doing business with MIC.

Show customers why they should trust your business over your competitors...

SPECIAL UPDATE: May 9 2014: Mortgage Investors Corporation remains committed to increased customer satisfaction and has improved their business practices over the years to better serve their customers. Mortgage Investors Corporation is truly dedicated to making sure their customers are satisfied and that any complaints which do arise are addressed promptly and fairly.

To date, Mortgage Investors Corporation has made good faith efforts to resolve all complaints reported on Rip-off Report. Based on our experience, the member business has proven to be among the top members of the Rip-off Report Corporate Advocacy Business Remediation and Customer Satisfaction Program as a Verified Safe Business™.

Over time and since becoming a member, Mortgage Investors Corporation has remained actively engaged and improving the way they address customer service complaints. As an active and current member of the Rip-off Report Corporate Advocacy Business Remediation and Customer Satisfaction Program we are happy to report that now more than ever Mortgage Investors Corporation remains committed to improving customer satisfaction.

Remember, no company or individual can ever satisfy 100% of the people 100% of the time. There are no products or services that will always be perfect for everyone and even the best companies will receive complaints from time to time. However, by participating in the Corporate Advocacy Program, the member business has made a commitment to working with its customers to resolve complaints quickly and fairly whenever possible.

Please keep in mind that as a consumer you have some responsibilities as well. Success has many definitions that based on your past experiences, current situation and your perceived expectations. Success with any product or service is always based on the proper application and understanding. The fastest car will not run if you never turn the engine on. Look at how you used the product or service that was provided in relation with the instructions that you received. The Corporate Advocacy Business Remediation and Customer Satisfaction Program will help you get your voice heard but please be prepared with documentation and fair representation of your concern, also have an idea of how the company can fix your concern. Can they offer additional services, extend warranties, offer a fair refund or just get you talking with someone that can help. ..let them know and let us know!

*Any consumer not receiving satisfaction from a member of the Corporate Advocacy Program should email us at
 Mortgage Investors Corporation is Rip-off Report Verified

Ripoff Report Verified™ .. part of Ripoff Report Corporate Advocacy Business Remediation & Customer Satisfaction Program.A program that benefits the consumer, assures them of complete satisfaction and confidence when doing business with a member business..
Ripoff Report REVIEW:

Editor’s UPDATE: Positive Rating and Recognition has been given to mortgage-companies/mortgage-investors-c/mortgage-investors-corporation-ddd29.htm for its Commitment to Excellence in customer service.

Rip-off Report’s investigation of Mortgage Investors Corporation / Amerigroup Mortgage Corporation uncovers an ongoing commitment to total client satisfaction. This means that clients can expect that MIC will always work towards finding a mutually satisfactory resolution to any complaints or concerns. MIC listens carefully to client concerns and sees them as an opportunity to learn from past mistakes and become more efficient as a company in the services MIC offers and the support for those services.

One top executive in the mortgage lending business stated to Rip-off Report, that MIC’s chairman’s personal philosophy is that service members and veterans are a different class of citizens who deserve the best this nation and his company have to offer in return for their sacrifices to this country. MIC must listen to our clients and respond properly. This is the best way to ensure MIC will maintain a successful enterprise both now and in many years to come.

Another top executive of the company stated to Rip-off Report, that the Chairman’s personal business philosophy is based on the premise that “MIC strives to add value in its services. We understand that a successful business model is based on value-added services, and client care”. MIC’s mission statement says it all; "Our goal is to provide our clients the best quality, value and professional excellence in the industry." Some of the other things Rip Off Report learned in the course of its investigation: MIC’s business was established in 1938 to provide borrowers with home loans and realize their dreams of homeownership. MIC has provided hundreds of thousands of service members and veterans with a new home loan that saved every borrower thousands of dollars over the lives of their loans, lowering their monthly mortgage payments and improving their financial positions. MIC’s unique business model has made it the leading Department of Veterans Affairs guaranteed refinance provider.

Rip-off Report has confirmed that MIC takes quality control very seriously. MIC has recently put a lot of effort into ramping up its Customer Service team and client relation processes including full time availability to borrowers to assist with any issues that develop. Rip-off Report was pleased to learn that MIC’s past and current approach to business is focused on its pledge to total commitment towards client satisfaction.
Mortgage Investors Corporation is Ripoff Report Verified
Ripoff Report Verified™ .. part of Ripoff Report Corporate Advocacy Business Remediation & Customer Satisfaction Program.A program that benefits the consumer, assures them of complete satisfaction and confidence when doing business with a member business..

MIC recognizes that complaints posted on Rip-off Report (true or not) are issues that need to be addressed and if handled correctly can be valuable learning opportunities. With the feedback generated by Rip-off Report’s Investigation MIC has made organizational changes allowing her clients a more streamlined approach to problem resolution and a total overall commitment to her client experience.

In summary, after our investigation, which included discussions with MIC’s Chairman and President and many of its current associates, Rip-off Report is convinced that MIC has been and is committed to quality delivery of services resulting in total customer satisfaction.

Read more about Mortgage Investors Corporation’s Commitment to Excellence and Total Consumer Satisfaction and why consumers should feel safe, confident and secure when doing business with a member of Rip-off Report's Corporate Advocacy Business Remediation & Customer Satisfaction Program. ..yes, a long name for a program that does a lot for both consumers and businesses alike.

Read about Rip-off Report Corporate Advocacy Business Remediation & Customer Satisfaction Program,..A program that benefits the consumer, assures them of complete satisfaction and confidence when doing business with a member business. this program works.

===================== NOW TO THE ORIGINAL REPORT THAT WAS FILED =====================

Mortgage Investors Corporation Unscrupulous sales tactics, lies, manipulators, and con artists Saint Petersburge Florida

After being contacted numerous times by Amerigroup a subsidy of Mortgage Investors and now Mortgage Investors Corporation themselves via a flyer in the mail offering me a 4.5 percent VA home loan, I decided to find out if this company would really follow through on their offer. I gave them a call and the very next day right on time was the sales rep. Over the phone, I was told it would take 15 minutes tops. I was glad and said thanks because I do not really need a sales pitch. I only want the numbers to match their offer.

Well, the 15 minutes turned into a couple of hours. I was so bored with the presentation of how great their company was. The sales guy was nice to me but was worried because he said that they made him do the presentation and they would not have it any other way. Finally I told him to please get to my loan so he handed me their presentation book and asked me to read it some more while he did the numbers. I already did the numbers on a mortgage calculator so if they could not offer me the 4.5 percent on a 15 year loan, with their added cost and points, then the loan would not be worth it to me. So, we finally worked up a 20 year loan at 4.5 percent that would save me five years off my current loan. I thought that I could pay principle and come out ahead and it would still take about 15 years to pay off my loan but I would have a comfortable payment.

Then, I was asked for a whopping down payment. I was not told this in advance. I told them that I do not have this kind of money. Basically it was the amount of my mortgage payment. Then, I was put on the phone with his supervisor who agreed to let me give them a hundred dollars. I asked why this is being done since it is a VA streamline loan and all the fees are rolled back into the loan. The aggressive supervisor said it was to make sure I did not back out of the loan and that if I did I would lose my money. I thought that is not going to happen since they promised to lock my rate in at 4.5 percent. The sales rep left me with my quote and I was very pleased.

Then the bait and switch happened. The Good Faith Estimate was signed on May 20th, 2009. I was told that the closing would take place June, 2 2009. I had to stop my direct deposit for my mortgage and pay a cancellation fee. I then get a call from MIC days before closing telling me to fax over my entire divorce decree at about a $40 to $50 cost. So the fees are adding up. I told them that I do not know why I was not asked for it at the time of the loan estimate. I was told that I was. Now I get a call telling me to never mind the decree because they have not got the papers back from the county and that the closing date has been moved to Friday June 5th. I said ok but I will be late on my mortgage after 15 days. The rep told me no problem, we have plenty of time. Then on Friday, I get a call telling me that the closing will take place Sat. June 6th. I was not worried. The rep told me that the rates had gone up and that my 4.5 percent is on shaky ground. I said, your rep told me that it would be locked in. He said that Mortgage Investors Corporation never locks their rates in. In fact, they always float the loan for a better rate. In the meantime, this companies reps called me at the last minute with lies and misrepresentations about their product. They were rude and no one told the truth. They said they were there to help veterans. I told them that they were hurting me financially and getting me in trouble with my current bank and mortgage holder. I got little understanding from them. They were more concerned that they lost money. I told them that if they had locked the rate in, then this would not be the case for anyone. They got too greedy by floating the loan and hurt everyone. I felt like a fish on a hook just dangling there.

Lenders like these are what caused the current Mortgage Crisis. I ended up borrowing money to pay my mortgage on time with all the fees and gas. I am on a fixed income and could not afford these added fees. I barely paid my mortgage on time and will go hungry the rest of the month. I am a single mom with children. This companies prays on people whom they perceive as vulnerable. They try to trick the unsuspecting and lie about their motives.

Beware of this company. I am sure there are more people out there that this has happened to with this company.

Tammy Santa Fe, Texas

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This report was posted on Ripoff Report on 06/17/2009 03:19 PM and is a permanent record located here: 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. Ripoff Report has an exclusive license to this report. It may not be copied without the written permission of Ripoff Report. READ: Foreign websites steal our content

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Updates & Rebuttals


#1 Consumer Comment

Good Experience

AUTHOR: burg - ()

 I don't see what all the problems are with this company. I got a morgage from them not a job interview. I got my deposit back on time. They did everything they said they would do. I got a good rate and was happy with the whole process.

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#2 UPDATE EX-employee responds

Beware Veterans

AUTHOR: Jane Doe - (United States of America)

I am an ex-employee of this company. Recently they terminated over 60 telemarketing positions-stating making changes and treated us like cattle. This was right before they had to pay unemployment benefits and health benefits. The employees they kept-the majority uneducated and under the influence of one thing or another including the floor managers. What proves my point is the employee Doug sticking up for the company and calling a veteran a retard. These are the people they keep employed. One floor manager gets stoned with the telemarketers on the premises and another just a few weeks ago fell on the floor drunk on a Saturday dayshift-these are the people you talk to when you ask for a supervisor. They do not randomly drug test. The same way they take advantage of you veterans they took advantage of us employees. If we clocked out for lunch or break to go outside our pay was docked but if you stay inside you get paid(unless you are a friend of a floor manager and then you can go out w/out clocking out)-funny thing is if OSHA or fire dept. came in and saw how big the lunchroom is for holding capacity they would shut place down. There is only 1 exit in case of fire/no signs or fire extiunguishers and electrical wires everywhere. Also employees get hourly plus commission but you cant prove if a lead went through or not so you never know if you are being paid correctly. Also when they make changes the appointments you made you do not get paid for-that may be something the IRS should look into. Also what they call a HR dept is a joke-some of us asked for a copy of our file and were told we have to hire an attorney to subpoena our records-is this really a company you want to trust your loan with- I think not-you are better off going to a federal credit union or a local bank. If you call the VA administration they will tell you the same thing-stay away from what seems to good to be true!!!!
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#3 Consumer Comment

Great Experience

AUTHOR: Robert - (U.S.A.)

I was skeptical like everyone and after receiving numerous mailing from them I responded and set up an appointment with their rep. He came and after listening to him and how the mortage worked I signed the dotted line.  I missed 2 months of house payments, got my escrow returned and my good faith money returned all within a week of setting down with the representative. 

The closer was very knowledgeable and spoke from experience. He was a Veteran who also refinanced with them, plus he turned me on to USAA home owners insurance where I am saving even more money. I jumped on this b/c I plan to sell my home soon and sure needed lower payments..I went from $1222.12 to $873.00 per month and if the rate does eventually climb to 8% it will take 8 years to get there and by that time my payment would still be lower than it was before I refinanced..all because you pay a greater amount to the principal amount of the loan instead of paying interest.  The man who bought this company is also a Veteran and deals exclusively with Veterans only.. It is a good company and deserves credit for what they do..and no I am not affiliated with MIC in any manner..just someone who listened and took advantage.  In fact I came to ripoff report to see what was written about the company and weighed that in my decision but as I said I listened to the rep with an open mind and paid attention to how the loan is set up.  He answered every question making sure I understood what it was he was offering. 
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#4 Consumer Comment

Former Navy smells something fishy.

AUTHOR: Former Navy Nuke Mechanic - (United States of America)

I've been contacted by these folks the last few weeks and the money savings they mentioned sounded a little too good to be true. I want to thank you guys for saving me the hassle of dealing with this company.

They use phrases like, "We only deal in VA loans." Why would a company limit themselves like that?

Their website says Veteran owned and operated. Haha, was that supposed to make me trust them more?

But the original report which mentions the bait and switch convinced me this company is a bad idea. So... thank you divorced lady from Santa Fe!

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#5 General Comment

small additional note

AUTHOR: annonymous - (United States of America)

is a company that has 207 complaints documented by the better business bureau really trust worthy??? as I've said before, how many times can you hear bad things about a place before questioning the validity and valor of that place?
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#6 General Comment

definitely a horrible company

AUTHOR: annonymous - (United States of America)

my boyfriend worked for MIC and him and a few other employees would often tell me of the shady tactics and lies they were forced to tell. when a representative calls you there is a supervisor listening in on the conversation telling the rep what to say, all calls are recorded however the supervisor's words are not recorded. The employees are instructed to NEVER say the words fixed rate because quite frankly they dont offer fixed rates. however if a customer asks if it is a fixed rate the reps are told to say "absolutely" or something similar. is it any wonder that so many employees are in and out of that company? just about everyone that my boyfriend worked with is no longer there. and there are i believe 3 pending lawsuits against the company from employees alone! i mean seriously, you can only hear bad things about a place from so many different people for so long before you gotta wake up and realize something is wrong with that place!!

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#7 Consumer Comment

Tough to cancel appointment too

AUTHOR: leadphut - (United States of America)

My wife signed us up for a "presentation" in our home. The idea that they needed to come to our home did not feel right. So I called to cancel and had a very tough time. The person on the phone was very pushy and very insistent that they keep me on some appointment schedule. This insistence caused me to pull back even harder and we ended the phone conversation in a negative manner.

Nothing about this company feels right to me; both as a person and as a vet.

Just my two cents.
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#8 General Comment


AUTHOR: David - (United States of America)

WOW, it seems you work there. No wonder you're defending them so well. well this place is a scam and i advise that no one ever TALK TO THESE PEOPLE. if the call starts off like this " hello may i speak with john, My name is David Starts im an assistant loan officer with Mortgage investors corperation i was wondering if i could take a minute of you time to talk to you about the VA loan you recieved on your home." HANG UP!! i use to work for this horrid place a long time ago and im telling you its not a good place. they use about 26 rebuttals and i know thats illigal somehow.
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#9 Consumer Comment

Terrible Company

AUTHOR: Chris_M_70 - (United States of America)

I must say the worst experience ever with a refi. This company is not all worth dealing with. They are total scam artist. Tried to get me to give them over 2,000 up front. I was told no money down at first, then told 50 bucks, then over 2K. I even told they guy when he walked in the door I am not putting any money down. So he wasted two hours of my time. He called some office and got the payment lowered to 100 bucks I still wasn't interested. He then became a jerk. I told him to get out and don't bother me again with your terrible company.
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#10 UPDATE EX-employee responds

roger that

AUTHOR: dissatisfied customer - (USA)

I agree with you Cheryl is a good employee as well as Charlie, Leiu and Josh as far as Mike goes he shows special treatment to the pretty girls when it came to the positon of being the secretary....see you werent there when I was when he helped Ashley Patterson get into two apartments as well as a car and paid for her 21st birthday party and even bought drinks for people that was there.....why couldnt any other employee get that treatment oh yeah I forget cause he wanted to be with her and she wasnt having it so he ended up firing her cause she liked someone else and he decided to let her go and let Fong in her remind you fong didnt even know how to do the job nor did she even have the smartws to even do it but he put her in that position cause he has a thing for asian chicks ( and this came out of darryles mouth).  She got promoted over every other person that been there long enough to get benefits, with in a month of her employment....if that isnt special treatment then you tell me what it is.  I can say he is a nice guy and would try to help you if he could but he has skeletons in his closet as well........Im glad they finally fired Rays sexist butt cause he was one of the main problems besides darryl running around throwing his little thing every where and dancing every where on people....but hopefully they do clean up their the way MIC does lie to their veterans and tell them no money out of pocket when there is and they do tell them its a fixed rate knowing darn well its an arm and you know like i know they tell you to beat around the bush and just set the appointment no matter what their objections are...but everybody do reap what they sew and the day for Mr. Edwards is coming and I already have my front row seat along with a few of other individuals
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#11 UPDATE Employee

The company is not a bad company at all

AUTHOR: happybabe - (United States of America)

I work for MIC and it provides a wonderful service for Veteran's just as it promises!  I resent people putting down MIC.  I am grateful for my job there.  What I am not grateful for is the preferential treatment certain people receive and all the drinking, drugs and sex going on at the central aveniue office.  C'mon Hailey, they caught you coming out of the men's room with two guys.  GROSS.  It's funny cause now she's trying to sue the company saying that she had to have sex in the men's room or she'd lose her job.  You weren't that good at getting leads to begin with, fatty.  Everyday I go there I am so tempted to ask for a meeting but I never know who theyre going to send me into the office with.  One of the good guys, (Mike, Cheryl, Josh) or one of the people who are screwing around, getting high and drinking at the office, (Darryl, Fritz, Ray).  Are the bosses really so stupid that they don't see Fritz all coked up on the weekends?  That they don't see Darryl's behavior change as he progreesses down that bottle of "grapefruit juice" he walks around with?  Has nobody seen him go from white to red in 0.5 seconds.  C'mon people.  REally?!?  Really?!?  Oh yeah and did Ray really think that nobody in the first row heard him when he told Darryl to "find some dirt" on Robert?  You're not getting over on anybody loser!


So when you want to step all over MIC, don't make the company out to be awful, it's the corruption going on in house thats awful.  Maybe someday Mr. Edwards will clean house and get some good workers in there like in the good old days of Cheryl Mike, Lieu, Josh and Charlie.

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#12 Consumer Comment

Appointment today

AUTHOR: savyshoppermom - (United States of America)

My husband and I were contacted by this company last friday.  They had caught me at a good time because normally before I even allow a telemarketer to take a breath I tell them to put me on there do not call list.  Anyway, I listened to what they had to say and was then informend that I can potentially save about $260 a month on my mortgage pmt.  Who wouldn't want to save that kind of money right?  So I agreed to let them come out to my home today for an appointment today.  I haven't yet had the appoinment but decided to start researching this company to make sure I wasn't getting scammed.  Well I have learned that the company is legit but a bit shady.  When I had spoken with them on the phone I speciifically asked if they were a member of the BBB and they told me yes.  On the appointment e-mail they sent it also states that they are members on the BBB.  However, when I went to check the BBB, in the column where is says 'Are they members on the BBB?' It reads NO.  Interesting!  Also when on the phone with them they said they offered a low interest rate of 3.2 "Lowest in the country".  I am now realizing that is because it an ARM.  I curently have a fixed rate of 5.7.  We don't want to get oursselves in a mess later with because of an ARM.  Thats why this country is in the fix its in right now.This company hasn't lied to me about anything but the BBB membership but be wary because there is lots of deception. 

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#13 Consumer Comment

high pressure sales and rude

AUTHOR: dspiral73 - (United States of America)

I got something from Mortgage Investors Corporation in the mail titled "Payment Reduction Notification - 2nd Notice".  They go on to state that I'm amoung a select group of VA mortgage holders that haven't taken advantage of the lowest interest rate in over 40 years.

Intriguing.  So I give them a call.  I talk to them...they're very nice...they even thank me for being a veteran and serving our country.  They schedule an appointment for someone to come to my home 4 or 5 days later.  I pause, and think...who are these guys I just called.  So I look them up on the Internet.  I see numerous things online that shed a negative light on these guys.  The thing that struck me the most was their Better Business Bureau rating:

BBB Rating of C (on a scale of A+ to F), 177 complaints filed against business


So I've seen enough, know that I don't want to work with this company after all, and decide to cancel my appointment with them.  I call the next business day.  I get a friendly person on the phone again.  They assume I'm calling to take advantage of their offer.  You can tell they're reading off the same script.  I cut the person short and tell them that I'm calling to cancel my appointment.  I'm abruptly transferred.  The guy I get on the phone asks me "why do you want to cancel your appointment?  We just want to save you money.  Why wouldn't you want to save money?  There's no obligation.  Just hear us out."  I tell him that I appreciate it, but after looking into their business and its BBB rating, I'm not interested.  He accepts that and hangs up.

The day of my appointment I receive a call from a number I'm unfamiliar with.  It's a St Petersburg, FL number.  I don't answer it initially.  They don't leave a message or call back.  2 days later, same number calls back.  I answer this time.  They contend that I had a scheduling conflict and when can I reschedule my appointment.  I reiterate that I didn't need to postpone, that I cancelled the appointment outright.  The guy has his earplugs in.  "Blah blah you money...why don't you want to save money?".  I explain again that I appreciate his offer but based on my knowledge, I wasn't interested.  This guy wasn't taking no for an answer.  He kept going on with his sales spiel.  Has asked me what my interest rate was.  I told him it wasn't his business.  Finally I told him "you're not listening.  i'm not interested".  This guy had the audacity to tell me "sir I went to college.  i understand the English language".  Wow!  Nice way to talk to a veteran, huh?  I hung up, only regretting that I didn't give him a piece of my mind before I did.

My advice...don't deal with this company.  Read the information above.  Check them out on the web.  Look at their BBB rating.  You be the judge!

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#14 Consumer Comment

Why No Commercials?

AUTHOR: Janile - (United States of America)

Did I just read "why are there no commercials?" Maybe because it's a VA Benefit and not a general public benefit. Only something available to military people. That's why it's not advertised. duhhhh. So you could say the same thing about $0 down, why isn't that advertised? Because only VA loans allow $0 down because it's a benefit for our service to the country.

Understand that the VA is not going to advertise any of their benefits to the general public because everyone would want them, don't you agree? Think of the millions of people who forclosed on their homes under conventional subprime loans. There was mass advertising for those and look what happened. Do you think just because there isn't commercials that it's a bad thing? Maybe there are no commercials because only and exclusive breed of people qualify for it. That would be military people.

Hey, guess what, when you're active duty, you get free medical care, why not put some commercials on tv and advertise free health care? Maybe because that's only available to military people, just like the hybrid loan is only available to veterans, so let's use some common sense here if you're gonna post things.



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#15 Consumer Suggestion

yeah ok

AUTHOR: dissatisfied customer - (USA)

you guys do realize that the company do monitor these sites and come up with rebuttals like the one before to mis lead as if a customer is writing.  Yeah the arm program can be good if you have a high interest rate but if your rate is already low and fixed it would be a dummy move to even go to a hybrid loan.  Mortgage investors could careless about you as a veteran and your loan (thats why they sell them as soon as they get them) all they care about is making money.  Why dont you think that there are no commercials or any advertising for the company nor its products, why dont you see hardly anything good about the company on any site.  Check around there are other sites that have reports on them besides this one mainly for all the calling they do and them misleading customers on the phone.  If you have made an appointment then canceled it then get ready for your caller id to say nothing less then mortgage investors all day. They need your business cause consumers are getting smart about companies like this and are not doing business with them.
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#16 Consumer Suggestion

The VA hybrid arm offered by Mortgage Investors Corp can be a good thing

AUTHOR: lowvarates - (United States of America)

The VA Hybrid Arm may be one of the most misunderstood loans in the market today.  It is unfortunate that some have had bad experiences along the way, because these bad experiences are with a particular lender or organization I do not think it is fair to classify an entire loan product as bad.  In my experience the Dept of VA would not be endorsing and allowing a loan they thought would cause harm to a borrower (veteran).  Many of you are afraid of this loan because it was either forced on you, you were lied to or mislead, or because you just dont understand how it is intended to assist you.  Instead of writing a novel I would suggest the following places online to further your research.  This video at or this blogs post on the VA Hybrid Arm


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#17 Consumer Comment

Our experience with Mortgage Investor Corporation

AUTHOR: jen - (United States of America)

We got a flyer from MIC and called them.  They said they could get us a 3.5% interest rate, and no money down.  We scheduled an appointment, and then looked them up on the internet.  After reading these reports, we called around and were told that the only way they could get us an interest rate that low was to give us a hybrid or ARM loan.  

So we called back to cancel our appointment.  They asked us for a reason why we wanted to cancel.  Granted, we weren't exactly forthcoming, but we did tell them we felt they'd given us misleading information.

That should have been the end of it, right?  No - last night (six days later), they call us back to reschedule the appointment we'd postponed.  I told them that we hadn't postponed, we'd canceled, and we weren't interested in rescheduling.  I was rather more descriptive about why we'd canceled.  

Today, they called at a different time (hoping to get someone else on on the phone?) and said they were calling back to reschedule the appointment we postponed....
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#18 UPDATE EX-employee responds

the truth hurts

AUTHOR: you know who - (USA)

The company is a little upset that im telling you guys the truth that they are threatening to sue anyone that tells anything for deformation of character.  But what they dont understand defamation of character is when you lie about someone, but this is the funny thing Im not lying nor will i lie to help such a company.  If you want to sue or what ever bring it on but do know this you have a tough fight to fight and this is one fight you will lose.  I have to many people backing me on this and is willing to go to court to tell the judge that im not lying.  Its so funny how people get all upset and scared when their dirty laundry is about to be aired.
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#19 General Comment

wake up

AUTHOR: you know who - (USA)

I would tell you this ou are better off keeping your fixed rate cause if you look at the numbers the program is designed for you not to get the money you put in until those 36 months are over.  The if the rate stays the same or go down then you save money and most likley with mic it ill go up.  I worked for this company for years and I never liked the program they were selling, because i knew it only benefited them not the veterans.  Also they do love to sell your mortgage to other companies.  As soon as they get you loan thy sell it thats how much they care about you.
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#20 Consumer Comment

MIC Questions

AUTHOR: TokyoTitus - (United States of America)

I have an appointment with a group of MIC later today to close on the loan for my home.  Of course there are more added fees, but the 3.5% for 36 Mos enticed me.  As my understanding after the 36 Mos and added fees I would have more of my loan paid off based on the 3.5,% loan; as opposed to my current 5.5% fixed.  Can anyone point me in the direction of some of their tactics to gain a few more points?  So I may be aware
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#21 UPDATE Employee

i can help you

AUTHOR: Irannye - (U.S.A.)

to tell you the truth the company does lie to veterans telling there is no money out of pocket when there is and the program is designed to keep you in debt with very little reward at the end.  In my opinion I would go with a cheaper company thats offering the same rate.  They dont care about you nor our veterans all they care about is money as you can see with all these reports.  If i were you I will do a little more research and you will see the loan officers had to sue the owner just to get paid for overtime cause they so money hungry but it you guys need help in nailing them I have the employee hand book and I know the script for ive been there for 7 years
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#22 Consumer Comment

Not the best experience

AUTHOR: Rich - (United States of America)

I was contacted by MIC and agreed to have a representative come to my house. The presentation was long and dry and in the end I saved a little bit of money on my monthly mortgage payments but the process itself was very messy just as Tammy described. The amount of closing costs/fees they added to my loan turned out to be more than what I will ever be able to recover if I was to sell my house. To piss me off even more, it wasn't until after completing a real estate licensing course that I was able to see how deceived I was into using their product, but I will admit that it was my fault.

From my experience with them (MIC), I can honestly say that they care more about the commission they will make from you rather than about the fact that you're a veteran no matter how sincere they try to make it. They really bank on people's short-sightedness. Looking back at it, even their advertised rates were misleading. If you're a husband/wife appointment, they take great measures to make sure you see their big picture - focusing on getting one of you to see the need for what they're selling. 

Veterans in general are their target market and they do whatever they can to get your business, even a little lying if thats what it takes (as I found out). It seems like people serve and get out of the military and come up with creative little ways to scam the rest of us. 

If someone is looking at this and is interested in refinancing or getting into a mortgage for the first time, I highly recommend attending a real estate class and learning about the entire process and what different things mean. It cost me a little under $300 which was very little compared to the $15,000 in new closing cost that went to these criminals and whoever else.   

Rich, Tampa FL

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#23 General Comment

Thanks Doug!

AUTHOR: JW - (United States of America)

After some research and reading these rebuttals, I too will not be meeting with Mortgage investors.  After talking with them on the phone I got the car salesman feel and it seems my thoughts were right.  Whenever a company has to rush or pressure, the red flags should immediately go up.


Doug, If you are going to call anyone a "retard" or "stupidest", you must first not be one yourself.  I could barley read your post, are you in grade school.  Actually, I believe I was writing better in 3rd grade.  Try working on your grammar before you start calling someone stupid, or at least a little less ignorant in your rants.  The worst part about the whole situation is that I have to share the same air with people like you.


So I was going to schedule a meeting and listen to what Mortgage investors had to say about their unbelievable 3.5% rate, but now after reassuring my suspicions, I will stick with my 30 year fixed 5%.  Oh and thanks to Doug from back woods USA, get back to your doublewide, your sister's calling!

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#24 General Comment

Doug?? Really??

AUTHOR: Recon108th - (United States of America)


Seriously?  Are you honestly defending that company by calling a single mother who happens to be a veteran a retard? I have to say.. If this is the case, you seriously need a self check bro...

If I was the company and you were defending me by calling a veteran a retard, I would get rid of you and distance you from my company as far as possible.  If I was one of your friends who worked for the company, I would definitely deny ever knowing you. Besides the fact that she presented her problem in a professional manner by describing the complete incident in detail.  At one point she even defends the company.  What she did not do is use childish tactics like name calling.  How absolutely rediculous and uncalled for. 

You do realize that by acknowledging that she is a veteran and then calling her a retard, you are calling ALL of us veterans retards.  Just from the representation here alone, I have decided not to contact the flyer that the company has sent to me.  Additionally, as I am a veteran of a foreign war and still active in the military ~ I will ensure that everyone I associate with is informed on how people at the company LAUGHS at their customers and use all power I have to deter them from using this mortgage company.

90% of all marketing is done through word of mouth and I for one am glad that you opened yours Doug and informed us how the company really thinks about its customers.

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#25 REBUTTAL Owner of company

mortgage investors is the most succesful mortgage company in america

AUTHOR: Doug - (United States of America)

lol you are the biggest retard i think that was the stupidest and dumbest lie ive ever heard i know a few people that work for that company and they do very well and its due to how good that company is, one of them told my they actually read this and it was a big joke at work because nothing in this statement was even close to how it works and that whoever wrote this was probly someone who tried to get a loan and was denied cause they are to stupid to pay their bills and so they tried to make the company look bad so they didnt feel so bad about being a loser without a loan......... sucks to be you
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#26 Consumer Comment

I was just trying to help, but you don't know how to listen.

AUTHOR: Ruthy - (USA)

I'm sorry if you took what I had to say too personally. I have absolutely positively nothing against single female veterans and I'm 100% sure that this company doesn't either. I was simply asking if it was your loan because there was a need for a divorce decree. Now, on another note, no one said I was an employee of this company. I'm not sure why you would assume that, but just because I tried to calm your knee jerk reaction does not mean that I work for the company that did not refinance your loan. Lastly, there is no bait and switch unless they make promises that they do not keep. If they offered a 4.5, gave you a good faith estimate at a 4.5, and could not refinance you because of technicalities....that's just you not qualifing for the program....or you not having the patience needed to work out your situation. Again, I'm sorry if you took what I had to say to heart, but I feel like I was trying to open your eyes to the other side of the fence. Again, good luck with everything.
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#27 Author of original report

Response to employee Ruthy

AUTHOR: Tammy - (U.S.A.)

Hi Ruthy,

I am filing this to give you a little info since you work for this company. Your comments  prove you do not know the facts.  First of all, there was a bait and switch.  They offered me 4.5 percent on the truth in lending, took a hundred dollar deposit from me and did not follow through with the 4.5 percent offer.  They said it would be only 7 to 10 days but they kept stalling. They then called me numerous times to have me accept an adjustable rate loan and the sales people were brutal.  Again, they got greedy, floated the loan and did not lock in the rate.  A representative told me that is what they did.

Now to the thing about my ex.  What are you talking about?  I bought my home as a single veteran.  Yes, women are veterans too.  I do not need my ex husbands permission in my financial affairs.  The bank should have been aware that I am single, and there are no liens on my home.  Had your loan officer needed a copy of my divorce from years ago before I bought my house, he should have said so.  I am not supposed to do his job for him.  To fax that huge document would have been very expensive and the company did not lock the rate in anyway so I would have been out even more money.  The presentation was an hour long and the process another hour or two.

This to me is predatory lending.  This company did lie to me and then would not accept that I would not be forced to take their offer of an ARM.  I have no special finance problems that you mention unless this company also discriminates against me because I am a single female veteran.  My credit is even ok in this tough economy but you say it is a VA streamline with no credit checks. 

The points this company charge seem to be more than my original closing cost so again how is this helping a veteran?

The representatives are very nasty too whey you say no to their new offer after they retract on their low rate bait and switch.   This isn't even good customer service. 

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I understand, however....

AUTHOR: Ruthy - (USA)

It seems to me that the company has a good product at a 4.5% interest rate. Maybe YOUR case was a little difficult being that you are divorced. Are you the military veteran who used the certificate of eligibility to acquire the VA loan? If it is not your loan, then the process may become a little more in depth. Was your ex present for the meeting with the loan officer? In general, both parties should be present for the meeting so that they can take care of the little things (like the divorce decree) with BOTH of you. Also, you said you were happy until the "Bait and Switch", but that was no switch at all. That was what you call the application process...they were applying to buy your loan and the bank they were buying it from was asking for this documentation. Honestly, you seem to be bashing a company that may have just had a little bit more effort to put into your case and you probably did not give them the patience to do what was needed in your specific situation. Sometimes things do not go as planned, but one negative series of events does not make this a bad company or a bad may just not be for you. Much luck and best wishes.
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