Metro Cities Mortgage Relocation MORTGAGE RIPOFF!!! Sherman Oaks California

Pulled from Prospect Mortgage Website. www.prospectmtg.com

When others see nothing but a downturn in the mortgage industry, Prospect sees opportunity. We understand how to grow for long-term results. We recognize individual companies that have the talent and tools for success. With fresh capital, cost-efficient scale, and decades of mortgage know-how, we are building a network of excellence coast-to-coast through our affiliated entity Metrocities Mortgage, LLC. This is the perfect blend of centralized strength and localized entrepreneurialism and leadership.

I purchased an investment property at auction under HomePath program (a FannieMae program). This was the lender that I was directed to at auction. At first I thought things were going to go smoothly because Matt, my loan rep, requested the docs/info needed prior to the seller's acceptance of the bid (4/1/09). I faxed everything over the same day. On 4/8/09, I was notified that by Matt that he was just notified of the acceptance. I had been notified of acceptance on 4/3/09 by REDC. He then tells me that I need to sign some documents. Received the docs by email and sent them immediately. On 4/15/09, I receive a call requesting that I resent copies of bank statements that were sent on 4/1/09. They were sent immediately via email and I confirmed the financing terms via email the same night of 4/15/09. Matt, had assured me by phone that everything was moving along and I confirmed my closing date of 5/13/09. Matt told me we have plenty of time. They were sent the same evening.
REDC called around the first of the month and I called Matt reconfirming my 5/13/09 close date. He stated that we were fine and should close on 5/13/09. On 5/8/09, I receive a call from him stating that they have just processed loan docs and will send on Monday to escrow. I advised I would contact escrow on Tuesday. I decided to contact escrow on Monday. They informed me that we would not be able to close on 5/13/09 and they had not received the docs yet. On 5/12/09 still no docs and I called Matt to see if he had been able to speak with the escrow concerning an extension as the contract that I signed indicated that the seller had to approve the extension and there was a $100 per diem. He stated he would call me back once he had an answer. Later that evening around 8:45 - 9:15 pm Matt called stating he had not been able to reach my escrow person. The next morning I sent an email to them both. Matt never responded and my email to their main email address was rejected. My escrow lady notified me that she had been able to reach someone at the lender for the docs. Today, I received a call from escrow and we will sign docs tomorrow. Still no word on whether Prospect Mortgage, Rancho Cucamonga office will step forward to pay the per diem fees if the seller does not waive them.

Lets see if they step forward

I had to post this under a different profile because I have lost my sign in info.

Manny from MetroCities says they pride themselves in service.

And that he found no record of my transaction.

Well, that is because we never actually got a loan with MetroCities Mortgage.

****** our loan officer called me the Monday after closing and wanted to know why we didn't close?

I said " NO PAPERWORK FROM YOU IDIOT!"

I told her that we had found a lender here in Missouri that would close the loan for us. She went absolutely ballistic.

She accused me of using her and taking up all of her time for nothing, and didn't I know that her and her team would not get paid now after all that work?

She just went crazy!

I asked why she didn't return our calls after 3:00 Pm Friday, and why wasn't the paperwork there in time for closing?

She said she had to leave early because of some family crisis.
Your whole team had a family crisis?

She promised to have it there by the next day if she had to fly it in herself, and it wasn't her fault that the document company didn't make it on time. "There are just some things that are out of my control." (Actual Quote)

She went back and forth between being angry and threatening and crying and begging me to close with them.

In the end I told her we wouldn't close with them EVER, even if it meant not buying the house and losing our earnest money and hung up.

She called me four more times that week. They were all similar. Until her final call when she said she "would ruin me for this." (another actual quote.) I told her I didn't care.

She never actually delivered any of the paperwork though.

We had to wait two more weeks to close with the new lender, but it did finally happen, and we actually got a better interest rate here in Missouri.

However, about a month after the original closing date, the first underwriter (GMAC). The people who were actually lending us the money, sent us a rejection letter (to our old address in California) saying that they could not make the loan to us because we had relocated and our principal residence had changed.

AMAZING! We moved from California to Missouri and our residence had changed!

I had to call MetroCities to see what this was about.

I called for the loan officer I was working with (****** ) and it turns out that her and her "team" had moved on and were no longer working at MetroCities any more.
I was told that they had all my paperwork and I would just have to find them to find out why this had happened.

No wonder she was so pissed off, this was supposed to be her "traveling money. "

So I called the number on the G M A C letter.

It turns out that MetroCities loan officers had told the underwriter (GMAC) that we were buying a SECOND home not a principal residence. It also turns out that G M A C had our closing date listed as three weeks later than the original closing date.

(That explains the non existent paperwork.)

The woman I spoke to at G M A C said that we would have been commiting fraud if we had signed the paperwork that said we were buying a second home, and not a principal residence. (We had never owned a home before now.)

MetroCities Mortgage didn't get anything right, but they didn't get our money either, except for the $465.00 for the first appraisal and application fee.

I still say, Stay AWAY from MetroCities Mortgage.

Metrocities Mortgage prides itself on providing Heroic Customer Service and in doing so, we researched our data files to locate information on Martin from St. Charles, MO., so we could contact him to discuss his grievance. Unfortunately, we could find no such record so we can't respond directly to his comments about his experience with us. If you did have a bad experience using our company, Martin, we apologize and welcome the opportunity of trying to rectify it with you. We recently received our second consecutive CustomerSat ACE Award for mortgage borrower satisfaction -- 95% of our clients stated that would refer us to family or friends, so we do take quality customer service very seriously. Also, as we send out customer satisfaction surveys at the close of each transaction, we welcome the opportunity of speaking to the other Arizona parties you mention, as again, we have no records of complaints coming from that state. Martin, should you wish to discuss this further, please feel free to contact us and we would be happy to assist you.