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Report: #466329

Complaint Review: Intercontinental Capital Group - New York New York

  • Submitted:
  • Updated:
  • Reported By: New York New York
  • Intercontinental Capital Group 55 East 59th St New York, New York United States of America

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Intercontintal Capital Group is a company that prides itself on deception. The marketing is a mailer that reads "Economic Stimulas Act". People think they are opening a letter from the goverment and call in to an 800 number and quickly find out that they are calling a mortgage company. Originators are prepared with a pitch to read to the borrowers right out of the boiler room handbook. It's all about pressure sales, finding the person who maybe has a need and exploiting it by charging as much as they can.

It's the Ameriquest "Trick and Trap" model. The rates are higher, the closing are higher and the service is quick because the company wants you to the closing table as quickly as possible so you don't have time to shop or think about the transaction you are about to do.

This report was posted on Ripoff Report on 06/30/2009 09:06 AM and is a permanent record located here: https://www.ripoffreport.com/reports/intercontinental-capital-group/new-york-new-york-10022/intercontinental-capital-group-dont-get-tricked-and-trapped-by-icg-new-york-new-york-466329. 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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REBUTTALS & REPLIES:
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4Consumer
0Employee/Owner

#4 Consumer Comment

Refinanced with ICG

AUTHOR: briar3b - (United States of America)

POSTED: Friday, November 25, 2011
I originally financed my home 2004 in NY, rates looked good Fall2011 and I began the process with ICG to take advantage of it.  The underwriters and groups which actually pick up these loans are quite distinct from the companies like ICG who actually mediate the refinancing.You should know that since 2004, althought it is key to their business, underwriters and investors have become much more careful about taking on these loans Here is why I would recommend ICG (my rep was GaryA):

1. You deal with one guy through the entire process vs getting tossed around as at larger institutions.
2. Gary worked (really worked) hard to resolve difficulties when we found  out that my property was in fact a 2 family (had a full cottage on the property) which completely changed the risk view.  He still got me the rate, and he made it happen.
3. Fast, I would estimate ICG at taking 1/4 the time to close than others.
4. I also gave my finance company (well-known respected) a chance also, but in the first two weeks, they sent me literally a ream of paperwork.  With ICG, this was all electronic and focused on the essentials.
5. When it came to the closing, all the moving parts came together seamlessly with zero table costs, and mimimal incremental to the loan.

I think anyone refinancing needs to pay attention and be a good active customer, but I can very much recommend ICG for the work Gary did for me. I have posted this postitive reviews in other venues also.
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#3 Consumer Comment

I recommend ICG

AUTHOR: Bruce - (United States of America)

POSTED: Saturday, September 03, 2011
I just completed my refinance thru ICG on August 12, 2011.  It took 12 days to complete the process.  My loan officer was a David Star... he was very pleasant, knowledgeable, and friendly.  We had to fax over 80 pages of information, tax returns, rental property info, employment info, etc.  All in all in was a great experience to work with David.  A year earlier we refinanced our rental property through Bank of America and it took over three months to get it done it was one hassle after another.  
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#2 Consumer Comment

watch out for Intercontinental Capital Group

AUTHOR: concernedcitizen - (United States of America)

POSTED: Thursday, April 08, 2010

After doing research on this company I feel consumers should really be careful when looking to deal with Intercontinental Capital Group. There are a ton of consumer complaints and blogs about this company and from my brief experience with them I also got a un-settling feeling. Some of the good press that is on the internet is clearly written by their employees and proof of this can be found in the link below. Consumers do your homework upfront and ask for figures before committing to anything...their costs and interest rates are not that good...there are too many reputable banks out there to chance it with Intercontinental Capital Group.

Consumer posts on ICG:

http://www.mortgagegrapevine.com/thread/?thread=560771

http://mortgagegrapevine.com/thread/?thread=571329

 

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#1 Consumer Comment

ICG DELIVERS WHAT THEY PROMISE

AUTHOR: Housewife13 - (U.S.A.)

POSTED: Tuesday, June 30, 2009
About a month ago I was shopping around to refinance my home. I was looking to reduce my interest rate from 6.875% on my 30 year mortgage. I had seen that interest rates had dipped and I called 3 different lenders and recieved a mailer from ICG. When I called these places they all had basically the same rates and the closing costs were comparable. There difference between the best and worst was about $1500. I chose to refinance with ICG 1st becuase of their customer service which was second to none. I felt when the loan officer called me we had a relationship as compared to the other lenders who know you by a loan number. My loan officer told me he would be able to close the loan in 7-10 business days which was far and away faster than every other lender I spoke to. The others could not get it don less than 30 days and time was of the essence becuase I was going away on vacation. Not only did he close me in 8 days but I got 2 months off without a mortgage payment, saved $430 a month on my mortgage payment and was able to go away on vacation and not have the refinance hang over my head. I would reccomend ICG to anyone looking to purchase or refinance there home.
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