Anonymous

Terrible, expensive, time consuming waste of time

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Angel Oak Funding - Terrible, expensive, time consuming waste of time
Angel Oak Funding - Terrible, expensive, time consuming waste of time - Image 2
Angel Oak Funding - Terrible, expensive, time consuming waste of time - Image 3
Angel Oak Funding - Terrible, expensive, time consuming waste of time - Image 4
Angel Oak Funding - Terrible, expensive, time consuming waste of time - Image 5
This was hands down the worst loan experience Ive had over my 23 year real estate investment career. From my first interactions with my loan officer Marianne Rasmussen, I clarified that I could refinance my investment property even though it was held in a land trust. After speaking with the underwriter, she confirmed I could refi under their no doc program. Their no doc loan program required me to submit 16 different documents in addition to my loan application. SIXTEEN! What a joke. Thats certainly not No doc. It would have been more required documents if you include the countless emails back and forth explaining to the underwriter that an additional insured on a home insurance policy is not a second lien holder. My own privately held S Corp Management company is an additionally insured on my landlord insurance policy, but the underwriter insisted I needed to provide proof that a non existent second mortgage from my own management company was paid off because my management company was listed as an additional insured. After I sent in a personal statement saying there wasnt, and had never been, a second mortgage on the property along with a Wikipedia definition of an additional insured, the underwriter finally relented on this bogus requirement. Why the underwriter couldnt look at the title work and see there was not a second mortgage is beyond me. I also had to submit a letter saying I live with my spouse in our primary residence and several other crazy items. I sent a complaint email to a manager about all the required documents for a no doc loan and I explained the incompetence of loan officer who didnt know industry standard terms, but of course I never received a reply from the manager. My net worth is 10x the loan amount I applied for, I have liquid assets in excess of the loan amount I was applying for, my credit scores were 755, 760, and 770, Ive owned the subject property since it was built (about 19 years), Ive been in the landlord business for 23 years, and I was seeking a 75% cash out refinance. It took 6 weeks to obtain a conditional approval, but one of the conditions of closing was that I deed the property out of the trust into my name and have 6 months seasoning, OR my trustee co-sign on the loan. Again, prior to applying for the loan, I was told it could be refinanced in a trust - too bad they failed to mention Id need to deed it out of the trust and wait 6 months! Although my loan officer was very nice, her knowledge of the loan business and of her companys offerings was extremely poor, and have you ever heard of a borrower needing to explain industry terms to an underwriter. What a mess! Six weeks of time wasted, several hours spent gathering 16 documents and completing the loan application have been wasted, and Ive spent over $1,000 on their appraisal and title work all to be told I was misinformed before I even started the loan application and I can not proceed unless I wait 6 months and deed it out of a trust that I submitted proof of control over. No thank you. Rather than applying for a loan with Angel Oak, I should have simply taken ten $100 bills outside and set them on fire. That would have been much more fun and it certainly would have saved me a ton of time and headache.
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Cons:
  • Waste of money
  • Waste of time
  • Lack of knowledge

User's recommendation: Stay away

Resolved
Jeffrey J Mmr

This review is from a real person who provided valid contact information and hasn't been caught misusing, spamming or abusing our website. Check our FAQ

Verified Reviewer
| map-marker Sandy Springs, Georgia

Resolved: Horrible experience

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Updated by user Oct 15, 2021

Company fixed the issue and I have been provided with apology. The loan was amended to the original terms I was offered..

Original review Sep 15, 2021
I received a loan estimate from Angel Oak and was later fully approved for the loan with no changes to my qualifications. At the settlement table, the loan package came in at a much higher interest rate than my estimate (which was locked in!!) and different terms in a much higher and extended prepayment penalty. As I had a $50k deposit and $490,000 down payment at risk, I had to sign the documents. Angel Oak refuses to explain what happened or take any responsibility.
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Loss:
$10000

Preferred solution: Let the company propose a solution

User's recommendation: Beware!!!!

Anonymous
map-marker Spring, Texas

Bad Bad experience

Angel Oak is being closing on a house for a month, they keep telling the buyers that the underwriter is reviewing the papers and evetime they came out with a new excuse for papers, and that turns into a week, they say the last statement the underwriter has to indemnify that this investment is insurable. so the borrowers putting 100k down for a loan of 160 K is that suppose to take a month and every week ask for a new paper, somebody has to go back to school and review their skills
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1 comment
Guest

Hello, Thank you for your review. Can you please send further information to marketing@***.com with your name and who your loan officer was that you worked with?

We do not have any branches close to Spring, Texas so we wanted to ensure we heard your feedback to make any proper corrections. Thank you!

Anonymous

Terrible company

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Extremly rude and unprofessional. Tries to strongarm you into a loan. Would NEVER work with someone like this! Agent: Dale Corley.
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Reason of review:
Poor customer service
Anonymous

Angel Oak Mortgage turned our dream into living ***

This is the most dishonest company! We were supposed to close on July 18. It was pushed until august 1 so we could close on an existing home and get our portion of cash to close. However, Angel Oak was not ready, and did not tell us or our broker. Instead they kept asking for ambiguous items like a tax account transcript form even though they already had two years of tax returns. We were repeatedly told things like, "it's in processing," and "it should close tomorrow." Meanwhile, here we are on August 10, we've jumped through every hoop, rescheduled movers six times, we're being charged a daily late penalty and we've been living out of a hotel for a week. Angel Oak has costed us so much time, money and emotional stress. And, the worst problem is their inability to stick to their word. If they would have been upfront a week ago about not being able to close for x amount of time I would have been able to make arrangements. Instead I scramble each day to extend our hotel another night and reschedule the movers. Dealing with Angel Oak is the the worst experience of my live!!! Angel Oak over promises and undelivers. Just be honest already.
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Reason of review:
Poor customer service
2 comments
Guest

Did you finally close though?

Kiera Tzi

Hello,

Can you please provide your first or last name so we can look at your loan in our database to further assist you with this compliant?

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Anonymous
map-marker Atlanta, Georgia

Never received Loan they won't call me back

I started this process on May 19, 2014 and as of today, August 14, 2014 I still don't have my loan and would like my appraisal fee back as they used an Appraiser who didn't even know that you don't cross a main road to pull comps for the appraisal. In addition, after waiting 3 months and not being told why I didn't receive a loan on a free and clear investment property (I have a 770 credit score and little debt) they said they were submitting to another lender. I received an alert from my credit alert company saying there was another credit inquiry (which lowers your credit score) and Robert Mulcahy and Pearce Spurlin both told me they hadn't pulled and that was the second pull for the original loan, but this occurred AFTER the other loan didn't close. Now they won't even call me back or send an e-mail.
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Loss:
$575
1 comment
Magdelena Yct

Hi,

We are sorry to hear about an unpleasant experience you had with Angel Oak. Though it does sound like your experience was with another division of our company, Angel Oak Prime Bridge, in either case we would certainly be available to help address your concerns.

Please contact Richard Staley at richard.staley@angeloakhomeloans.com to further address your situation and ensure better communication in the future.

Thank you!

--Angel Oak Home Loans

Resolved
Kenyatte Prk

Resolved: Angel Oak Funding gave me a real rough ride, and it felt like bait-and-switch!

Updated by user Dec 13, 2015

This is an update to my previous complaint.

Earlier this year, many months after my complaint, I finally received a call from Angel Oak's Chief Production Officer, Richard Staley.

He let me know that his company had re-considered my case, and had decided that there was some fault on their part, and he offered to reimburse me for the expensive appraisal.

He also mentioned that the folks in the LA office with whom I had dealt were no longer with the company.

I appreciated this action, even though it was a bit longer in coming than it should have been.

The reimbursement came a couple of months later. Evidently, Angel Oak can act responsibly.

Original review Dec 19, 2013
Angel Oak Funding's warm initial approach gave me assurance that they could meet my requirements - zero out-of-pocket, a simple and uncomplicated process, fold my HELOC into the refi, and competitive fees and interest rates. I checked their fees, and the title search, and they were higher in some fees than the big banks by about $350 They said they would come down, but I never saw it. They would not come down on their $600 appraisal fee. Their good-faith estimates made me a little concerned, because the numbers were not the numbers that they had discussed with me, including differences in interest rates and the higher fees they promised to lower. They assured me that they would adjust these later. After that, I found it very difficult to get straight answers on my loan numbers. Shortly after starting my process, interest rates dropped, and I had to tell them, or I may not have heard about it. At only a day into exchanging signed documents and statements, they told me that I had to complete and return all of the documents within three days of receiving them! I explained that I was in heavy work travel mode, and needed more time, but I received a great many emails and phone calls, from multiple employees, pressing me to complete and return the documents more quickly. It became clear that this was not a simple and uncomplicated process. Their website allows for electronic signatures on some docs, but the site did not work well all the time, and there were still a lot of documents that had to be printed, signed, and returned. I have no fax machine, and scanning and emailing my documents back to them was not easy. After sending the scanned documents, they notified me that they could not read the standard jpg format that I had sent. They had not designated a format, and I asked if they could convert them to pdf format at their end with a simple freeware app, but they said no. They said that I had to convert all my documents to pdf format, and re-send them. Multiple people continued to contact me with multiple emails and/or calls each day. A couple days after sending all my docs to them, they called to tell me that they had lost all of my documents, and I had to download a completely new set of documents, sign them, and do the scan-convert-email routine all over again – within their three-day time limit! After they got that second batch, the main guy who was processing my application, Mr. Khaligh, contacted me, indicating that, after all of the discussion and document exchange, they had overlooked some aspects, and the numbers were going to be different than we had initially discussed. Mr. Khaligh said they had not considered my HELOC fold in properly, and he laid out a number of options, but none were close to the numbers they discussed in the beginning. I don't know if any of these bad things that happened were done deliberately, or if they were just a sign of very bad management, but either way, in my opinion, Angel Oak Funding is not a firm that can be trusted. At that point, despite already having spent $600 on an appraisal, I stopped working with Angel Oak Funding before completing my refi, and went to another firm. The new lender, Joe Schwartz (Axiom Lending Group), gave me accurate numbers in the first 15 minutes of our initial discussion, and allowed me, without any badgering, more than 3 days to get my paperwork back (Angel Oak told me that three days was a legal requirement for every lender). I originally planned to send out this review immediately after switching to the new lender, but I thought I would first give Angel Oak a chance to compensate for their shoddy service. I sent the review above to Mr. Monahan, Mr. Khaligh’s boss. Mr. Monahan contacted me promptly, apologized for the service issues, and said that he would ask his management for permission to offer reimbursement of my expenditures. He reported back shortly that no reimbursement was possible. This indicates to me that the problem is not only with their local teams - their main office does not respond responsibly to issues with their service. In the interests of full disclosure, I should say that I would have reconsidered posting this had they responded differently. Their employees were not rude – my issue is with the poorly orchestrated process, inadequate information delivery, and inability to respond effectively to poorly-treated customers. A big refi represents thousands of dollars in revenue to lenders, and with interest rates likely to move up soon, it appears that Angel Oak is caught up in a gold rush of refi opportunities, and based on my experience, after the $600 appraisal, they don’t really seem to mind rushing people through a rough process, providing inadequate information, and failing to respond adequately to poorly treated customers.
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Loss:
$600
1 comment
Magdelena Yct

Hi,

Thank you for taking the time to write about your incidence. We wanted to apologize for the inconsistencies you experienced while working with us. The associates mentioned are no longer with Angel Oak Home Loans - please be assured that we have taken steps to train our team.

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