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Failed to do Refi : Appraisal fees charged

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Very shady deals by Optimum First Inc. I submitted my tons of documents for Refi on 2 properties to Tiffany , She has provided me rate lock with Loan Estimate. My credit card was charged for $600 + $600 Total $1200 for appraisal fees. At the end the optimum fist mortgage failed to do re fi.
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Loss:
$1200
Pros:
  • Good talking
Cons:
  • Failed to provide you the solution and good con agent

Preferred solution: Full refund

User's recommendation: beware about Optimum First Mortgage

1 comment
Guest

This person is trying to blackmail my company for a refund from 2016 we never agreed to because they didn’t qualify. I have proof that they stated they’re blackmailing us for money because they “need it”

James O Ioa
map-marker Penetanguishene, Ontario

Great knowledgeable underwriters Thank You Leanne Conroy and all processing group great work will be using you again soon James Owen Homeguard funding

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Great working with you and your underwriters
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Reason of review:
Good customer service
Gno W
map-marker North Coast, California

Unresponsive Loan Officer

I requested an online loan rate quote and, almost immediately, got a call back from Optimum Loan agent Brandon Castaneda. He was very proud of Optimum's having the best rates and described its no-cost refinancing option if rates decrease after six months. For my loan, the rate would have to decrease by 0.5% to qualify. I told him I had a loan processing with another provider and would get back to him. Four days later, I wrote him, asking for the loan offer in writing that he had given me. No response. The next day, I received an e-mail from him, saying that, if I had any questions, to let him know. I responded that I had asked him for a written loan offer. It's been a two days with no response, apparently, not having seen the e-mail I had sent him. If this is typical of Optimum's customer service, I have to agree with the negative reviews. Too bad this one non-responsive loan officer shook my faith in the Optimum's ability to get the loan done. Even though my pending rate lock is at a higher rate than Optimum's, it looks a whole lot better in light Optimum's poor customer service: ignoring me even before I had applied with them. In contrast, the loan officer with my pending application at another company has expressed a solid confidence in his ability to get the loan done. How much worse would Optimum be after winning my business because then it would have even less incentive to provide good customer service. The loan agent was saying I should lock in with a no-cost loan now at a slightly higher rate, wait six months and that I could then refi cost-free at a lower rate, "almost guaranteed 1/4th to 1/2 percent less" because he thought rates would fall this winter and I could then refinance without taking cash out. I researched its cost-free refinance offer. The last condition of several conditions says that Optimum can change its terms at any time. That makes the whole no-cost refi offer unreliable if Optimum can decide to end it at any time.
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Reason of review:
Poor customer service

Preferred solution: Let the company propose a solution

1 comment
Jaidah Nmx

I am sorry about your experience with Brandon Castaneda. This is very unlike anything we tolerate at my company.

We fund hundreds of loans monthly and have over 3000 positive reviews online. We pride ourselves on having the lowest rates, giving the best deal and getting loans funded that other companies can not. We have built a reputation in the industry as be the most competitive lender with the best customer service. Again I apologize for Brandon's lack of communication.

Please allow me to pay for your appraisal and align you with one of our top loan officers that have been with the company for over 10 years. Please email me back at robert@***.com.

Gno W

Optimum First is a Good Company

I was too hasty in my criticism of Brandon. He responded to my e-mail, saying that he had been out sick the day that I e-mailed him. I cannot judge him for being ill and I have been unfair by being too impatient. Brandon is a sharp guy, willing to help his clients as much as possible. Also, the company is being overrun with a swarm of people eager to refinance now while the rates are at historical lows. In Brandon's absence, I contacted another agent named Kenneth To who was very helpful. He explained the terms of the various loan offers very with a high degree of clarity, precision and accuracy. I plan to work with him as my loan officer at Optimum. I think this is a good company.
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Reason of review:
Fair pricing
Not o Rcy

TERRIBLE REPS AND RESPECT IS ZERO FOR HOMEOWNERS

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I am disgusted with how this company handles there business. I would never ever recommend this company to anyone. All of the agents are rude, condescending and act as if they are paying your mortgage. They need to be shut down 100%! In this day and age, respect goes along way. Here their ethics are very questionable and the way they treat people is absolutely not acceptable! Never ever sign a contract with this company. If I had the means, I would send them to the lawyers to be responsible for their actions and lack of respect. AGAIN, NEVER EVER SIGN WITH THIS COMPANY! They need to be stopped and they make a ridiculous amount of interest on each mortgage and still act like they pay your bills.
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Reason of review:
Poor customer service
1 comment
Guest

This is a fake review from a competitor. Optimum First is 5 stars on Yelp which is hard to accomolish for any big lender plus they have over 2000 good online reviews. This is a bogus review.

Anonymous

Cash out refinance

Optimum first mortgage was such an easy process for me to refinance my home. you also get a lifetime Guaranteed rate lock. I don't think I could have gotten a better deal. Thanks too Alfredo Rivas Thank you so much
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Reason of review:
Fair pricing
Shaylon Aab
map-marker Salinas, California

Wasted time $ on refi with Optimum First Mortgage

Unfortunately, I would not recommend Optimum First Mortgage, Fountain Valley, CA for a mortgage. We began the refinance process with them end of June 2010. All requested documents, records and even appraisal were received in their office by the 9th of July. Long story short we heard little to no contact from them through August 19 other than I would call for an update and be told excuses such as the lender was overloaded and there was a question with the appraisal. Over these 6 weeks no one ever requested a verification of employment from either of our employers – this was suspicious as usually this process begins immediately. So August 19th , frustrated at this point I made a call to their office the day before the 45 day rate lock expired and was told the lender said the appraisal came in too high. They did not offer to extend the rate and help work it out. My loan rep Cody offered to see if another lender would be available. Two weeks passed and I never heard back from Cody. Now having lost 2 months' time, our low interest rate and $365 on a wasted appraisal, I emailed them and ask for a refund of my appraisal fee. My last response from them was this….. Carmen, I will have my manager get in contact with you today. Thank you. Optimum First Mortgage Unfortunately, something is very suspicious about this whole process. That all said, we decided to start the process with a local company – we sat down with them on Tuesday August 31. In 3 ½ weeks we have now already signed loan documents and will close early next week. By the way the appraisal came in $25K higher than the first one. Bottom line – find a local mortgage company or bank referred by a local real estate professional or friend. And don't take a chance on Optimum First Mortgage.
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12 comments
Guest

Any mortgage company that does any type of business at all is going to have some bad reviews. This company has a ton of good reviews online and only a few bad ones.

Guest

Sometimes you need to know how to complain and to who.

Plus, it should be up front who you need to talk to, sign it and get a copy.

The higher ups should make this very clear before the other paper work begins. You will need to number the pages so that the customer will see page one is missing.

or

Guest

or

at the bottom of each page of the loan app, ask if the customer has read page one.

Guest

why is there no website or link to optimumfirst.com?

Guest

I was just looking to refi my home, as the rates were finally lower than I had, and narrowed it down to 3 companies, this being one. Guess I am down to two.

Thanks for the heads up. :)

Guest

:cry Sounds all too familiar...

Using a local finance company or credit union is your best option. Doing business with an out-of-town company is very risky.

Guest

If you are having a problem with the processing of your loan or have any questions about our company then please do not hesitate to contact me, Matthew Dohman, president. I can be reached at 714-415-**** x127 or by email at matt@***.com.

Optimum First Mortgage has over 500 positive reviews on the Better Business Bureau's Trustlink website. You can click a link to view Trustlink through our website, www.optimumfirst.com. You will find 2 or 3 complaints about us online but that pails in comparison to the hundreds of great reviews we have. We have funded several thousand loans in the last couple years just so you can get an idea of the size of our company.

Please do not let the less than 1% of unsatisfied customers deter you from doing business with us.

When comparing us to smaller companies you are not going to be able to get the price and experience we can deliver on. If you have any questions please feel free to contact me.

Guest
reply icon Replying to comment of Guest-237145

Your company calls repeatedly without regard to the DO NOT CALL Registry and will NOT stop as requested.

Guest

If you are having a problem with the processing of your loan or have any questions about our company then please do not hesitate to contact me, Matthew Dohman, president. I can be reached at 714-415-**** x127 or by email at matt@***.com.

Optimum First Mortgage has over 500 positive reviews on the Better Business Bureau's Trustlink website. You can click a link to view Trustlink through our website, www.optimumfirst.com. You will find 2 or 3 complaints about us online but that pails in comparison to the hundreds of great reviews we have. We have funded several thousand loans in the last couple years just so you can get an idea of the size of our company.

Please do not let the less than 1% of unsatisfied customers deter you from doing business with us. When comparing us to smaller companies you are not going to be able to get the price and experience we can deliver on.

If you have any questions please feel free to contact me. :)

Guest

I'm having the same issue with these guys. It's now been 3 months & everyday they promise we're almost ready for docs. Unfortunately I can no longer get the same low rate elsewhere as what they locked me in at, so I have to keep persevering :(

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Erik R Civ
map-marker Bath, Maine

Failed mortgage re-fi

I heard of Optimum First from a guy at work who had a unprofessional, but complete mortgage refinancing experience with this company. After contacting the company in early august I began the re-fi process. The list of documents required were extremely confusing and after many emails i submitted the last of the documents august 17th. On August 25th my credit card was charged $435 and $75 dollar charges. Many weeks passed without proactive contact from Optimum First. When I probed to see how things were progressing I got vague excuses. On October 28th I decided to end my troubled experience and find a company that could keep their promise of a 45 day lock in period. After asking to discontinue the loan modification I received a flurry of emails from a "supervisor" who threatened me with a $995 fee if I pulled out. I reviewed the documents I had signed and found the $995 fee did not apply to me. When I pointed this out to the "supervisor", I was told it was not "fair" for me to pull out of the loan process. I recommend that this company be avoided at all costs. I am out over $500 and three months of my time.
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Loss:
$510
6 comments
Guest

Very shady deals by Optimum First Inc. Given all details about loan# to the owner Robert D.

but no action is been taken. I submitted my tons of documents for Refi on 2 properties to Tiffany , She has provided me rate lock with Loan Estimate.

My credit card was charged for $600 + $600 Total $1200 for appraisal fees. At the end the loan was denied.

Edelmira Bkt

I am current looking to refinance my current lone are review these comments. So on a average how lone does your lone process take.

Do you have a SOP or TTP on how you Lone Officer inform you customer during the lone process? This was consumer will have a understanding of the process.

Guest

Hmmmmm.....

The threats sound very familiar.

Regardless of the refund--finance companies have a fiduciary responsibility to do the job RIGHT the first time and not waste customer's time and money.

Optimum First failed...again.

Guest

If you are having a problem with the processing of your loan or have any questions about our company then please do not hesitate to contact me, Matthew Dohman, president. I can be reached at 714-415-**** x127 or by email at matt@***.com.

Optimum First Mortgage has over 500 positive reviews on the Better Business Bureau's Trustlink website. You can click a link to view Trustlink through our website, www.optimumfirst.com. You will find 2 or 3 complaints about us online but that pails in comparison to the hundreds of great reviews we have. We have funded several thousand loans in the last couple years just so you can get an idea of the size of our company.

Please do not let the less than 1% of unsatisfied customers deter you from doing business with us. When comparing us to smaller companies you are not going to be able to get the price and experience we can deliver on.

If you have any questions please feel free to contact me.

This customer decided to cancel his loan for one reason or another altough we could have delived the loan at the original agreed upon terms. We still refunded this borrower $510 for his appraisal money altough we were not obligated to do so.

Guest
reply icon Replying to comment of Guest-237146

Hi Mathew, What happened to the advance appraisal fees charged by your company and not able to do refinance. Note--I am able to get mortgage for a new house after your inability to do refi. I have left my reviews on yelp as well.

Guest

Correction to previous statement, we refunded this client $510.

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Ric D Yjr
map-marker El Cajon, California

Optimum First Mortgage botched refi

Optimum First Mortgage of Fountain Valley was the first to call me after I filled out an on-line refi query. In fact, they called me within two minutes after I hit the enter key. The very first words out of the broker's (Robert) mouth were about how bad the competition (Quicken Loans) was. I should have been more concerned about how low Optimum First's level of competency was. Bad-mouthing their competition should have been a clue to me that they were not very professional. To make a very long story as short as possible, Robert either misquoted, lied, or did NOT know that a 5/1 ARM could increase by 5% after the first five years. In fact, did not know that it could increase 5% in the sixth year. I asked Robert several times the max increase per year and he repeatedly said 2% per year until it increases a max of 5% above the starting rate. I looked it up in the disclosure statement, which said it could increase 5% in the sixth year, regardless of what the Libor or rates in general do. How could he not know that? I asked him again, this time in an email; again he said 2%. This time it was in writing. They also failed to disclose, up front, several requirements of the lender (Provident--another story) they were working with. Like, oh by the way, you need to write us a letter telling us what you are going to do with the cash out. No problem. After I wrote the letter they came back and said I neet to get estimates for the upgrades/repairs I had planned to use the money for. Robert and Optimum First also mis-quoted the appraisal fee, by about 50%, low, of course. They promised to pay this back to me but I'm still waiting for the check. Another think, I paid for the appraisal out of pocket but the lender still added it to the loan costs to determine the payment. I'll have to talk to HUD about that. Seems illegal that I'm paying a higher payment because of something I paid out of pocket. Now, dontcha think that a broker who has been working with a specific lender would know the lender's requirements and pass them on to the client early in the process in order to expedite the loan? Robert and his supervisor tried to convince me to get the estimates, get the loan, and then just use the money for whatever I wanted to do with it. Talk about ethics... I decided that Robert was incompetent, Optimum First was incompetent, and cancelled the loan. It wasn't that good of a deal and they weren't lowering my payments very much anyway. Beware of Optimum First and especially incompetent loan brokers.
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11 comments
Guest

Sometimes you need to know how to complain and to who.

Plus, it should be up front who you need to talk to, sign it and get a copy.

The higher ups should make this very clear before the other paper work begins. You will need to number the pages so that the customer will see page one is missing.

Guest

Number one 4 friends have been funded by them and they were excellent...best rates and no costs really...sounds to me you didn't even know how to read your hud educate yourself on the process before bad mouthing a fine company trust and believe they are the best at what they do :)Keep rocking Optimum First

Guest

Some win; some don't.

Your "satisfaction" with Optimum First is really not worth much to anyone who was screwed by them.

They also have the ability to remove unfavorable comments from the BBB Trust Link site, therefore "covering up" their "failures."

Guest

I just completed a refi brokered by Optimum First Mortgage through Montee Skorich. Whatever its worth, I was satisfied by the service they provided in terms of timely answers to all my queries. I do trust the service rendered to me by Montee and I would be willing to recommend his company a friend.

Guest

From: "matt@***.com" I am sending an email to all my past clients to see if you would be interested in taking advantage of that free Rate Protection Guarantee you received last time we completed your refinance. Let me know if you are interested in a no cost rate roll down and I will check the rates to see if it is possible.Hope all is well.Thanks,Matthew DohmanOptimum First MortgagePhone: 877-816-**** x127Fax: 800-948-****www.optimumfirst.comThe above is the SECOND email I received from Optimum First regarding their "free" rate reduction guarantee.

However, their "follow up" is to say that I don't qualify.If I don't qualify then why do they keep sending the offer? Why don't they "honor" the rate reduction certificate they gave me when the loan closed?Optimum First has no intentions of honoring its "guarantees." It's all "hype" to get customers.Neither Robert Drenk nor Matthew Dohman have the courage to follow through on their written promises.Perhaps a lawsuit (for failing to follow through on their contract) will spark a little fire under their butts.

Guest

My last comment was ten months ago; why is Optimum First keeping this alive? Perhaps it's because of the 1400+ hits it received.

In October Optimum First's Robert Drenk refused to honor their "3 Year Rate Protection Guarantee." So much for "service."

The question is: "If they didn't plan on honoring it, why did they give it to me in the first place?"

Regarding the "newer loan officer:" He may have been "new" to Optimum First but his title included "Senior Loan Officer" and therefore he should have had a higher skill level than what he demonstrated. I questioned him several times on the 5/1 ARM and he failed to provide the right answers.

Regarding the BBB complaints: The BBB will remove complaints that their customers (i.e. Optimum First) do not think are favorable to their business.

Also: "pails" should be "pales."

Guest

If you have any questions about our company then please do not hesitate to contact me, Matthew Dohman, president. I can be reached at 714-415-**** x127 or by email at matt@***.com.

Optimum First Mortgage has over 500 positive reviews on the Better Business Bureau's Trustlink website. You can click a link to view Trustlink through our website, www.optimumfirst.com. You will find 2 or 3 complaints about us online but that pails in comparison to the hundreds of great reviews we have. We have funded several thousand loans in the last couple years just so you can get an idea of the size of our company.

Please do not let the less than 1% of unsatisfied customers deter you from doing business with us.

When comparing us to smaller companies you are not going to be able to get the price and experience we can deliver on. If you have any questions please feel free to contact me.

Guest

This is Matthew Dohman, president/broker for Optimum First Mortgage. Bottom line is one of our newer loan officers did misinform this customer of how a 5/1 ARM loan adjusted.

Upon learning of our new loan officer's mistake management called this customer and canceled the loan per the customer's request and we reimbursed this customer for the entire appraisal fee and made him whole (checks have been cashed by customer). The customer decided to continue the refinance of his rental property with us of which we completed for him at the exact interest rate and fees agreed upon prior to starting the process.We truly feel like we have done everything possible to accommodate this customer and this customer still felt it was best to report very negative and inaccurate things to several different websites in the effort to prevent customers from dealing with us. As a company we service about 2500 clients and potential customers per month and we have never had a complaint such as this. In fact we have well over 200 positive reviews from customers who have completed the refinance process with us.

We do everything possible to make sure each and every customer is completely satisfied.If you have any questions or concerns please feel free to contact me, Matthew Dohman, at 714-415-**** x127 or mdohman@***.com.Customer service and satisfaction is very important to myself and my company. We pride ourselves on always trying to do the right thing and what is best for our customers.

Ric D Yjr

It's too bad Richard Noon had to resort to childish name-calling instead of simply sticking to the facts. Childish name-calling undermines any valid points he may have.

I've contacted PissedConsumer and asked them to remove the "names" in my previous comment, or remove the entire comment.

Guest

Actually I had two loan applications; one for my primary residence (which I cancelled for their incompetence) and another for a rental propery (which they totally mishandled).

Say what you will about rats; they are heads and shoulders above you.

You were probably paid by Robert Drenk of Optimum First to respond to my comments. It was Drenk who threatened me with a huge penalty if I cancelled BOTH loans; he was so desparate to save FACE with the lender )Provident).

And it was Drenk who got TrustLink to remove my "not-too-favorable" comments. It's a sad day in a democracy when a customer can't complain about really BAD service.

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