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AimLoan.com Complaints & Reviews - Scam and cheating

AimLoan.com Contacts & Informations

AimLoan.com

Posted:    Sven

Scam and cheating

Complaint Rating:  88 % with 225 votes
Contact information:
AimLoan.com
United States
aimloan.com
In May, 2009, Aimloan.com was very cordial while getting our business when we sought refinancing for the sole purpose of reducing our interest rate since rates were currently low. It determined the value of our home, our credit rating, and documented all of our income which varies from $110K to $120K per year. All was done w/ the intention of our receiving a loan at under 80% value of our home.

Aimloan fell down on getting an appraiser out, so they did offer to extend our 30-day lock for another 10 or 15 days. One day prior to the signing deadline it notified us that we could not have the type of loan we wished as we planned to subordinate a HELOC w/ our credit union. Aimloan.com had been through all the loops with the credit union and gave no indication prior to this that there was any reason for concern. The credit union was doing everything they could to assist both Aimloan and somone who has been a client for 39 years.

So, at the last minute, they informed us that they could give us a fixed-rate loan, but it would be at 4.494 points compared to the 0 points we were told to expect.. . . or it could give us a loan at the 0 points, but we would need to pay 1.25 points up front since its claim was now that the loan could fund only to 60%. And, by the way, the offer was only good until 5:00 P. M. . . . and we received it via email at just after 4:00 P. M. on the same day.

Whether it is the incompetence of Aimloan personnel involved or deliberate dishonesty on the part of the firm, we were completely blind-sided on this one and still wonder how could they do this? Fortunately for us, we do not need to refinance, but I feel for any other of its customers who do need to refinance and encounter similar problem with this company.
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 16th of Jul, 2009 by   Indiana123 0 Votes
My experience with AimLoan is pretty much the same.

We have a 804 credit rating, making $111, 000 per year, and will be retiring on $85, 000 defined benefit for life with COLA. No bad credit, no foreclosure, no outstanding debt, no nothing. . . . Still, we ended up faxing over 100 pages of forms and information after a number of "requests for explanation" on important things such as a raccoon tearing a hole in a dryer vent, or why, after contacting "Lending Tree", there were other lending company requests on my credit report.

So, we were expecting a 10-day turnaround on the paperwork (as their information says), on a $148, 000 mortgage in Indiana. This turned into over a month. No indications of problems. Then, just near closing, they say they have a problem with having on house on two lots that you own. Verboten says Aimloan.

But, the subdivision has 20% of their homes on two lots. They didn't want to reconsider. Loan denied with only a couple weeks before closing, so we had to scramble otherwise the deal with getting the home was off. I had to pay the Appraisal fee for $300 and was denied repayment, not to mention the 30+ hours or so answering their questions. Also, they have this "Ellie Mae" website that's supposed to show where you are in the process and they failed to update on most everything. Pretty much left in the dark throughout the process.

Luckily, our realtor knew a local mortgage company that closed us in about 5 days, otherwise, we would have lost a great retirement home of our dreams overlooking a lake. Best of all, the rate I got from the new mortgage company was identical to the "locked" rate I was given about 40 days prior. It worked out allright in the end, but this process could have gone much smoother if AimLoan would have been better about respecting the people they serve.

So, I'm left with your same question you asked, "Whether it is the incompetence of Aimloan personnel involved or deliberate dishonesty on the part of the firm, we were completely blind-sided on this one and still wonder how could they do this?" Also, just from what I took from my contact with them, I feel that if I'd had an hispanic surnmame, I probably would have gotten the loan real quick.
 1st of Aug, 2009 by   RE Gal 0 Votes
I personally know this company...believe they have grown too quickly to service their customers in a manner they profess on their website...fact is when one takes into consideration the volume they do, they have very little complaints. I do not work nor have ever worked for this company...just know the owner/Pres. I am Real Estate professional w/many years in the business. They are on a growth spurt where they hire people w/o any experience & train themselves...they pay their help little to start w/hopes of moving up the pay scale & ranks if you prove yourself worthy. This is an American dream venture to build an empire by the owner... a very smart person. He has been cited previously by the CA DRE (2002-03) for not supervising his licensed employees...an oversight by a busy individual that gives the air that somethings don't apply and when slapped on the hand they have the $$ to pay their way out...Gee where have we seen this before??
 9th of Oct, 2009 by   Marin Ca RE Broker 0 Votes
We will see what happens to me after being first told in an auto matic E-mail based on my online app its a no go.
Nest day a call- its a go and I give them $300. on my visa .
My credit is 800 when they pulled it and lots of equity for this refi owner occupy .
My rate for 5 yrs will be 3% with 1.77% points -plus other closing costs-all seem very low.

Will update if I remember...
 8th of Sep, 2010 by   JNLeChevet 0 Votes
Typical mortgage company scam. They will have an "unavoidable delay" that extends the closing beyond the lock period. If they rates go up, they offer you the new rates, and if the rates go down they extend a courtesy extension of 15 days. Either way the company wins and you lose. I had three mortgage companies pull the same scam before the rates stopped falling and I was able to close.
 11th of Oct, 2010 by   steve2 0 Votes
It is a fact that going through a home loan process is agony, but AimLoan turns the process into a nightmare. The well-constructed web site entices visitors to follow through the application process and once abundant personal information is supplied in the application, a nice confirmation of the details offered for the loan is supplied. An email is also sent to the applicant that details the offer.

You had been enjoy the process up to this point because everything afterwards will make you wonder whether you should be continuing with AimLoan. First, you will deal with the rudeness and then the incompetence. I made notable sacrifice in getting data AimLoan requested within their three day window. About five days after I started the uploads, I received an email asking me whether I had received their data requests. Yes, I had completed the uploads two days earlier, but the company representative seems to have not checked for the data.

I decided to continue with the loan process even after the rudeness and incompetence I had experienced. Things would only get worse. Data I had sent would be rejected because it supposedly was in the wrong format. Requests for additional data kept trickling in. The 30 day lock for the loan terms was ending and it was obvious no loan would be made for that lock. A 15 day extension for the lock was offered, but it became clear that the extension expiration date would also go by without a loan forthcoming. Doing the entire period of dealing with AimLoan, I made every effort to deliver to them every piece of data requested as quickly as I could deliver it, but their rejections of data and delayed requests for additional data made failure of the loan inevitable.

I would periodically request a status for the loan process, but no answers were given. I was also rushing to meet an act of sale deadline of 6-30-2010 in order to qualify for the federal tax credit. About the time the second expiration date for the lock was coming up, AimLoan’s tactics became clear. I was offered the loan, but at an additional $1300 in points. A phony claim of debt to equity was the reason given, but it seems to have taken AimLoan over a month to realize I didn’t have the proper debt to equity ratio to qualify for their original loan offer.

That is how the AimLoan process went for me. I received rudeness and incompetence throughout. After I had invested enormous amounts of time and effort and was trying to meet a federal tax credit deadline, the terms changed for my $106, 000 loan so that I would have to pay about $1300 in additional points. Needless to say, I rejected the puffed up offer, but AimLoan still had $300 they deducted from my credit card at the time of my loan application for an appraisal that they had never done.
 28th of Oct, 2010 by   Melinda74 0 Votes
Don't want to go into long, drawn out explanations like some others, but pretty much the same experience here. Great credit, equity, etc. Told loan was a go. Then all of a sudden after the $300 appraisal you have charged on your VISA, you all of a sudden don't qualify.
 10th of Nov, 2010 by   WhatAWasteOfTime! +1 Votes
We are experiencing the same problems with AimLoan and will most likely take our business elsewhere. Thanks to everyone for detailing the problems as your description of them summarizes ours and confirms that we need to go with a different lender.
 28th of Dec, 2010 by   Alan38 0 Votes
Just went through the same sort of back and forth w/ aim loan.com. I wish I known about these posts a week ago. before I actually took the time out to fill out their online questioner. I thought of aim as a legitimate lender; Instead I got the run around an a rude rep who doesn't even return a call nor reply with any type of any of the professional protocols you would expect from a lender. Finally when I dared to complain, the lady rudely informed me she would actually transfer my case and hung up the phone on me. Mind you I have excellent credit. My advise to potential borrowers, is to go to legitimate lenders out there and stop trying to take the cheap rout which will actually cost you more than you bargained for in the end. My loan person I was dealing with # is 734. She is the worst. She actually has an attitude and seems dislike being asked simple questions regarding INTEREST RATES!!.?? (what the hell is her job then?) I am actually planning to complain to the supervisor tomorrow for wasting my time for all it's worth although I usually don't do this. NOW I AM ACTUALLY WORRIED WHAT THEY MIGHT DO WITH MY PERSONAL INFORMATION NOW THAT THEY HAVE IT. (yes they are that unprofessional). I will have to call equifax to request a block on any type of queries to my SS#.
 3rd of Jan, 2011 by   Really Disappointed in Ohio 0 Votes
RUN AS FAST AS YOU CAN - these people are flatout crooks. I had every problem the others on this site have written about and more. I had everything they requested faxed to them within hours of the request and they kept asking for things I had never heard of a mortgage company asking for. This never stopped. I think it was because the rates were going up and I was locked in at a much lower rate. They stalled out two lock dates, kept asking for strange documentation, wanted another $1200 to honor the rate, and even after we closed they called and wanted to see a paper trail on a deposit I had just made. They said they had a 3 day right to rescind the loan! I said for them to kiss my ass. Working with these people was the worst financial mistake I have ever made. I'm 64 years old, taught business and economics for thirty-five years, and have an MBA. Like I said, RUN!
 5th of Jan, 2011 by   Plu 0 Votes
Thank all for sharing your experience with AimLoan. I just had the similar experience as you. It seems to me that AimLoan is not very honest, they set you for failure to get the extension fee. They tell you everything is fine until a few days before deadline, they only tell you one thing at a time. They never call you unless they want to charge you a fee. Again if the company is honest, then the person I am dealing with is not. Either way, it does not worth to go through the trouble to get the loan. I should call my credit card company to get $325 appraisal fee back.
 6th of Jan, 2011 by   unhappy camper 88 0 Votes
Sure wish I would of read this 3-4 weeks ago. Pretty much same story, sometimes I wonder if the processor is stupid or just a newby. They jerked me around for weeks asking for documentation of things I never dreamed of. I've made a purchase and two refi's in the last 2.5 years and have never been treated this badly. I also feel like I was set up to fail. They know I have a contingency to pay seller if I am late on my escrow. I would recommend try somebody else.
 10th of Jan, 2011 by   swardwilson 0 Votes
We just closed on our refinance yesterday with Aim loan. The only problem we experienced was a bogus appraisal...which the loan processor agred with and fought for us to have another appraisal completed...which we did not have to pay for. We had excellent customer service and received a great rate. If you are organized and don't have a problem with emailing and faxing all the info...then I highly recommend them! Nicole and Charlene were great!
 12th of Jan, 2011 by   ISTANBUL 0 Votes
THIS FIRM IS UNETHICAL IN THEIR BUSINESS PRACTICES AND ANY COMMITMENTS THEY MAKE CANNOT BE RELIED UPON. DO NOT BE FOOLED BY THE SLICK ADVERTISING ON THE WEB. MY ATTORNEY, WHO WAS HANDLING THE TRANSACTION IN THE MAIN SAYS HE HAS NEVER SEEN A REPUTABLE FIRM OPERATE IN THIS MANNER. SOME BASIC FACTS TO CONSIDER:
THE SO-CALLED LOAN PROCESSOR HANDLING MY APPLICATION WAS "REMOVED/FIRED" AFTER THREE WEEKS OF BURYING MY APPLICATION. A NEW PERSON WAS ASSIGNED WHO WAS A BIT MORE ACCOMPLISHED BUT INHERENTLY RUDE AND CONDESCENDING. THE KEY FACT TO RECOGNIZE ABOUT THESE FOLKS IS THIS. ANY RATE LOCK OR COMMITMENT TO FUND A TRANSACTION AT A STATED RATE IS ONLY GOOD IF RATES ARE STABLE OR MOVING DOWNWARD (WHICH INCREASES AIMLOAN'S PROFIT). IF RATES TICK UPWARD THEY WILL BOMBARD YOU WITH AN ENDLESS STREAM OF REQUESTS FOR NEW INFORMATION HOPING TO FIND SOMETHING WHICH WILL ALLOW THEM TO BAIL OUT. IT'S A ONE-SIDED COMMITMENT OF VIRTUALLY NO VALUE TO THE BORROWER. BECAUSE OF THEIR INHERENT INCOMPETENCE, MY LOAN TOOK NEARLY EIGHT (8) WEEKS TO REACH THE STAGE WHERE IT COULD BE FUNDED. IN THAT TIME I WASTED DOZENS OF HOURS SATISFYING THEIR MOSTLY IRRELEVANT REQUESTS FOR DATA NO ONE ELSE HAS EVER NEEDED. OF COURSE RATES HAD TICKED UP DURING THE INTERIM, AND THEY NEEDED AN OUT. MY CREDIT SCORES ARE WELL ABOVE 720, SO THAT COULDN'T BE THE REASON, AND I'VE OBTAINED THREE OTHER MORTGAGES VIA THE INTERNET. INSTEAD AIMLOAN FOUND A OBSCURE RESTRICTION IN MY CONDO DOCUMENTS TO HANG A LAST MINUTE REJECTION ON. THIS RESTRICTION HAS NEVER STOPPED ANYONE FROM MORTGAGE FINANCING HERE. I REQUESTED THE NAME OF A SUPERVISOR TO CALL. NEEDLESS TO SAY, HE NEVER RETURNED MULTIPLE CALLS. MY ADVISE TO ANYONE READING THIS: THERE ARE SOME REPUTABLE ON-LINE FIRMS IN THIS BUSINESS. AVOID AIMLOAN.COM (MY WIFE CALLS THE AIMLESS LOAN) AT ALL COST. THEY ARE JUST WHAT GIVES THE INTERNET MORTGAGE BUSINESS A BAD REPUTATION.
 14th of Jan, 2011 by   Regret using them 0 Votes
I am going to have to agree that they are really difficult to work with. They make ridiculous requests for information one bit at a time, then take days to review it and continue to come up with additional documents they need, even if you've already sent it to them multiple times. Our title company needs closing documents 72 hours before we close. We were supposed to close on Monday, then Tuesday, then Wed and now who knows. It all keeps getting pushed back because of petty requests like "cleaner copy of the radon agreement" which is something that isn't even legally required in our state. It is close of business Friday and we still don't have the closing documents, which means our close date is pushed back for the 4th time and still unknown. Yes, they have great rates, but I'm losing confidence that we are going to close any time before rate expiration and more importantly, the date listed on our contract! Just horrible customer service and no lack of urgency.
 16th of Feb, 2011 by   WalkingUpstream 0 Votes
I don't agree with the complaints here. I am within hours of closing; 3.5% refinance on Investment property, $3750 origination charges - - application date of 01/18/11.

While researching lenders, no one came close to their offer, and I actually had a couple people hang up on me when I told them of my rate/pts. (this is on Investment property, mind you). Yes, they did ask for a lot of information piecemeal, and no, I did not find it all relevant. However, I was able to stay on top of everything and get everything requested to them within hours if not minutes of the request. It is now 28 days after my initial application date.

I worked with Nicole as well (someone else on here recommended her) have 790+ cred. score and was able to buy down my loan amount to remain within 75%, even after the appraisal came in (performed and processed quickly) quite a bit lower than I expected (though within reason).

My only complaint is that I had a Change of Circumstance regarding the vesting on my Deed due to me getting married recently that required a new Good Faith Estimate. I did not receive the new GFE because she had sent it via some 'system' of online file management that she admitted has problems and that I have read in forums has been causing problems (only difference is I now owe them $28.50 more than I would have on the previous GFE). Upon request, I have received the new GFE and all matches properly.

I was leery of working with AIMloan.com, as I'm sure many people are - I am a middle school teacher, and my original loan was through the credit union I have belonged to for over 30 years. I am not any kind of real estate wiz, nor do I have much experience with financing, etc. I do not work for or have any other relationship with AIMloan.com.

I would say that if you are not an organized individual, are not willing to do your own research into your rights and/or feel you need your lender to hold your hand through everything, if you are not willing to stay on top of everything DAILY for the duration of the process -- or if you do not own a scanner, do not have easy access to a fax machine, and/or do not know how to work with screen shots and PDF files, then yes- stay away from AIMloan.com.

However, if you are comfortable in a digital world, are an organized, intelligent and confident individual, and are willing to dedicate to staying on top of everything DAILY- then you should definitely consider this company. I will consider them again as my wife and I look into purchasing a home here in the next few months -- especially if they can offer reduced rates for repeat customers!
 25th of Feb, 2011 by   TheyAIMforTHEwallet 0 Votes
Walking upstream, I am glad things worked out well for you there. I personally could not be more dissapointed. I too started the process with them over very attractive advertised interest rates. Everything started off and the agent was all about everything being perfect and easy. I put my card up for the appraisal fee imediately as I just wanted to get this done. A few short days after the appraisal came in I was told that because the value was a few thousand less that everything was different, albeit slightly.

We continued with the horrible impoossible process iof getting all of my information to them in a technically advanced system that purposely loses every third thing you send in. Then comes Underwriting. I get a call from my guy who states that because my credit score was 3 points below 780 that that changed things again. At this point I got suspicious and called a broker who I actually found on this site and is going to get a free plug in a second... but let me continue. I call the broker who I am A) closing with this week ((a week early from my lock)) and B) getting the deal for over 2k less in cost than AIM, and he confirms that there is no credit score point increase for this at all. The broker even sent me ratesheets from a couple different banks to prove it.

So, its obvious that I cancelled the loan with AIM (lost my appraisal fee) but made up for it with the cheaper cost with the new loan not based off bait and switch tactics used by this company and REPEATEDLY COMPLAINED ABOUT. WHOEVER SEES THIS SITE--- DO NOT USE THIS COMPANY. Things will change. There are reviews everywhere that say this same thing. Ok, plug time because Jason was so great. Call my guy. Jason West - First Integrity out of California. 949-335-5376. Never met such honest banker in my life. HAHA Honest Banker.

Please people, stay away from AIM - For your own good.
 29th of Mar, 2011 by   lisa reyes 0 Votes
yes, very bad experience . It's a scam and you will lose your appraisal money or earnest money if you're that far into the process. They will make you believe everything is set then the underwriter will request for info one form at a time and will find reason after reason to delay the whole process . Too bad I didn't find this site soon enough. Be warned!
 10th of Apr, 2011 by   Amethyst T 0 Votes
Oh goody I get to be next! I just completed my experience with Aimloan. Most of the issues that I had were genuine. I had initially wanted to purchase an additional home, move into it and let my daughter and her new family have my previous home. This means I'd be buying it as a primary residence for myself. Unfortunatley, it is only a block away from my previous place so ultimately they decided that they had to fund it as an investment property. I understand, they only had my word. The difference, the down payment went from 5% to 20%. Much of our delays were simply us waiting for our next pay period to finally have enough in our accounts for the closing costs.
The nightmare was that they did in fact ask for additional material at late dates, one at a time. Getting the clerk (one can hardly call her an agent or banker) to call me rather than emailing me, which I'd told her repeatedly I don't have at home and can only check on weekends, was like pulling teeth. When the down payment increased she quoted me a dollar amount that I'd have to show in my accounts. This was based on the projected closing fees and down payments etc. We had to wait a few days for payday and then I sent her our statements showing we met that amount.
She came back with, "Yes, but there's nothing for the reserve".
"Reserve? Whats a reserve?"
"We need you to have 6 months worth of your full payment showing in your account. You dont' have to pay it, you just have to show it there over and above the closing costs."
"You didn't think this was worth mentioning when you gave me an exact dollar amount I'd have to have in my accounts?"
So, we had to wait for another pay period to go by. She did extend our lock for an additional week free of charge, but that was the only good thing she did.
When the loan went from primary residence to investment, they were required to do a different kind of appraisal, one that had the utilities turned on and checked. This cost an additional $75. Not a biggie, except that this was after the initial one was done, and they never sent the guy out to do it with the utilities on. They were trying to get him out 2 days before closing.
The day before closing she says that they require an addendum showing it as an investment property. This change had been made 5 weeks prior and effected whether the seller could sell to us. They were required to sell to a primary resident and this addendum gave them a red flag. Luckily we were able to convince them that despite the lender, we are going to be the primary resident.
Luckily my realtor and my title company were fabulous and even went to bat for me in dealing with these people. The second they had the docs from Aim they rushed everything through. A process that usually takes 2-3 days from that point took less than 24 hours.
Here are my 2 favorite events to show how professional these people are:
When we met the realtor at the house to get the keys and officially take ownership, roughly 22 after we signed the papers, a man was seen in the yard standing in a puddle from the faucet that he'd just turned off. One the realtor saw him, thought he was with us. Moments later this man came into the kitchen, turned on the light and took a picture of the light. Then he left. This apparently the "appraiser" who needed to document his "inspection"... he didn't even say who he was or anything, just followed us in and left.
Lastly, this last monday my employer got a call to verify my employment. They couldn't remember the company name that called, but when I checked the caller ID, there it was, their number. They actually verified my employment 4 days AFTER closing on our loan. All I can say is that I hope they sell it to someone else.
 14th of May, 2011 by   KLSS 0 Votes
RUN ... do not walk from Aimloan!
We have excellent credit, no consumer debt and 20% down. Mortgage would be 25% of our take home pay and we got CONTINUAL run-around from this company! They suck you in at first with a very easy process, but it quickly turns to repeated requests for ridiculously irrelevant details that have nothing to do with the application. Even if you provide the details, they will continue to rephrase the question over and over to stall the loan ... it was RIDICULOUS! I dropped them like a hot potato and found another, more reputable and much more professional lender that didn't cause me 1/100 of the frustration and problems AIM did. AVOID THEM!!
 14th of May, 2011 by   KLSS 0 Votes
Concur with ALL complaints above and had a horrible experience with these CROOKS! Do not waste your time ... I ended up firing them after 6 weeks of their back and forth "underwriting" requests. Our credit scores are 790+, with high income/high down payment and NO consumer debt. There are NO underwriting issues! We found another lender that was great to work with within a day and moved forward. BUYER BEWARE!!!

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