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crefco financial group Complaints & Reviews - business practices

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crefco financial group

Posted: 2013-01-05 by    Kimberly Lark

business practices

Complaint Rating:  92 % with 13 votes
Contact information:
crefco financial group
United States
This company was my first experience with getting a home loan. I should have shopped around but was in a hurry to move on a house. They stated to me on the phone and through email that the whole process from acceptance of offer from seller to final closing was 45 days. We are over a month past that now and still no end in sight. I should mention it was a USDA loan with a guaranteed no money down. We are over a thousand dollars in the hole with earnest deposit and home inspection which I was told, in writing, would be 350-400 dollars and turned out to be 500. The company was very thorough in giving me a timeline of all the things that needed to be accomplished and what had already been done. Along with this list was a set timeframe for every step. Waiting for the USDA Rural Development Office to process the loan and get it back to the mortgage company was about 7-10 business days. By the time they handed our loan over to them (USDA) we were then told it would take 35-45 business days. Their explanation was that somewhere along the line of this loan, they had consolidated their offices down to one and cut almost all their staff. Why we weren't informed of this till the last possible minute is beyond me. Probably so that I wouldn't walk away. I specifically took this loan based on the time frame originally stated. Lastly, after over a month of waiting for the USDA to look at our loan we got an email back from the mortgage company with an update on our file, they didn't even receive our loan the time originally stated. We were now being told they received our loan two weeks after that. My family has been homeless for two weeks now and everyone refuses to make an exception, and is trying to place the blame on someone else. I have been lied to, pushed around, and bleed dry of all my money. At least I still have my voice.
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 16th of Feb, 2013 by   kidokan 0 Votes
I applied through CREFCO for a VA loan. In 2005, I had a conventional loan and was the loan was assumed by EMC servicing. My wife got sick 6 months later and we lost 75% of her income as a Registered Nurse, she contracted a debilitating illness and as of 2/16/2013 is still very sick and the days are getting shorter for her. We lost the house and it was a big mess, I got a letter from the KY Attorney Generals office that I would be getting a cash payment for some type of compensation from the house foreclosure. EMC was a big scam and they made up ridiculous fees. Anyway, I got my middle credit score to 635 and was told by the loan broker at crefco that I was preapproved for the loan, I submitted a purchase contract, etc. I sent all of the required documents and income to them so the underwriter could approve it. I waited patiently for 2 weeks and this past Wednesday (2/13) I get an email from the CREFCO loan officer; sorry the underwriter disapproved the loan, the reason: the MERS database said I had a foreclosure from 2005, she apologized and said this was the first time this has happened to her. I can get the loan if my score was 640 through a different lender or the same lender would do it with a 680 credit score. My credit reports show no foreclosures at all, and all negative information was removed because of the legal problems EMC and the other scammers had to pay, you know over $50 BILLION. So I went through a different lender and it's going ok. Preapproved doesn't mean a thing.
 22nd of Feb, 2013 by   Booder 0 Votes
I started with CREFCO in October 2012...got preapproved for USDA to spend $130, 000.00 with 5000 overor under...anyway I found a house I really loved...started all the really paperwork...with a guy named Eric...everything was CHAOTIC! every day he hounded me for more information...then he tells me I have to pay off two small credit cards...less then $1000...I do that send him receipts but that is not good enough...then I spend another $2000 to paydown a small personal loan...spend $390 on a house inspector...then I spend $500 on my good faith down money...then Eric gets fired...someone else takes over the file...they get it to the underwriters...I get a phoen call that I was turned down for being over 48% income to debt ratio which wasn't even told to me until I already signed an agreement on a house...now that family has also signed an agreement for a house and I am left rushing to find another way to buy this house...I have spent $3000 that I had earmarked for other expenditures, my Mom paid off my two small credit cards and I have nothing for it...oh yeah I could go FHA if I had $4600 down money but my whole point of going USDA was NO MONEY DOWN! I am so very disappointed in the housing market and lenders...I have credit scores that are almost 800 with NEVER EVER missing a payment on a bill in my life...WTH!!! I am currently paying $1200 a month in rent and would have a mortgage payment of $800...a savings of $400...and still I can't get approved for a loan even though I was approved for $130, 000...really what does that mean...so I have handed in my notice to my landlord that I am moving by the end of March, am more than half packed...so what now? Looking for a new lender at no money down...anyone got any suggeestions? I still want this house...

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