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MCAP Mortgage Services Complaints & Reviews - Poor service!

MCAP Mortgage Services Contacts & Informations

MCAP Mortgage Services

Posted:    Revbsks

Poor service!

Complaint Rating:  67 % with 9 votes
We applied for mortgage loan after having 6 years of good experience and trust with credit cards. Loan officer never calls back until there is any deadline and you leave voice mails and emails for 2-3 days and call their manager or customer service department.

We applied with them 45 days prior to our closing date, submitted all the papers. We didn't get any response until our loan approval date and after 2-4 days effort to contact loan officer. Then by evening we were told about missing papers and request for date extension. after next extended date, same process no response until deadline and call to manager and then told that underwriting will take another 5 days.

Every time we were given lame excuse like due to their cash back promotion they have heavy call volumes. For $1000 cash back you will get $10000 stress and will give another $10000 stress to seller in this market.

Complaint Rating:

WORST, IF YOU HAVE A MORTGAGE WITH MCAP MORTGAGE SERVICES, THEN GET OUT NOW AND DO NOT RENEW YOUR MORTGAGE WITH THEM.

THEY HAVE THE WORST REPUTATION WHEN IT COMES TO CUSTOMER SERVICE. AS A LENDER THEY MAY OFFER YOU CHEAP RATES, BUT ONCE YOU ARE A CLIENT YOU SHOULD BE WARY AS THEY WILL NOT HONOR ANY COMMITMENT LETTER.

TAKE YOUR MORTGAGE ELSEWHERE IF YOU WANT PEACE OF MIND...

I have tried to devise the absolute worst mortgage loan that I can imagine. Fortunately, this loan commitment received is nothing more than a figment of my imagination -- at least, as far as I know.

I made it hard on myself. Although I dreamed it up, the Canada's worst mortgage provider I couldn't include anything that doesn't exist in the market today. So that disqualifies imaginary elements, such as mortgages written on acid-spraying exploding clay tablets. I just took the worst elements of all the existing mortgages and assembled them. Here's what I came up with:

Canada's worst mortgage: MCAP Mortgage Services does not honor promises. If you have a mortgage with MCAP make sure you transfer out as soon as your mortgage comes up for renewal.

MCAP WORST MORTGAGE COMPANY:

I am almost incoherent with anger right now. In a continuing run of bad luck with me and banking, over the weekend I misplaced my long-fought-for MCAP MORTGAGE ATM card. This was very, very irritating, because MCAP MORTGAGE on Tuesday this week was finally going to give me access to funds that I had deposited into that account last week Saturday -- a full 11 days, 7 of them working days, to deposit money from a cheque drawn on a MCAP MORTGAGE branch, deposited at another MCAP MORTGAGE branch, into a MCAP MORTGAGE account. So after waiting and waiting, I finally have the money, but now the ATM card is gone so I can't spend it. Ok, no problem, right? I'll report the card lost, then transfer money from that account into my shiny new Wells Fargo account, where I will have an ATM card sooner than the replacement card from MCAP MORTGAGE will arrive. Or even transfer money into my UK bank account, where I already have an ATM card, though that will take almost as long. But guess what? Apparently your online banking ID is linked to your ATM card number, so when you lose it you get locked out of online banking. So, just when you don't have real-world access to your money, you get locked out of online access to it as well. Phone access? No way, they don't do money transfers over telephone banking. No, not just because the account is locked: not ever.

Okay, I'm not entirely faultless here. I lost my ATM card, that was stupid. But I bank with three other banks. I know for a fact that two of them have their online and ATM card ID systems completely separate. Those two also do money transfers over the phone. This is not rocket science. Why on earth would you lock me out of online banking, anyway? My online banking requires a username and a password -- not my ATM card number or my PIN, even if my ATM card had my PIN scrawled across it in neon lettering. They also have a number of subsidiary stupidities that make the process more painful. For instance, their website lists contact information for lost or stolen credit cards. Except that number doesn't work properly: I have to call it three times to get it to even ring. Once I get through on that number, a pleasant man asks me to identify myself with various pieces of personal information. I do this, and then he informs me that no, this is the credit card number. ATM cards are a different number. Is that number on the website? Had I missed it? No, it's an internal number. He'll transfer me.

He transfers me, and an automated prompt asks me for all the same information again. I enter that information, and somebody picks up. The system has worked out that I'm a Global Executive Banking customer, a special designation which, despite the name, seems to mean "make things inconvenient for this guy. Not just a bit tricky like normal, but really stupendously unhelpful." A man answers the phone and asks me for the same personal information again. Why, I ask, is it necessary for me to identify myself to him if I identified myself before he even picked up? Apparently "that's the automated system". Yes, I know, and all the other automated banking systems I've ever dealt with are quite capable of flashing up my verified identity on the screen of the person who answers the phone. No, not MCAP MORTGAGE, not for their global executive banking customers, apparently.

After I discover the bad news about the online banking, I immediately call them back trying to transfer over the phone. No, I can only do it over the phone or by going into a branch during working hours. Oh, wait, you're a Global Executive Banking customer, a program which, let's remind ourselves, is supposed to be designed for people who live outside of the US and therefore can only conduct banking over the phone. Well, of course you have a way to transfer money by phone, sir. You have to call another number though. Between 9 and 5pm. Eastern time. Sucks to be a Japanese global executive, huh? You can only do your global executive banking in the middle of the fu***ng night!

I am disgusted at the levels of service these bastards have shelled out to me, while insincerely thanking me for my custom at the end of every call. As soon as is technically feasible I am shunting all my money straight out of there and closing the account. And if I could set fire to their web page, I'd do that too.
It has not been a good day.

http://www.webspawner.com/users/mcapmortgage/index.html
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Sort by: Date | Rating
 28th of Dec, 2008 by   john edmonds 0 Votes
me and my wife got this house through mcap 14 mth, s a go we put
$ 32.500.00 down on the house in the 14 mth, s we have bad survice
and the house we got through mcap well let me tell you the foundation
has 3 BIG crack, s in it and that where there be for we got the house now the money we put down on the house left us broke we ask for a creit card with a line of $5.000.00 in case something happend to the house or there was something that we didnot see right ? well we where told thay will work on as fast a thay can to date we have not got it and the crack are getting biger
so we asked for a loan to fix the crack, s it was going to coast $17.000.00
to fix it we where told no, no do you beleve that i dont now i was hurt at
5 mth, s a go and have not been payed as of yet the ins is still looking in to it and WSIB SHOCK ME WHEN THAY TRUND IT DOWN I HAVE APPELD IT well i tryed to tell mcap what was going on and thay wont lisen thay only what to know where the money is now there trying to take the house boy ther shere fast at getting that done i class the as morgage slums to date there one day from takeing the house and dont know where my famley is going to go mcap is the worst thing i ever done if your thinking of them as morgagers dont YOU WILL REGRET IT as thay left us with unthing no money AT ALL and now i dont know what to do, when thay done a credit check there where two thing in there and thay didnot even give us the chance to clear it up was take it or leve it that should have told me something right there DONT GO WITH THEM YOU WILL LOSE YOUR HOME I WILL THAY WONT WORK WITH YOU AT ALL
 10th of Feb, 2009 by   Hanna 0 Votes
Worst complaint ever. I looks like it was written by a drunk. I didn't understand anything. And I was looking for info on MCAP complaints, before dealing with them...
 10th of Feb, 2009 by   Hanna 0 Votes
p.s. I ment the last complaint in the comment section.
 31st of Oct, 2012 by   WAM5 +1 Votes
My Mortgage Broker found MCAP as a lender for me. If I had done my research in retrospect, I would never had agreed to use MCAP as my lender. Not only did MCAP drive my mortgage broker to the edge of insanity due mostly to unreturned calls and bad service in general. MCAP, after only two months, has misled me, have been given three different reasons after three calls why they are double billing my property taxes. I am going to talk to my broker and my lawyer to see if I can get as far away from them as possible. As a side note, the brokerage company is no longer directing their clients to MCAP. It sucks that it had to be me that it was me and my broker that changed the mortgage broker company's cessation of ties with MCAP. As one more example of MCAP's encourageable policies and practices, they wanted a letter from my ex with a notary public signature. Home buyers, please do not have anything to do with this company.
 13th of Nov, 2012 by   Enraged senior +1 Votes
I have been with MCAP for 10 years. At first I have had no problems but now that I am up for the 2nd renewal I am enraged at their dirty tricks. When we first took out the mortgage it we discussed a 20 year mortgage and we arranged bi-weekly payments so that we would be finished at 17 years 7 months. We renewed at 5 years but changed to a variable rate and continued the bi-weekly payments. Now at 10 years we are renewing and they are telling us we have 8 years 5 months left to pay. After much effort to contact them and to discuss this we were told by their "licensed mortgage" specialist that we took out a 25 year mortgage. Long heated arguments and she admitted that it was a 20 year mortgage. She would not or could not explain, then, why the term was longer but said several times who fortunate we were to have shortened the term to 18 yr. 5 mon. as if another year of mortgage payments, principle and interest, is of no consequence to us and we should be grateful to them. After more heated discussion she admitted that their computer had made an error in calculating the payments and they were not taking any responsibility for this added interest that we are paying for this error. Stay away from them. Get everything in writing and check every dot and period. Do not trust them.
 20th of Jul, 2013 by   Nancy23 +1 Votes
I provide this experience with MCAP with the purpose of helping others make a decision on whether they want to choose them as a mortgage lender. For the first 5 years or so with MCAP I found them to be straightforward and easy to deal with. No surprises, no gimmicks. Around 2007 or so this changed. Their agents on the phone became more difficult to deal with, they would try to sell me other things like mortgage insurance that I had repeatedly declined in the past. I remember saying at one point in a particular conversation that they were starting to annoy me with their tactics. They backed right off. Fast forward a few years. I was dealing with an agent on renewing my term. In trying to make decision on which one to go with, I asked about early payouts (you never know, you might win the lottery). I tried to modify the wording in the contract but they advised they can't do this. Ok fair enough. I asked the agent about the penalty for early payout (i.e. before the term matures). He repeatedly stated that there is no penalty for early payout and that I could keep his email that said this as evidence of such. This didn't sound completely right to me. Sure enough I later confirmed that there is a penalty for early payout. This isn't surprising, all mortgage lenders work this way, but why be so adamant that there would be no penalty? The icing on the cake was when I was sent mortgage renewal documentation. They offered a 1 year closed term at a "impressive" rate of 5.45%. I laughed. I will not be renewing my mortgage with MCAP.
 22nd of Oct, 2013 by   frustrated101 0 Votes
Worst customer service I have ever dealt with. Screwed up our tax portion, said they did not take enough off for 5 months. then sent a letter to our old address telling us the the were going to take out "X" dollars. We did not receive said letter and they tried to take out the extra money which was not in the account, charged us $95 fee and the bank charged NSF and called us liars about not receiving the letter. They re-sent the letter and there was a address sticker over top of the old address the had sent it to!! No apology!! That was the tip of the iceberg!! I am getting to pissed off and can not tell you what we have been through since!! They make it like they are doing you a favour when they screwed it up in the first place!! STAY AWAY!! 1 YEAR STILL NOT RESOLVED!! Now they won't let us pay the tax ourselves!!
 26th of Jun, 2014 by   Denali 0 Votes
We have been dreaming of buying a cottage, we found one and was told by our broker we are pre-approved by Mcap so go ahead and put your offer in, we did and it was accepted, we are suppose to close on Monday June 30th, mon june 23rd of this week we were told by our lawyer that Mcap wants a septic test done ( lucky we had one done already ) plus the the paper ( pre-authorization for automatic withdrawals ) from our regular bank didn't have a stamp on it or a signature so we ran around after work and got that done and handed to the lawyers. Our appointment for signing all the paperwork was today at 3pm, our lawyer was late by half hr because he was on the phone with Mcap, they want a portability text done of the well water (which we already had and handed that in with all paperwork ), they said because the test is over 30 days they can't except it so they need a new one, let me tell you, it takes over a week to have that done and our closing is suppose to be mon and here it is Thursday, I'm so freakin pissed off right now I just want to say screw it and tell them to go fuck themselves, I'll find someone else that wants my business but all our family are looking forward to having a week there I can't do that
 28th of Sep, 2014 by   Crediblilty 0 Votes
I am confused over Rvbsks complaint as MCAP Mortgage Services Canada does not have an ATM card and deals in mortgages only. They do not have branches, allow UK or US bank transfers and they do not have loan officers. They are a Canadian Mortgage lender.

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