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CB Investment, Insurance and Financial Mortgage Investors Corporation

The good, the bad, and the ugly - discover what customers are saying about Mortgage Investors Corporation

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12:43 pm EST

Mortgage Investors Corporation Beware of this company

After being contacted numerous times by Amerigroup a subsidy of Mortgage Investors and now Mortgage Investors Corporation themselves via a flyer in the mail offering me a 4.5 percent VA home loan, I decided to find out if this company would really follow through on their offer. I gave them a call and the very next day right on time was the sales rep. Over the phone, I was told it would take 15 minutes tops. I was glad and said thanks because I do not really need a sales pitch. I only want the numbers to match their offer.

Well, the 15 minutes turned into a couple of hours. I was so bored with the presentation of how great their company was. The sales guy was nice to me but was worried because he said that they made him do the presentation and they would not have it any other way. Finally I told him to please get to my loan so he handed me their presentation book and asked me to read it some more while he did the numbers. I already did the numbers on a mortgage calculator so if they could not offer me the 4.5 percent on a 15 year loan, with their added cost and points, then the loan would not be worth it to me. So, we finally worked up a 20 year loan at 4.5 percent that would save me five years off my current loan. I thought that I could pay principle and come out ahead and it would still take about 15 years to pay off my loan but I would have a comfortable payment.

Then, I was asked for a whopping down payment. I was not told this in advance. I told them that I do not have this kind of money. Basically it was the amount of my mortgage payment. Then, I was put on the phone with his supervisor who agreed to let me give them a hundred dollars. I asked why this is being done since it is a VA streamline loan and all the fees are rolled back into the loan. The aggressive supervisor said it was to make sure I did not back out of the loan and that if I did I would lose my money. I thought that is not going to happen since they promised to lock my rate in at 4.5 percent. The sales rep left me with my quote and I was very pleased.

Then the bait and switch happened. The Good Faith Estimate was signed on May 20th, 2009. I was told that the closing would take place June, 2 2009. I had to stop my direct deposit for my mortgage and pay a cancellation fee. I then get a call from MIC days before closing telling me to fax over my entire divorce decree at about a $40 to $50 cost. So the fees are adding up. I told them that I do not know why I was not asked for it at the time of the loan estimate. I was told that I was. Now I get a call telling me to never mind the decree because they have not got the papers back from the county and that the closing date has been moved to Friday June 5th. I said ok but I will be late on my mortgage after 15 days. The rep told me no problem, we have plenty of time. Then on Friday, I get a call telling me that the closing will take place Sat. June 6th. I was not worried. The rep told me that the rates had gone up and that my 4.5 percent is on shaky ground. I said, your rep told me that it would be locked in. He said that Mortgage Investors Corporation never locks their rates in. In fact, they always float the loan for a better rate. In the meantime, this companies reps called me at the last minute with lies and misrepresentations about their product. They were rude and no one told the truth. They said they were there to help veterans. I told them that they were hurting me financially and getting me in trouble with my current bank and mortgage holder. I got little understanding from them. They were more concerned that they lost money. I told them that if they had locked the rate in, then this would not be the case for anyone. They got too greedy by floating the loan and hurt everyone. I felt like a fish on a hook just dangling there.

Lenders like these are what caused the current Mortgage Crisis. I ended up borrowing money to pay my mortgage on time with all the fees and gas. I am on a fixed income and could not afford these added fees. I barely paid my mortgage on time and will go hungry the rest of the month. I am a single mom with children. This companies prays on people whom they perceive as vulnerable. They try to trick the unsuspecting and lie about their motives.

Beware of this company. I am sure there are more people out there that this has happened to with this company.

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alanb4130
Spokane Valley, US
Jan 13, 2013 12:43 pm EST
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Hi JBarreto you can say what you want about MIC but the product they sell is real and there is no other product like this out there and it is only for Veterans. They do not mislead you . And yes look at the numbers. The biggest cost incurred by a home owner over the life of their loan is the interest. This loan product saves 10's of thousands in interest because it is the only product based on charging interest from the amount that you have left on your principle. You will not pay more than a conventional IRRL . You are very much mis informed.

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alanb4130
Spokane Valley, US
Jan 13, 2013 12:39 pm EST
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Hi JBaretto say what you want about MIC but the product they sell is not crap. My wife has been in the business for 20 years. And this product is for Veterans only who already have a VA loan. This product isnt sold to the public. And as far as paying more than a conventional or conventional IRRL you dont have a clue what you are talking about. There is no other loan out there that you pay interest based on what is left in your principle. And also based on the index they used for the value of the dollar. We will save over 100, 000 interest depending on how long we take to pay off our house. This is a product that was created by congress in 2002 to help save Military members from losing their homes. Yes they are a high pressure sales company . And you can most definitely not agree with their tactics but the product they sell is like no other and is an incredible product if you qualify for it.

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JBarreto
Chuluota, US
Jan 13, 2013 1:51 am EST

Mortgage Investors Corporation is the worst of the worst! Do not be foolish! do not be deceive by misleading information. Federal agencies should get involved! I almost got ambushed, but my wise child studying finance told me it was a very bad choice to select this crappy company. They mislead you; wake up before you get trapped! Look at the numbers, they will look nice the first year, then wait and you will see that you may pay a lot more than a conventional or Interest Rate Reduction Refinance Loan (IRRRL). Tell your comrades, we fought hard, do not let this people get your money.

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alanb4130
Spokane Valley, US
Jan 08, 2013 10:47 pm EST
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My wife is in the mortgage business. We would not have gone with this loan if it was a bad deal. She even knew the guy that was the loan officer selling the idea. There tactics are questionable but the product is exceptional. No other loan out there re adjusts your payment based on whats left in the principle. It is not fixed on a set amount . You will save 10's of thousands of interest with a loan like this. We have the loan and there are no problems .

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Mtnmeas
, US
Jan 08, 2013 9:37 pm EST
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Agree with Tammy on this one. Thank you for sharing your experience. I don't care if this is a hybrid or what it is, I don't appreciate the high pressure pitch from them and you just have to hang up on them. They still call back which causes a great deal of concern. Something not right here and something to think about. VA is an American only government backed loan. Why would anyone feel comfortable getting a loan or guidance from an international company? After the Fannie Mae, Freddie Mac debacle, all we need is more outsider involvement.

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alanb4130
Spokane Valley, US
Jan 02, 2012 8:49 am EST
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First of all the product they sell is for Veterans that already have a VA loan. Secondly the VA Hybrid loan that they offer will save you thousands and thousands of dollars in interest and that is after recouping the initial cost of the loan. Do yourselves a favor and google VA Hybrid loans and learn about them.

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12:30 pm EDT
Resolved
The complaint has been investigated and resolved to the customer’s satisfaction.

Mortgage Investors Corporation Aggressive, Misleading

A loan officer from Mortgage Investors Corporation (MIC) came to my house on 14 JUN 2017 and pitched their 3/1 ARM hybrid loan. I was concerned with the total cost of the refinance (over $8k) and asked if they offered any other loan products. I was told no, even though over the phone a MIC employee ensured me that they offered several different loan products to "fit my needs"- apparently a lie. I expressed my concern with the Loan Officer about the closing cost, I told him I'd like some time to go over the numbers, which the Loan Officer had misrepresented by using my original home loan balance instead of the current balance which was paid down by $7k. I asked the Loan Officer if I would be locked in by signing the papers. The Loan officer told me that I'd have 8 days to cancel the loan at no cost. I was then told to put down a "good faith" deposit of $1, 344 on my MasterCard. Again, I was told by the loan officer that I would get my money back if I withdrew my application. The next day, 15 JUN 2017, I called MIC to cancel my loan process. I eventually spoke to Christian in Loan Review. I clearly stated to Christian several times that I wanted to cancel my application and he tried to convince me for over 10 minutes that I should continue the process. He clearly stated the he would "freeze" my credit card deposit of $1, 344, and would not charge my card. He said he'd call me back in a week or so to see if I still felt the same way. Within an hour of ending the conversation, I called Christian back again, and again stated that I wanted to cancel my loan application, and refund my $1, 344. He proceeded to use illogical math and reasoning to persuade me to stay with the loan process. He again reassured me that my credit card would not be charged. The next day, 16 JUN 2017, I called again and spoke with Christian, and he finally agreed to withdraw my loan application. On 18 JUN 2017, I checked my credit card account to find that Mortgage Investors Corporation had charged my credit card $1, 344.00. I attempted to call MIC, and no answer.
In general, I feel that MIC sales practices are aggressive, coercive, and misleading. I have dealt with 4 different Mortgage Lenders in the last 2 months, and none have been as aggressive or misleading as MIC.

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Eric Frankenberg
Chesapeake, US
Jul 04, 2012 4:58 am EDT

I have complained at least twice before. This is a different format and a different web site. Hopefully this time you all will respond. This company has my unlisted phone number, my and my wife's name and the knowledge that we have a VA mortgage. What kind of list did that come from? Who has such lax security? Who maintains this information in that format? Who sold it? I'm sure by now you see where I 'm heading. How did this company get this information? Why do you allow this to continue? I have only gone through one person to re-finance my home in the past 13 years. Who did what to whom and at what price? The biggest question is what else do they have? This in my mind is criminal, someone should be held accountable.

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Shad13
Fayetteville, US
Nov 09, 2011 10:46 pm EST
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I have asked this company over and over to please stop calling me. They are ultra aggressive and try to get you to get a new VA loan. Of course they continue to call regardless. If they call you make sure you are listed on the National Do Not Call Registry at www.donotcall.gov Once you are on 31 days and they call make sure you get the individual's name that calls and file a complaint with www.donotcall.gov or your state attorney general's office if you want the calls to stop and make sure they get a large fine.

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qpwoei7676
Lakeview, US
Apr 23, 2012 10:25 am EDT
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After receiving several flyers in the mail from this company, I decided to call them and hear their offer. Upon picking up the receiving end, a representative immediately answers with the greeting, "Are you ready to save money on your monthly mortgage payment?" Now, most companies answer the phone by stating the name of the company and their name. I should have known this was a shady deal from the start.
After giving the representative my current interest rate and how much I still owed on my home, he quickly told me that I could refinance for 2.75 % and save approximately $178.00 a month, but when I asked him if this was on a 15 year or 30 year mortgage, he said, "It doesn't matter, we can do any term at that interest rate!" The man was a very smooth talker and assured me that it was a fixed interest rate. He pressed me to make an appointment but I had to continuously put him off, as I needed to run this information by my husband.
I called the company back, and again, was greeted with the same question, "Are you ready to save money on your monthly mortgage payment?". I set up an appointment that would take place in a couple of days. Oddly, I was transferred to someone who repeated the contact information I had given to the representative.
After hanging up, I had a bad feeling in my gut. So I got online to research this company. When "Binging" the company's name, I was immediately offered directions to complaint boards in regards to this company. I began to read...and read...and read.
I called the company back to cancel my appointment and was immediately given another number to call if I "really want to cancel". So I called that number and the woman who answered tried to convince me to keep the appointment. I kept repeating, "I want to cancel my appointment, please." But the woman continued to throw out illogical numbers and how much better of a deal I was going to have. Finally, she transferred me to another idiot. Now I am pissed. This snake was just as persistent and kept throwing around numbers and how much money I was going to save. I told him that I had "researched the company online and have decided to not to affiliate myself with your company". He told me that the complaints online are from people claiming to be veterans, or veterans who claimed to have VA loans but in turn, did not have a VA loan so they "are mad!" Good grief. I could not get off the phone. I kept repeating, "Cancel my appointment.", although I no longer was saying "please". The representative kept me on the phone, refusing to acknowledge my request to cancel and as I began to shout at him, he became rude, nasty and condescending.
Finally, as you would do with any other piece of crap, I dropped the call. Hung up on him.
Walking outside, I lit a cigarette and began to realize the magnitude of this scam. I quickly checked the ringer on my phone, ensuring that it was on because now I am so mad, I WANT this cockroach to call me back. I began to imagine all the horrible, vengeful things I could do...
anyhow.
This company is clearly misleading, rude and unethical. Be Advised.

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JBarreto
Chuluota, US
Jun 03, 2016 8:34 am EDT

Mortgage Investors Corporation is the worst of the worst! Do not be foolish! Do not be deceive by misleading information. Federal agencies should get involved! I almost got ambushed, but my wise child studying finance told me it was a very bad choice to select this crappy company. They mislead you; wake up before you get trapped! Look at the numbers, they will look nice the first year, then wait and you will see that you may pay a lot more than a conventional or Interest Rate Reduction Refinance Loan (IRRRL). Tell your comrades, we fought hard, do not let this people get your money.

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JBarreto
Chuluota, US
Jan 13, 2013 2:11 am EST

Mortgage Investors Corporation is the worst of the worst! Do not be foolish! Do not be deceive by misleading information. Federal agencies should get involved! I almost got ambushed, but my wise child studying finance told me it was a very bad choice to select this crappy company. They mislead you; wake up before you get trapped! Look at the numbers, they will look nice the first year, then wait and you will see that you may pay a lot more than a conventional or Interest Rate Reduction Refinance Loan (IRRRL). Tell your comrades, we fought hard, do not let this people take your money.

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JBarreto
Chuluota, US
Jan 13, 2013 2:07 am EST

Mortgage Investors Corporation is the worst of the worst! Do not be foolish! Do not be deceive by misleading information. Federal agencies should get involved! I almost got ambushed, but my wise child studying finance told me it was a very bad choice to select this crappy company. They mislead you; wake up before you get trapped! Look at the numbers, they will look nice the first year, then wait and you will see that you may pay a lot more than a conventional or Interest Rate Reduction Refinance Loan (IRRRL). Tell your comrades, we fought hard, do not let this people take your money.

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2:57 pm EDT
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Mortgage Investors Corporation phone call

This company kept calling me and I finally answered the phone. I was told they want to help Veterans and reduce my monthly payment by over $500. I have owned many homes over the years and have refinanced a couple of times. You may decrease your monthly payment, but you then increase your total mortgage. I kept asking for details over the phone. They wouldn't give me any and just insisted that a loan officer would have to come to my home for 10-15 min to talk to me about it. Didn't sound terrible. HOWEVER, I was told that I would need to make a decision on the spot. That was fishy so I kept prodding. She said they couldn't guarantee the interest rate wouldn't go up. Ok...I know that, however, any legit mortgage company is going to advise you of that and work with you to see if they can get you the best deal out there. They ARE NOT going to make you agree to something while the loan officer is at your home (anyways, how many loan officers come to your home? I've only had them there for the closing on refinanced loans). I'm really angry they are targeting Veterans and what happened to the do not call registry?

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TexasMike1
San Antonio, US
Apr 28, 2011 4:18 pm EDT

As a veteran myself, I get buried under solicitations for home refinancing. Companies violate the Do Not Call list daily and get away with it, and need to be reported.

As far as interest rates go, with any kind of mortgage the interest rate being proposed IS NOT guaranteed, unless you purchase a "lock" as part of that mortgage. At least that part is understandable.

The company soliciting you is nearly certainly a mortgage broker, signing mortgages to sell to a larger company for a profit. (It's how they maket their money, and it's completely legal.)

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5:40 pm EDT

Mortgage Investors Corporation Don't use them

The other day after receiving numerous calls from mic i decided to pic the phone up. tmrw im suppose to have a appt with them at 9. but after reading all the reviews from all u peoplke im seriously thinking that this is a huge scam and im not about to risk the house of my dreams by signing some goofy paper that they say i will have 3% rate. right now i have 5 and yes it sounded good about the 3 but like i said i have been reading review after review and as sson as im done writing this i am totally cancealing my appt. i want to thank all of u for expressing your opinion and your horrible experiences that u had. for u who got taken I'm sorry. i wish i could of wrote this before u got involved

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JBarreto
Chuluota, US
Jan 13, 2013 2:05 am EST

Mortgage Investors Corporation is the worst of the worst! Do not be foolish! Do not be deceive by misleading information. Federal agencies should get involved! I almost got ambushed, but my wise child studying finance told me it was a very bad choice to select this crappy company. They mislead you; wake up before you get trapped! Look at the numbers, they will look nice the first year, then wait and you will see that you may pay a lot more than a conventional or Interest Rate Reduction Refinance Loan (IRRRL). Tell your comrades, we fought hard, do not let this people take your money.

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Hermiston
Hermiston, US
Aug 19, 2012 9:20 am EDT

I met with the MIC Loan Officer last night. He was friendly. The possible new loan would reduce my monthly payments, but the refinance fees of about $12, 000 going into my principal balance would mean that I would have to pay MCI for about 5 years to reach the same principal balance as I have on my house today. Thus, even though I started the MCI loan process, I am cancelling the application and will stay with my current loan!

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Brad Mc75
Jonesborough, US
Mar 19, 2012 1:28 pm EDT
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I met with their representative a couple of days ago. He was nice, and didn't use any high pressure tactics. I looked at his numbers, and was impressed with the plan. I reviewed the Truth In Lending statement which is a one of the documents that your lender must provide for you within three business days after you make an application for a mortgage loan. The information from this form comes directly from certain charges shown on your Good Faith Estimate. The existing one that I had from my 6.5% fixed loan that I got 5 years ago showed that I was borrowing $129K, and after paying off the loan, I would have paid around $300K total. His document showed that I was borrowing $127K, and would pay $188K through the life of the loan. This was based on worse case scenario: a rate of 2.5% for three years, increasing the max of 1% per year to the maximum it can increase, which is 7.5%. At this point I will have paid much more of the principal off. My current loan pays $115 out of the $938 payment to principal. The plan he was offering starts out at a payment of $627 with around $260 of which goes to principal. With the lower payment, I can pay off even more of the principal (which is allowed without penalty), before the possibility of the interest going up. Because of what I have read about this company, and what I consider less than professional marketing of their service, I am going to take these numbers to a couple of mortgage companies and banks, and see if they can match them, or if they are correct. If they are, then I don't care about all of the other stuff. I don't deny the annoying phone calls, and agree that them coming to your house is unusual, and may be considered high pressure, but I keep asking myself "If they're that bad, why are they #1 in the nation in VA loans?" I also wonder why my bank didn't mention this plan, which was developed by the VA to help veterans and passed by our legislators (not that they always do everything right). In short, I'm going to let the numbers do the talking. If no one can beat the numbers that I got from MIC, then I will refinance with them.

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NAVY_SEALED
Jacksonville, US
Aug 02, 2011 8:07 am EDT
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I used this company, and was very satisfied. They did everything they said they would do and even more. I found them very supportive in meeting my goals, and the VA Hybrid loan is the safest mortgage out there. There is nothing misleading about it. Just uneducated veterans who don't know there assests from their elbows. Do your homework before you speak and look ###ed online infront of everyone else.

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Spent Warrior
South Milwaukee, US
May 16, 2011 10:50 pm EDT

I let the guy talk me into it last Friday. Very high presure tactics... which I normally don't get hooked by. I believe their worksheet is very missleading and they will not leave it with you. They talk savings by comparing the 25 year payment against my 15 year payment like it''s apples and apples. It's not.

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