Menu
Login
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.
The complaint has been investigated and resolved to the customer’s satisfaction.
![Loan Detector South Africa [LDSA] reviews, listed as AimLoan.com / American Internet Mortgage](/images/business/48-48/120775/loan-detector.jpg){kind=small}
![Specialized Loan Servicing [SLS] reviews, listed as AimLoan.com / American Internet Mortgage](/images/business/48-48/120446/sls.jpg){kind=small}
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...
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?
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.