Flagstar Mortgage / unprofessional lender
I am the seller of a mobile home property. The buyers went with Flagstar Mortage. On the day of settlement, Flagstar informs the title company that they need proof the mobile home is a permanent structure. In MD, once you remove the wheels and attach a mobile home to the land, it becomes a permanent structure. The title to the mobile home becomes void and a Deed is issued. Flagstar Mortgage would not accept this explanation from a Maryland lawyer. Their settlement instructions listed an invalid phone number and the settlement company had much trouble in getting anyone in the underwriting department to listen. Once they finally agreed that it was permanent structure, they still held up the loan due to the HUD1 being prepared ACCORDING to their guidelines. At this point, it seems they are just trying to be difficult. Apparently, when the buyers shopped the loan, they were promised many things free of charge. For instance, they never required a location survey which would have indicated the permanent structure among other things. It seems to me that you get what you pay for. As a seller who will soon be shopping for a new mortgage, I will stay far far away from Flagstar Mortgage. After having this problem today, I could not believe all the complaints I found online. I wish I could contact the buyers myself and tell them to run and get another lender. With banking practices being tightened, how can they get away this stuff. When I threatened to call the banking commission, I was told that it would take a year for someone to review the complaint and then it most likely wouldn't be dealt with. I still have not received the funds from the settlement. In this market, I don't want to lose my buyers so I guess I have to wait it out. STAY FAR AWAY FROM FLAGSTAR MORTGAGE and sellers ask who your buyers are using for a lender. It may make a difference in your deal!
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