In Oct 08 I was looking into financing some repairs to my home and learned of a 203k mortgage. I contacted HCI mortgage and was referred to the 'Expert' in that loan for HCI. I began all the usual documentation for credit stuff and after all was finished I was told looks good I need to get 2 appraisals and a HUD report my cost $1500.00 (I was told only out of pocket for this loan is $800.00) I had all of this done and had contractors sign paperwork as well ... I receive a call I need a 3rd appraisal (not legal according to FHA guidelines) Dec 4th 08 I am told all is done they just have to work out the cash shortage, Dec 5th 08 I am told it has been taken care of and I cut short a business trip to be home to close the loan on Dec 12th. Late Dwc before christmas I am told he has to speak to investor 'santa' as he called her and said all was good he just needs a sign off to close. Jan 09 I am told none of the appraisals were 'logged' into FHA so I need to get another $350.00 more out of my pocket, not to mention the lost wages taking time off when we expected loan to close. 4th appraisal is completed, I also send in my Oct 08 tax appraisal. (During this time I was asked to call the appraisers and ask them to raise appraisals so he could make sure he made money on the loan) Late Jan 09 I am told all is done and we can close in early Feb and not to worry about Feb or March Payments (During this time Branch Manager was also speaking to contractor who was to do some work on my house and told him loan was complete so he too would be seeing funds in 2 weeks so contractor started some work to correct a safety issue in my home) End of Feb 09 still the same run around from Branch Manager I e mail CEO, President, VP and compliance department. I receive a call from compliance department telling me he too thinks there is something shady about this manager and assures me HCI will do something at lease help me streamline my loan. HCI goes into CYA mode I am told because of an internet based home value site I do not qualify. Why was this not done at the start of loan? I am out approx $3000.00 out of pocket and need to come up with $10000.00 for contractor
HCI Mortgage is a predatory lender, and should not be licensed in any state. BEWARE they are con artists and liars I have contacted the FHA as well as Department of banking and BBB hopefully this does not happen to anyone else my wife and I will end up chapter 13 or 7 because of this.