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Top Dot Mortgage / CLOSING FEES

1 PO BOX 4511Helena, MT, United States Review updated:
Contact information:
Phone: 406-465-9985

WHEN I FINANCED THROUGHT TOP DOT MORTGAGE I SIGNED A GOOD FAITH ESTIMATE. WHEN I WENT TO CLOSE THE FEES WERE ALMOST $10, 000 HIGHER THAN ON THE ESTIMATE . THEY WERE ALSO SUPPOSE TO PAY OFF CHRYSLER FINANCIAL AND THEY DID NOT. THEY PUSHED THE CLOSING BACK WHICH PUSHED ME UP AGAINST A WALL TO WHERE EVEN IF I HAD WANTED TO BACK OUT OF THE CLOSING I COULDN'T.

TOPDOT MORTGAGE HAS SINCE SOLD MY LOAN TO OPTION ONE MORTGAGE WHO SOLD IT TO GRP FINANCIAL SERVICES CORP WHO THE ONLY WAY THEY CAN COLLECT ON MY LOAN IS TO FORECLOSE.

Mo
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Comments

  • Mi
      18th of May, 2009
    +1 Votes

    I just had to say this. I recently closed my refinance with Topdot Mortgage. It was probably the best mortgage experience I ever had. I was turned down by a couple banks and Topdot not only closed my loan, but I also got a lower rate and lower closing costs than what I was initially told. I see all the negative comments, so I had to share my positive one. Bad news spreads fast, so hopefully I can slow it down. For those of you who had problems, I am sure the problems had something to do with your profiles, and you would of had those problems anywhere you went! So you all know, I refinanced my loan at $212, 000 - 4.875% with only 7200k in total closing costs. And that was actually 2k less than my bank offered. I am happy to say THANK YOU AGAIN to TOPDOT!

  • Fe
      24th of Jun, 2009
    0 Votes

    Dear Montana,

    My name is Fenton Joseph and I am the Client Relations Manager for Topdot Mortgage. I wanted to take a moment to address your complaint regarding closing fees.

    Topdot complies with all state and federal legislation and regulations governing our industry. In fact, Topdot is well known for going above and beyond the compliance standards set for mortgage lenders. Our fully staffed Quality Assurance department ensures that protocol is adhered to during all steps of the mortgage process.

    Unlike many lenders, Topdot ensures that all settlement costs are acknowledged by our clients prior to close. Full disclosure is just part of the Topdot way. Providing incorrect information to a client in hopes that they will take worse terms later is unethical and illegal. We update our clients every step of the way because it is good business and it is the law.

    Topdot employs a fully staffed Client Relations department providing both clients and 3rd party associates a forum to voice concerns, obtain information and resolutions to possible issues. I would really like to discuss the matter further with you. I can be reached at 800-562-6152 or via email at clientrelations@topdot.com. I look forward to hearing from you.

    Best,

    Fenton Joseph

  • To
      18th of Sep, 2009
    0 Votes

    Mr. Joseph,

    I am very sorry, but your posted information above may be true for some of your branches, but certainly not the branch we have dealt with. We dealt with your Bethpage, NY branch. We received a good faith estimate with, what we thought had the correct information on it. When the Notary came to our home to close the loan, all of the information was different...meaning the costs were much higher. The interest rate was the same, but theyfigured the costs very differently. We should have cancelled on the spot, but we were reassured that everything was in line. WE have had problems with your company since we started this process in June. The first rep we dealt with was useless. He couldn't even spell the word refinance!! There's no need to get into the details, but the entire process was not pleasant. The loan was funded yesterday, but it was not funded correctly. Shall I go on?? When I questioned our rep on some of the issues, I received a very nasty, degrading email from him, which I forwarded to his supervisor (branch owner). Imagine this...I did not receive a response from the branch owner... What a place!!!

    I am going to file a complaint with the BBB regarding TopDot. Today!!

  • Jr
      30th of Sep, 2009
    0 Votes

    I'd like to add that the television advertisements for TopDot Mortgage are misleading in nature. I understand that the ads were most likely developed by a marketing firm; however, presenting commercial in the format of a news broadcast is deceptive, in my opionion. Bravo to the marketing firm but shame to TopDot. Especially considering the current climate and attitudes toward mortgage companies and predatory lenders, I think this commercial should be pulled from the airwaves. Of course, considering the history of TopDot and their reputation, I doubt that they will.

  • Da
      25th of Jan, 2010
    0 Votes

    In response to Taxpayers On The Hook For Ginnie Mae’s Rampant Growth I received a nice Email from the Center for Public Integrity inviting me to take a look at Ginnie Mae’s Troubled Issuers. The data is interesting to say the least.

    Problem Issuers by Compare Ratio


    Compare ratio is the comparison of a lender’s default rates with other lenders in a geographic region as defined by HUD. For example, if a lender has a compare ratio of 200 percent, the Federal Housing Administration loans made by that lender are defaulting at twice the rate of its competitors in its geographic region. A compare ratio of 200 percent or more is grounds for suspension and a compare ratio of 150 percent or more indicates "a problem" lender, according to FHA Commissioner David Stevens.

    Compare Ratios Over 150%

    Pine State Mortgage Corporation - 314% - Default Rate 18.86%
    Premium Capital Funding, LLC dba Topdot Mortgage - 238% - Default Rate 14.31%
    Ideal Mortgage Bankers, Ltd, dba Lend America^ - 235% - Default Rate 14.14%
    IndyMac FSB, dba OneWest Bank - 211% - Default Rate 12.67%
    First Horizon Home Loans dba First Tennessee - 207% - Default Rate 12.45%
    First American Mortgage Trust - 205% - Default Rate 12.31%
    First Guaranty Mortgage Corp. - 204% - Default Rate 12.26%
    American Financial Resources, Inc. - 202% - Default Rate 12.16%
    Weststar Mortgage Corporation - 198% - Default Rate 11.88%
    Gateway Mortgage Group - 198% - Default Rate 11.9%
    Colonial Bank - 189% - Default Rate 11.38%
    MVB Mortgage Corporation - 183% - Default Rate 11.01%
    GMAC Mortgage - 171% - Default Rate 10.29%
    Allied Home Mortgage Corporation - 168% - Default Rate 10.09%
    Taylor Bean & Whitaker Mortgage^ - 163% - Default Rate 9.77%
    Shore Financial Services, Inc. dba Shore Mortgage - 159% - Default Rate 9.54%

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