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CB Loans Review of Crefco Financial Group
Crefco Financial Group

Crefco Financial Group review: Poor service on mortgage documentation

R
Author of the review
5:21 pm EDT

I have been involved with CREFCO as the lender on two of my real estate sales. They are by far the worst lender I have ever worked with. They have an almost daily time line sent to all people involved in the deal, which sounds like a great idea. The problem is that they don't stick to what they put in the timeline. The first deal we had took an extra 6 weeks to close, over what they had told the buyer up front. The second one is now about a week past the closing date (which they agreed was conservative) and the buyer is having to pay $50 per day to the seller (bank) for delayed closing. At this point they have asked for additional documentation from the buyer, which he could have provided earlier, but they didn't ask for it. This is a well qualified buyer, so what they are doing is just harassment. It has cost him a great deal more than it should have to make this deal. At this point, I believe he is going back to the drawing board and is just going to abandon all of the fees they have soaked him out of, and go to another -local this time- lender. 2 months, and no end in sight.

Country of complaint: United States

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