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Higher costs than most banks and misleading advertising. Be careful if you are thinking about doing business with this company read the link below for some additional consumer reviews.
http://www.mortgagegrapevine.com/thread/?thread=560771
The complaint has been investigated and resolved to the customer’s satisfaction.
Don, t do it. I just lost my down payment because they promised me a closing. They said I was approved for a loan back in may 2016. It is now dec 2016 and I still have not closed. The sellers attorney grew tired of postponing the closing. I will lose thousands by the end of the day if nothing is done. Now I am hoping to get reimbursed for the appraisal fee which they charged me for which they never performed. After I finish writing this letter, I am going to contact the better business bureau. All I have to say is Good Luck to anyone who is thinking about doing business with these idiots. Go ahead and take the plunge. Learn the hard way if you don't believe me.
Yeah, I caught them trying to charge me for the appraisal that didn't happen.
I originally financed my home 2004 in NY, rates looked good Fall2011 and I began the process with ICG to take advantage of it. The underwriters and groups which actually pick up these loans are quite distinct from the companies like ICG who actually mediate the refinancing.You should know that since 2004, althought it is key to their business, underwriters and investors have become much more careful about taking on these loans Here is why I would recommend ICG (my rep was GaryA):
1. You deal with one guy through the entire process vs getting tossed around as at larger institutions.
2. Gary worked (really worked) hard to resolve difficulties when we found out that my property was in fact a 2 family (had a full cottage on the property) which completely changed the risk view. He still got me the rate, and he made it happen.
3. Fast, I would estimate ICG at taking 1/4 the time to close than others.
4. I also gave my finance company (well-known respected) a chance also, but in the first two weeks, they sent me literally a ream of paperwork. With ICG, this was all electronic and focused on the essentials.
5. When it came to the closing, all the moving parts came together seamlessly with zero table costs, and mimimal incremental to the loan.
I think anyone refinancing needs to pay attention and be a good active customer, but I can very much recommend ICG for the work Gary did for me.
I guess that has changed. I started with one guy, then I was switched without being notified to another guy. Then when I attempted to get into contact with him to find out the status, I got a auto response, that he is doing some training for his job, and he won't be back in the office until next month. What is also funny when I was emailing my initial contact, my emails were being forwarded to another person in the company not the person they assigned. As for closing, I started in late January, and I got the closing disclosure in April, and then it had the wrong attorney. Which means to correct that the thing has to go back to underwriting, and then they say they need more information because that change increased my debt to income ratio so now it is asking for that (seriously?).
I am the latest victim of ICG. They sent me GFE and decided on a rate and closing cost. I uploaded all the paperwork and even closed my home equity. I paid $350 from my pocket for home appraisal, which they told me will be paid back during closing. When I asked them for the next steps one of their manager told me that it will happen next week, then suddenly last week the mortgage rate spiked and they sent me a mail asking me to lock the rate. The mortgage rates offered to me were much higher than I was promised through GFE. I know it all happens because of mortgage rates going higher and they wanted to rip off the customer. When i talked with them their loan manager told me that they will refund the appraisal fee if I don't want to go through them, which they declined later. This a very unreliable company, they can rip off the customers with every opportunity they will get. Stay away from them.
I am in the process of trying to get a mortgage through ICG. It has been an absolute nightmare. They don't seem to know what they are doing. This is a very long story but what it comes down to is that my entire deal could fall through right before closing was supposed to happen because they are calling for yet another review of the condo board. This type of thing, if it is a make or break issue, should have been done in the beginning of the loan process not when we are a week away from the closing date that because of them has to be rescheduled 3 times. My lawyer who has been in business for over 25 years has stated that they are terrible and don't know what they are doing. Please if you want to keep your sanity and avoid heartache and stress stay away from ICG.
Haha, my lawyer has suggested I walk away.
I will remain nameless in this being that I used to be a former ICG employee. With that said, let me give you some background on my experience.
I used to be a full time broker in the days where everyone was refinancing. I worked in souther florida where brokers were rampid and to be honest, i knew nothing at all about mortgages or the buying and selling of homes when i first started in 2002. Needless to say, I was making good money however i always felt like there was something going wrong behind the scenes. I eventually learned more about the business with experience and realized i was working for some pretty bad people. Brokers were encouraged to charge upwards to 5%, most of the time hiding their points in whats called Yeild Spread; which ironically is completly legal (borrowers make sure to look this up and always ask your broker about this. Its how brokers make more money on you by being paid on the back end by the lenders by padding your intrest rates.)
I left Southern Florida to go work for the infamous Countrywide whom at the time was the largest lender in the United States and being that the job offer was in NYC, i couldn't wait for the opportunity. Countrywide turned out to be pretty bad also in hinidsight, but we were ALWAYS told to never, ever bait and switch our customers AND they AWLWAYS were aware and understood fully what was taking place on all the loans we wrote. They always left happy and felt treated well; its too bad in the long run everthing failed miserably because it truley was a pleasure to work not only for the company but for the RVP's and Managers that ran the show in Manhattan.
Fast forward a year later--I was out of work and deseprate and even though I told myself I was done with the mortgage business, I came across ICG through a referral and long story short, I left after about 8 months because i basically felt like i was working in my old broker houses of southern florida. Rates were always padded and the brokers charged too much for even the simplest loans to people with what we call "A" paper credit. Just FYI everyone, if you are an A paper credit, this means 700+ fico and clean credit history. YOu should never ever pay more than 1 point on ur closing costs for any "lender fee" or "broker fee" (you have to realize you will pay a broker something, this is how they make a living so please, dont be the guy who thinks he deserves to have his loan done for free).
Long story short, I was one of the first people to work their, was promised the world and ended up leaving because I was sick of the business. Not only that, but the managment they have in place are old people from Ameriquest and Countrywide who are only into making a buck, not taking care of you. Granted, this country is built on capitalism so obvioulsy this company is in the business to make money. If you are going to pursue anything with them, make sure you and your broker on the same page. Make sure he discloses everything to you upfront, is honest with his fees and even request to have your GFE sent to you no more than 2 days after your rate is "locked" with the lender. Tell them that if your GFE is anything different than maybe .5-1% of your loan at closing, that you will walk AT CLOSING. This should keep them honest enough through the process so they dont try to bait and switch you at the closing desk, which I have personally seen happen. ICG im sure has some good hearted employees (there were some that were much like myself who were genuinly interested in helping others with their homes when I worked there) but now that they have expanded to parts of AZ and South Florida (which were ground zeros for ### from shady mortgage companies in the early 2000's) I cant honestly say that I dont know if anyone in this business still has a heart. Its a dog eat dog world in the mortgage business and the ones who make money stick around to chase the buck. I on the other hand happened to go make a ton of money now working in the green industry because I couldnt wake up anymore and continue to sell false hopes to people who actually needed help. Hopefully the old managment comes across this and remembers back to when the 9 of us started this company being stuffed into 10 by 10 rooms with 3 people doing nothing but hitting the phones. Seems like you have made it ICG, congrats...I just hope your giving back to your borrowers now.
Be careful everyone.
Anyone had any experience with ICG in Boca Raton Florida? I am about to do my mortgage loan with them and any info will be highly appreciated!
I am in the process of applying for mortgage with ICG, and it is an absolute nightmare! Agree with all complaints!
My father had a simular experiece with ICG. After he was promised specific terms with e-mails to back it up he was charged an appraisal fee for 400 dollars. Over a week later, he recieved paperwork with over $20, 000 in closing costs! I then spoke to the "manager of the new york city" who was rude and I could barely even understand him with his thick accent who just yelled and ranted. I am in the process of filing a complaint with the department of banking.
This is the worst company I have ever dealt with, bar none. They are liars, they mislead, and their supposed good faith estimate isn't worth the paper it's printed on. In particular, I "worked" with Daniel Christian who couldn't understand why, on my W-2, my taxable income was less than my actual income. Sorry, how is it you don't know that? Absolutely no vote of confidence from me, I don't know how these people live with themselves. I suspect there is a special corner of hell reserved for mortgage brokers like this, who prey on people.
They may be a decent lender but the materials that they mail are utterly misleading. They make their offerings sound official, on official looking letterhead and they use words such as "Second Notice" and "Our record indicate that you have not responded to our previous attempts to notify you".
I am not fooled. However others may be suckered. Bottom line, blatant attempts to appear more than you are indicate to me that you are not a vendor I want to work with. I suggest that those that read this also approach such mailing with the same skepticism.
Guy's and Girl's why not just check the company out at the BBB. I expect that any company that does business will have a complaint at some point. Dealing with people just does that. You can't please everyone. The real test is how the company deals with those complaints. Try it. You be surprised how revealing that can be.
Promastermind
I am extremely concerned about these comments. I have received numerous letters from this company ICG and after doing some research I have read both good and bad things. However, the comment by 'you’re a tool' is totally unfounded and offensive. Making fun of people with disabilities is not ok on any level and to compare a shyster from another mortgage company to the Special Olympics is disgusting. Maybe the comments I have read on-line are true because only a true "boiler room" would make such comments. You should be ashamed.
Mortgage Mark Sucks
The mortgage mark clearly works for a different mortgage company. Arguing online is like winning the Special Olympics. Company is solid their ratings are good, don't hate.
Always shop around for the best rates and fees. Ask for a Good faith Estimate.
http://www.themortgagemark.com
Very cool guys! Consumers - Isn't it great that their employees and management staff have to create bogus posts like this to negate the bad publicity! Maybe we will have to start mentioning names like all the other posts and blogs did! ICG has extremely high rates and costs...shop around.
Look up Bank of America on the complaint board. They tried to get me to pay $400 up front for an application fee. That fee dont exist anymore or shouldn't be charged. It also is taking them 90 days to close loans. Be warned. If it doesn't close in 90 days, homeowners you will have to pay for a new appraisal. Look up Quicken Loans on the complaint board. They tried to tell me my home was worth $35, 000.00 more than what it is and then wanted me to pay $415.00 to lock me in. Chase loan officers get paid on the up front charge of $400.00 because it is taking them so long to close loans. Look up any and every major business on the complaint board and you will see that someone / anyone / everyone has something NEGATIVE to say about them. I understood going into my transaction with ICG that things may change; not my rate or the program I was locked in at. Before I refinanced my home in Maryland, I did a little research on ICG. I heard good (which wasnt much) and I heard bad (which was a ton) I went with my gut instinct and decided to let them handle my refinance transaction. My experience was great. No complaints. The only complaint I had was all the faxing of documents that were required to close my loan. It was a little frustrating, it had to be done to close my loan. Give them a shot. If they dont do what they say they are going to do.. .. dont sign!
I started to apply for a re-finance with Intercontinental, but ended up having to cancel (due to personal circumstances, and reading all the bad press about them), and they still charged my credit card $300 for the appraisal fee, even though I never met with the appraiser! Now I have to waste a ton of time disputing this charge, and am not sure I'll ever get my money refunded. DO NOT DO BUSINESS WITH THIS COMPANY.
The funny part about that response is that it is coming from an actual employee of ICG! They have people working there that release bogus press about them to improve their internet presence. Nice try guys!
Consumers do your research and make sure you shop around their offer as much as possible. The rates are extremely high and the loan officers are encouraged to charge 2, 3, and sometimes 4 points a deal. Funny thing is that you won't see these figures until the end. I used to work there and I had to leave because I could not sleep at night. Do not be tricked and trapped by ICG!
This is not true about Intercontinental Capital Group. I dont know who you have been talking to or working with at ICG but I just completed my refinance with them this last week. After i read this forum i was a little hesitant also. I am not a mortgage expert, but i do understand the process.
The sr. Loan Officer who i worked with was in the Phoenix, AZ ICG office and was very knowledgable, honest, and personable. For the first time, and this is my fourth refinance, i actually signed my loan that almost matched my initial quote. It was even completed in 22 days and i am not an easy situation. Never before have i done a refianance this quickly. I'm tired of being lied to and taken advantage of because i dont understand everything about mortgages.
I feel like i know more about mortgages now than ever before. I definately would recommend ICG. If you want to be treated with respect and refinance with confidence, call them.
Norman and Mary, Galesville, MD