
Yeah right...
Yes, Member First Mortgage. Though, I have to argue the name because I have had the worst experience with this company. And for all you “TLDR” people, skip to the end and read my warnings at least.
Let me start off by saying to anyone who is buying their first house (that is, those who aren’t sure what they’re doing exactly), SHOP AROUND FOR YOUR MORTGAGE COMPANY. I don’t care who your bank or credit union usually works with. They have a relationship for a reason, and that reason probably isn’t because they are the best our there.
Looking back, I would have done more research about the mortgage process, but I never really thought it was a big deal. We have a credit union, so we figured we would work with them, or whoever they work with. Definitely a big mistake. Don’t get me wrong, I like my credit union, and in fact, I am leaving their name out of this rant.
I should have recognized what I now know to be warning signs and not just honest mistakes. And with the way the house market is and the good ol’ economy, who you work with and what direction you take as a first-time homebuyer is so important. Important to your sanity as much as your future.
When you talk to a mortgage rep, know what loan types are out there and learn anything you can about how they work, as well as what might be best for you. Ask lots of questions about these loans. If your mortgage rep can’t answer something, MOVE ON. After all, it’s their JOB. I will warn that loan types have changed a lot over just the past couple of years, as the market and needs of homebuyers (along with laws and all that other crap) has changed.
This might not sound too exciting, but taking a first-time homebuyers education course might save you all sorts of headaches. For us, it was actually required for our loan type. I only wish we would have taken it before we jumped in with both feet. Search online for classes near you; they’re usually held at local community halls.
Now on to the actual story, or rather, adventure we’ve had with Member First…
I will mark warning signs by number, as so: (1.)
We received a business card for a mortgage rep who works for MFM, right out of our credit union, we’ll call him Frank. My husband called Frank and gave him some information to get an over-the-phone estimate on how much we qualified for on a home loan. With this information, we proceeded to meet with a Realtor. After we got that ball rolling and began looking around for houses, we decided to set up an appointment with Frank to get started on paperwork and get an official quote. We also decided on a loan type, considering our finances and the houses we were interested in. (Note: With my new found hindsight, I would recommend meeting with a Realtor first, THEN dealing with the mortgage stuff.)
My husband again called Frank to set the appointment and asked Frank what documents we would need to bring. Frank told my husband that he did not need to bring anything and that he would tell him when he got there. Confused, my husband asked why he couldn’t just tell him now so he could bring it and get things moving. (1.)Frank told him that he was afraid he’d just lose the documents and that he would have to redo them after we found a house anyway. Of course, we thought that was a bit ridiculous, not only that he was obviously being lazy, but that he also admitted that he is not very organized.
We continued our home search and, after a few weeks, we realized the houses we were most interested in would require a different loan type. (2.)Let me note here that this was based on our own research and not anything our mortgage rep told us. We put in our offer, and eventually settled after a couple of counters. The next step was to finally meet with Frank and get the loan started.
We met with Frank, who apparently had started the paperwork for the wrong loan type. (3.)We were informed that Frank could no longer handle our loan because of the new loan type and that it would be transferred to their main office, 70 miles away. He told us that we could still sign some stuff and that it would be fine because everything could be transferred over, somehow. I will cut to the chase right here and tell you that he was very wrong and that we had to re-sign everything. Understandable, but still doesn’t explain why he didn’t know. And by the way, after seeing his office, it’s no surprise why he told us earlier that he might lose stuff…
Even after the headaches, it came as a relief to find out that we would be dealing with someone new. Oh and little did we know what was in store for us.
(4.)Weeks went by with us sending in documents, re-sending in misplaced documents, and sending in documents that they forgot we needed to send them. (5.)Weeks went by with little more than a single email response after asking over and over what the status of the loan process was, and if we would close on time. (6.)Weeks went by with even our Realtor becoming more and more outraged at the lack of professionalism and customer service that Member First was showing.
At this point, we were dealing with 3 different individuals at MFM, who apparently are even poor at communicating with each other. Today my husband received a phone-call from individual #2, stating that they didn’t have a certain document. My husband explained that we sent it right after they requested it. She asked who we sent it to, to which he replied “I don’t know, but you guys have it and must have lost it, you need to figure it out”. After many additional, flavorful words my husband spoke to her, I don’t think she will be calling him anymore. I spoke to our Realtor shortly after, who said she would be using some flavorful words as well the next time she speaks to someone at MFM…if she ever gets s hold of someone, that is.
The folks as MFM claim that we are still probably on track to close in ONE WEEK, but I can’t really take them seriously. Not unless they decide to get their shit together and work their asses off next week.
So, to summarize the warning signs of a bad mortgage company:
- If your mortgage rep tells you he has a tendency to lose stuff, run.
- If your mortgage rep does not attempt to guide you in your loan type decision, or offer additional information, run.
- If your mortgage rep doesn’t even know what types of loans he can do or how to do them, RUN.
- If your mortgage company loses your shit and doesn’t even know what shit you’re supposed to have, RUN FAST.
- If your mortgage rep does not answer his phone, call back, respond to emails within a normal amount of time, RUUUUN!
- And lastly, if your mortgage rep manages to piss off even your Realtor, GETTHEFUCKOUTOFTHERENOW!
So, as you can see, you should probably run at the first sign of something fishy smelling, because it only gets worse. Also, stay far away from Member First Mortgage. Ask your friends/family/coworkers who they use, or just ask your Realtor. And even after you get suggestions, SHOP AROUND. Thankfully, we lucked out with an awesome Realtor who I would recommend to anyone in a heartbeat. She’s one of the reasons I have any sanity left at all in this process mess.
To everyone out there looking for their first home, do your homework, and good luck!