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Refinance is still going on at 3 months!
Okay, I admit that if it closes great! But, this has been an ordeal where they constantly ask for the same information and then ask for it again. Then they say "almost there." Then more information needed. The portal says "you're all done, then guess what? they ask for more! I have a credit rating of 734, and made 4 mortgage payments in a row after the pandemic forced me to do forbearance for two months. I ended it early and then paid up three months in advance. What does First Midwest do? They asked for another payment to be made and blamed the original mortgage company. I even told the loan officer that if they were going to turn it down then turn it down so I can go to a better lender! I will complete my loan hopefully soon but I would NEVER recommend this company!!!!!
Rates were great, but service and process HORRIBLE
With over 30 years in the consumer services field myself, I understand the value and need to share not only legitimate complaints, but positive feedback as well. Unfortunately, this is not the latter.
I cannot begin to share in depth the nature of my dissatisfaction with this organization and the parties who handled my refinance. It was headed by Chris B, loan originator.
We certainly recognize that times have changed with the Covid-19 pandemic and I listened to that as an excuse for weeks, and accepted it generally as to be reasonable and understanding. However, the major basis of my complaint, and reason we will take the time to document and share such a poor experience goes beyond just the time it took (over 2.5 months) to get this done. Let's just say had I received the email I got yesterday within the 72 hour period to cancel the loan, it would have been!
The loan officer, Chris B, had the worst Communication, Attention to detail, and professional advocacy that we have encountered. He had an excuse for everything and it's apparent his organizational skills are lacking. The outsourced, apparent overseas, loan processor only corresponded late at night (time zone variance I assume.) The Communication amongst them was missing glaringly, and they constantly just kept muffling the process. We nearly stopped the refinance several times and honestly had it not been for the Covid-19 and our attention focused elsewhere, we WOULD HAVE!
We had enormous equity in our home, it should've been a straight forward refinance, and I feel quite often we were asked for unnecessary documentation duplicate times, even after producing.
We understand the process and business of mortgage lending. Other lenders solicited us to close with them (even providing 10-20 day closing guarantees), but had already paid for appraisal and rate was 3.125% so we stuck it out.
Our documentation, records, and emails support every bit of the complaints and therefore hopefully real Quality Assurance, Training, and Monitoring will become more of their focus. It's easy when rates and times like this have record breaking applications and hundreds of millions of dollars in profits to be made, but when that dries up, service and professionalism will be the core of those who survive and endure.
If their rates are WELL below others and you can deal with unprofessional responses, poor communication and a lengthy process (had excellent credit, all documents, tons of equity, this should've closed in 20 days tops) then use them, if NOT, go elsewhere.
Closed with Lender:
Serious waste of time
A simple “personal loan” became a game of “now we need”. Was touted as a quick process. the loan is obviously a consolidation loan - which would be fine. If you don’t like playing games and jumping through hoops dont bother with this “bank” the interest quoted has gone up and they haven’t done anything yet
Certified loan officers from this lender
Loan officer directory
Jeff KoontzLenexa, KS
Anthony SchmittLenexa, KS
John BrownLenexa, KS
Mike LeonhartLenexa, KS
Byron HousworthChicago, IL
Cassie NavarreteJoliet, IL
Teanna JonesJoliet, IL
Belen MoralesJoliet, IL
Chris BarlowChicago, IL
Maximilian OrtizJoliet, IL
Amanda KurczabaJoliet, IL
Mark DenhamLenexa, KS