Royal United Mortgage

Not happy

On September 15, 2020 I decided to engage the services of Royal United Mortgage (RUM) to refinance my current loan to take advantage of the lower interest rates, after talking with “5 Star Loan Officer”, John Norris. He spoke confidently, advised me of RUM’s A BBB rating and stated the process would be completed in 10-15 days. With my 806 credit score I felt confident about a seamless process. On 9/16/20 I signed the Loan Application.
At that point I was introduced to my Loan Processor. Submission of the necessary documents began. Apparently, because I own a condo, there were “special “ requirements regarding additional documents, however, I submitted everything requested in a timely manner.
On 9/30/20 (15 days) I sent an email to John inquiring about the status of my loan refinance. In reply I received a link to a video explaining the loan process. On 10/5/20 (20 days) I sent another email with same inquiry, to which I received the following reply:
I Was out of town on an emergency , apologies. We’re waiting on a bit of info from your condo association I’ll call this afternoon to brief you further.
On 10/14/20 I received an email from “Home Wise docs” (with an estimated closing date of 10/21/20) and was advised of a Lender Questionnaire that needed to be completed by my condo management company. I paid the required fee and was advised later that day the questionnaire had been completed. I was feeling that we were nearing completion of the laborious process which would reach 21 days to fruition. On the same date I received an email from John Norris with a link to e-sign a “Loan Estimate” document. Followed by a link for my wife.
On 10/19/20 received email from my Loan Processor requesting documentation of monthly HOA fees paid. Gave documentation of recurring payments made from my current mortgage account. That wasn’t good enough, so I provided documentation of monthly payments to three separate entities involved. Apparently that sufficed.
On 10/20/20 another email was received from Home Wise docs confirming completion of the Lender Questionnaire (again). On the same date an email was received from Settlement One Loan Processing Team requesting my most recent bank statement for my current loan. That request was concluded with a reply, “you’re all set.”
On 10/23/20 I again inquired with my Loan Processor regarding status. On 10/26/20 I received this reply:
I received most of the condo documents, but am working on tracking down the budget and insurance for the association. The insurance agent listed on the questionnaire says they no longer insure the condo so I called (the management company) and they said that you’ll need to contact the board to request a copy of the property, liability, and flood insurance evidences of insurance for the association.

Also, the packet did not have a copy of the budget and when I asked (the management company) for a copy, they said you’d need to call them to request a copy......

FYI, I have not experienced this from any other condo association, so I do apologize for the help we need from you in obtaining these documents.
Unfortunately, I’m not done yet. After sending the information requested on 10/27/20 I inquired again regarding status on 11/2/20. After not hearing from my loan processor, I sent the same inquiry to John Norris. Received reply that he would “call me” shortly. The next request was for the condo’s budget, followed by a request for the condo’s insurance coverage with emphasis on flood insurance in spite of the fact that the condo isn’t in a flood zone
On 11/30/20 I emailed a copy of the most recent statement of my present loan. No reply. On 12/3/20 I emailed a request for a response. No reply.
After 55 business days (remember at the outset John Norris projected 10-15 days) this has proven to have been a colossal waste of time, effort and money on my part. As a consumer I expect to be treated in a respectful, professional manner. Especially as someone who has an outstanding credit score and impeccable, responsible payment history. The unprofessional manner in which John Norris and (my loan processor) have demonstrated toward me should be a warning to anyone considering Royal United Mortgage as a potential lender, if these men are representative of the type of people associated with this organization. To use a much over used term, their lack of ‘transparency’ is overwhelming. Their lack of response to my inquiries are unprecedented in my previous dealings with lenders. If these men, as representatives of Royal United Mortgage, didn’t want to do this refinance or lacked experience dealing with a condo, a HOA, and a management company, why would they not just end the charade?
I apologize for the lengthy negative review of these representatives of Royal United Mortgage, but it could have been longer. Let me simply conclude by saying I will never deal with RUM again as a result of my experience. I would advise anyone else to do likewise.

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Total waste of time

Somebody from their company called and asked a bunch of questions. I guess since my property was not in distress they weren’t interested in helping me. Total waste of time!

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Poor response and courtesy

I would not work with them as they took too long to respond and process paperwork. I guess business must be good, as they do not need the business.

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Shame on Lending Tree for reconmending Royal United

We went with Royal United because of Lending Tre*.com* Our loan officer was pushy, more like a used car salesman than a loan officer. I would give important details concerting the loan and he would forget what I told him a weeks before. Royal United has higher than average closing cost and I was not informed of those cost until the last moment. In fact multiple staff I worked with there would ask for important documents at the last minute. Luckily, we consulted good relators who informed use what to expect and informed us Royal United’s behavior is not industry standard.
Our loan officer also screwed up the closing date of our new house by an extra week because of his lack of communication. This cost use hundreds of $$ in lodging, truck rental and storage rental. While working with his supervisor she only said “Sorry”. There are more failings we experienced but you get the idea. I would have rather gotten a loan with McDonalds, at least they will fix their mistakes.

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Second mortgage

The entire process was a huge mistake. Horrible experience in every way if you tried you couldn't make it any worse. Worst company ( nit mortgage company) i said company i have ever dealt with. After two months of changes and demands on their part the checks sent to me were wrong. I informed the loan officer that it has taken so long to get the money that we paid four notes. Now i cant receive a call back ti try to figure out what to do. I closed on a thursday pm and the had to verify my employment fir the third time in two weeks on that friday. After the closing. DO NOT DEAL with these people horrible experience at best

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If you want to be talked at instead of talked to

Pushy from the get-go and instead of just sending the information over in writing as requested numerous times during conversation proceeded with a diatribe on how the loan offer I had from another lender (My bank I have used for over 10 years) was a bad deal even with a lower interest rate and lower closing costs with the same downpayment. She never even saw the offer but was sure they must somehow be screwing me. Ridiculous. Then when I said I didn't want to listen to the entire sales pitch and once again asked for her to just email the information to me she proceeds to tell me if I don't listen then they don't want to do business with me.**.Damn* Dodged that one...

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I am really not sure how this company is rated so well

Maybe my experience is the exception but I am the kind of guy that just wants things clear, in writing, and without a pushy sales attitude. The company failed completely in what should be a simple process. I am interested in x amount of dollars what is the best rate you can offer me? Fail. Don't keep talking and talking trying to sell me on the idea that your higher rate is somehow better than the one I got from my bank that I have already been doing business with for over a decade.

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